Combatting the Impact of Inflation on Your Agency

Inflation is at a record high. It’s affecting everyone, from everyday working Americans to businesses, and insurance agents are not immune to it. This is not only because customers are becoming more reluctant to invest in insurance policies, since they’re spending so much on everything else in their lives. It’s also because the cost of policies is actually increasing, since the rising cost of labor, supplies, and more is increasing the cost of claims. With customers unwilling to buy more expensive policies, what can you do to keep your business afloat?illustration of a piggy bank and inflation chart

Find Ways To Save

The best way to keep your business running is to take advantage of any discounts that might be available to you. You can find ways to cut down on marketing costs, operational costs, and more if you do some digging. For example, you can: 

  • Opt for a marketing package, including giving social media a try as a free or inexpensive way to promote yourself.
  • Automate different aspects of your operations, such as underwriting, data processing, accounting, payments, and claims handling.
  • Outsource vital operations and services.

Network, Network, Network

The more you network and talk with other independent agents and brokers, the more ideas you can get on ways to save on the cost of doing business. Other agents in your area may have some ideas that can help you, so get out there and network away! 

But What About Your Customers?illustration of men and women around a circle

Your customers are also feeling the pressure of inflation, especially as their premiums are increasing. But there are ways that you can help your customers during these tough times, such as:

  • Bundling – Bundled policies are generally cheaper than just one or two separate policies. If your customer has different carriers for their business, health, and home insurance, talk to them about moving the policies to one carrier. This way they can receive a bundling discount and save a little money on insurance and will be willing to purchase more.
  • Find Discounts- There might be discounts available to your customers that they, or even you, are unaware of. Your customers could qualify for some discounts on their health or business insurance, so take the time to do some deep diving into their policy and see if there’s a way that they can save money on their policies. Taking the time to do that is better than having customers cancel their policies, or even choose not to buy in the first place!
  • Exploring at Renewal Time- One of the best things that you can do for your customers is to shop around for different policies for them right before their renewal time. This will not only show that you care about them, and about helping them save money and find a better policy, but it will help provide them with the lowest rate possible.

Earn More With Benepath

During these tough times, finding good leads and converting them into customers can help you offset the rise in prices due to inflation. And there’s one way you can always find great, ready-to-buy leads: work with Benepath!

When you work with Benepath, receiving reliable, exclusive leads is the easy part. We provide you with real-time leads through a secured process and give you a customized thank-you page so your leads will be ready for your call. This thank-you page assures leads that they won’t be bounced around between agents and gives them a feeling of connection with you right from the start. We offer the leads, and, while it is up to you to properly nurture the leads, we are behind you every step of the way. You’ll find, though, that our leads don’t need much nurturing because they are ready to speak with you and buy your product!  To get more information, fill out the form below or call 866-368-0377.

Co-written by Minerva Landon

About The Author: Cassandra Love

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