Growing a life insurance company is challenging and rewarding at the same time. Individuals from various fields and backgrounds can find success in this industry.
If you’re looking for a career where you can interact with others at your own pace, you may find the insurance industry fitting. Running a life insurance business gives you the growth and flexibility to succeed.
However, growing a life insurance business isn’t as easy as 1-2-3—thanks to the intense competition and frequently similar offerings. But with the right marketing strategies, you’ll be able to stand out in the market. So, where do you start?
Here Are Five Prime Ways To Grow Life Insurance Business
Below are the steps that may help you grow your life insurance business.
1. Find A Unique Value Proposition
Nowadays, most insurance companies compete on an even playing field—same products, same prices. So, why should a client choose you over others? Do you offer plans and policies people can’t find anywhere else?
Having a unique value proposition will help you stand out in the market. It’ll give you a competitive advantage over companies offering similar products and pricing. What could your unique value proposition be?
A unique value proposition could be as simple as your expertise in insurance. It could also be your ability to provide 100% digital services from start to finish. Or it could be being the best in your local community. If you don’t have one yet, now’s the time to look for it.
Most insurance companies start without a unique value proposition besides providing policies and quotes. That may be just as fine, but no matter how you look at it, it’s best to have something that makes you different from others.
2. Find Quality Leads
The most difficult part of running a life insurance company is generating quality leads. Even if you master all the ins and outs of the entire insurance industry, you won’t be able to survive without quality leads.
Below are some tips that may help you get life insurance leads in a highly saturated market:
- Buy Leads: If your company finds it difficult to source leads, you may purchase some from a third-party lead-selling company. However, they require upfront payment, meaning you’re bound to incur losses unless you sell any of them.
- Use A Software Solution: A software solution might be able to help you get quality leads in just a few clicks. It can also help you manage and communicate with your leads in an instant to ensure no deals are lost.
- Connect With Other Professionals: This is a great way to source quality life insurance leads without spending a penny. Most professionals meet every week or month to socialize, share insights, and recommend businesses to each other.
- Find Leads On Social Media: Social media platforms like Facebook, Twitter, and LinkedIn are great sources of quality leads. To make it work on your part, optimize your profile, target the right audience, engage in groups, and offer knowledge at no cost.
3. Improve Your Interpersonal Skills
Interpersonal skills are also known as social skills and people skills. These skills are what you need when it comes to attracting potential clients and making them interested in your offers.
For a life insurance company, interpersonal skills are everything. If you think your agents lack empathy and a positive attitude, don’t worry because they can learn and improve.
Here’s how to nurture these skills:
- Empathy: Understand your prospect’s needs from their point of view and listen attentively to what they have to say. You can also ask questions to know them better, even if they’re irrelevant to your business.
- Positive Attitude: Encourage your agents to practice positive self-talk, be open to humor, and focus on good things. A positive attitude will help your agents handle multiple rejections that they may encounter throughout the process.
These skills will help you inspire loyalty and encourage prospects to generate referrals to grow your business.
4. Take Your Presentation Skills To The Next Level
Presentation plays an important role in closing insurance deals. But before you start presenting your offers to your clients, it’s a good idea to put them at ease to reduce anxiety. Share common interests to connect with your prospects effectively.
When you present, make sure you don’t sound dominating. Be open-minded when asking questions, keep your clients involved throughout the process, and be proactive to retain their interest. Candid discourse such as these can help improve your company’s closing ratio.
Here are other tips to improve your presentation skills:
- Know Your Client: Understand your prospect’s needs and concerns. This way, you’ll be able to present them with the best insurance options while building fruitful and long-term relationships.
- Create A Personalized Presentation: Personalizing your presentation is an effective way to build trust with your prospects. To do this, focus your presentation on your prospects’ needs, goals, and concerns.
- Use Visuals: Agents who use visuals (e.g., images, videos, animations, etc.) are more likely to bring new clients and close deals than those who don’t. That’s because visuals make any presentation more engaging.
- Follow-Up After The Presentation: If your prospects haven’t called you several days after your presentation, reach out to them and ask if they have further questions. Keeping communication lines open can help your agents close a sale.
5. Level Up Your Emails
Emails are one of the best ways to engage and interact with your prospects. So, you want to make sure that you’re doing it properly. Below are some helpful tips to improve your email marketing campaigns:
- Make Your Email Address Look Professional: Don’t play with your email address. Instead, make it simple and professional (e.g., [email protected] or [email protected]).
- Optimize Your Subject Lines: To make your prospects curious about your email, a killer subject line is a must. You may consider asking a question, using your recipient’s name to call them out, or adding a cliffhanger effect to make them open your emails.
Why focus on email addresses and subject lines? Because these are two things your prospects would see once they received your emails. So, you want to make sure to grab their attention once they see your email address and subject line.
Growing a life insurance business is a challenging task, considering the intense competition over a few qualified leads. Instead of competing on an even playing field, level up your game and stand out using the steps above.
Offer a product people can’t get anywhere else, look for quality leads, show empathy, improve your presentation skills, and optimize your emails. These five simple steps will help your life insurance business grow and prosper.