OEP Checklist: Cross-Selling Do’s and Don’ts for Insurance Agents

The health insurance Open Enrollment Period is almost over, so now is the time to shift into high gear. The best way to drive revenues during the OEP and increase customer retention rates is by cross-selling. Cross-selling not only boosts your bottom line and retention rates, it also increases value for your customers, so it’s a win-win! The OEP is the perfect time for cross-selling opportunities, but you have to approach it correctly with the following tips.

Cross-Selling Do’sillustration of an agent with a loud speaker over his head

  • Define the value proposition for your customer– The truth is that many health insurance customers don’t understand their coverage and the benefits that are available to them. This is where you come in! Take the time to explore all the different plans available, what they are eligible for, and explain each cost in each plan. Show them also how much they might save throughout the year by looking at their options with you.
  • Look for gaps in your client coverage– If you’re using a CRM, it will keep you up to speed with your customers’ existing policies. You can then create custom reports to assess where and how much extra coverage might be a good fit for those current clients.
  • Personalize offerings Stay on top of what’s going on in your current customers’ lives, and any changes that might mean they’ll need extra coverage, like a vision or dental plan. See if there is other coverage that they could benefit from, such as help with childcare costs, funeral costs, and more.

Cross-Selling Don’ts

illustration of people shaking hands
Do NOT forget to follow up with your new customers and existing ones as well!
  • Don’t push extra coverage– Instead of cornering or hounding your client, take a consultative approach. Take the time to understand their healthcare needs and anything else that would benefit them throughout the year. Be sure to ask questions, and don’t make any assumptions about what they might need.
  • Don’t forget to follow up- The best way to show your customers that you care is by keeping the lines of communication open, and consistently looking for ways to help them save money and get better coverage. You can automate follow-up emails, set reminders, or use your CRM to remind you of appointments.
  • Don’t forget to ask for reviews or referrals– This is a great and simple way to bring in more leads. Take the time to ask a customer who you’ve had a positive experience with to provide feedback, post a positive review or a testimonial on your website or social media, or talk to their friends and family about you.

Looking For Leads?

Not only can Benepath save you time and money, but we can also help you nurture your leads and improve your customer service skills. 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. And while it’s up to you to nurture your leads, we will be behind you every step of the way. You’ll find, though, that our leads don’t need much nurturing because they will be ready to speak with you and buy your products!

To get more information, fill out the form below or call 866-368-0377.

5 Things to Think About After the AEP

Congratulations, you’ve survived the AEP like a boss! Now that you can take a breather, do so, but don’t hit pause for too long! Post-AEP is an important time to make sure that you’re on the right track for next year.

During this time, you should begin organizing all of your new enrollments from the AEP, just to make sure that all of the paperwork and information are correct. Doing this will also give you a better understanding of your clients and their needs, so you can better help them throughout the year. But even after you’ve done all this, your post-AEP work isn’t done! There are a few more things you still need to think about as we head into the new year.

1. Track the New Business You Acquired During the AEPhands shaking with digital connections around them

After taking the time to organize all of your new and existing clients, the next step is to track the business that you picked up during the AEP. This might be easier than you think: carriers will allow you to track your business online. But this is also why it’s important to invest in a CRM, which will allow you to double-check all of the information on a carrier’s site, and make sure that there are no missing enrollments or information.

2. Keep Track of Your Commissions

January can be a busy time for your commission payouts. So once you’ve completed all of your AEP sales, use a tracker to compare paid policies and make sure that you are not missing any commissions. And if you are, make sure to contact the necessary carriers so that you can get your commission, as well as find out why it was overlooked and how you can fix the problem going forward.

3. Set Goals for the New Year

Now that you are done signing on new clients, you have to take the time to set goals for the new year, including planning for slow seasons like the time right after the AEP. Think about your plan of attack for slower times of the year, including taking time to work renewals and touch base with current clients to make sure they are happy, and do not need to make any changes to their plans.

4. Consider Technology That Will Make Things Easierthe word CRM with gears around

Look over your current CRM and make sure that it’s meeting your needs. You might even want to consider taking on some new technology to help you better prepare and plan throughout the year, such as Calendly for online scheduling, and a receipt app that will help track tax-deductible expenses.

5. Learn About New Products

When the AEP was underway, you were most likely focused on making as many sales and getting as many new clients as possible. During this time you might have overlooked any new products or changes that were introduced, and that you should learn about. Now that the AEP is over, it’s the perfect time to learn about new products in order to expand your portfolio.

Nurture Your Clients Easily With Benepath

Finally, one of the most important things you need to be doing all year round is finding and nurturing leads. And Benepath can help with that!

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.

5 No-Fail Open Enrollment Marketing Ideas for Your Insurance Agency

The health insurance Open Enrollment Period is here, and for many insurance agents, this is a crazy and overwhelming time. Not only will you be trying to manage new leads, but you’ll be trying to take care of client requests and renewals. All of this while trying to stay organized, and dealing with any other issues that come up at your agency. But, while there will be a lot on your plate during this time, you still have to find a way to stay on top of your marketing strategy, since one of the main things that will help you be successful during the Open Enrollment Period is driving conversions.

Why Marketing Is So Important

As mentioned, the OEP is a critical time for insurance agents, because you have both prospective and current clients who will need your help finding a health insurance policy. Some might be looking for a completely new plan, while others will be looking to make changes, and some might be looking for policies to add to their current plan. Knowing how to market your insurance agency will help you reach the right audience at the right time, which will help you maximize your conversion rate as you save time and money.

Marketing Tactics To Consider

1. Publish strategic SEO-driven content

SEO written in the middle with connections to words related to SEO
The best way to get traffic to your business is by creating SEO-driven content.

There will be a lot of people searching online for health insurance options before they make a purchase during the OEP, so you need to be as far up in the search rankings as possible. This means publishing SEO-driven content using targeted keywords and answering the questions that your target audience is asking online. Blogs are a great way to get your business in front of inquiring leads, just make sure you research all the keywords and topics your customers are searching for.

2. Get your agency a Google My Business listing

What pops up when someone searches for your specific insurance agency on Google? Is there a picture of your agency? Is the correct address listed? Are the hours and phone numbers correct?

You want to make sure that info about your agency is easily accessible and correct, so get yourself a Google My Business listing. To create a listing, first sign in to Google Maps. Then you can add your business easily: Enter your address in the search bar. On the left, in the Business Profile, click add your business. After that, just follow the on-screen instructions to finish signing up for your Business Profile.

3. Ask for reviews and referrals

Around 89% of consumers read reviews before making a purchase, and 92% of consumers trust referrals from people they know, so it’s very important to have plenty of both. You can ask for referrals from current customers, and use them to your advantage to bring in more customers. As for reviews, make sure that your ratings are up on the Google My Business listing you created. And if you have any negative reviews, make sure that you respond to them and try to rectify the situation.

4. Look for cross-selling opportunities

Cross-selling opportunities can boost your sales and customer retention, as well as customer satisfaction rate. Before your renewal meeting with your current clients, make sure to always check for cross-selling opportunities. You can conduct comprehensive audience research to identify what your clients’ needs are, which should be done regularly – after all, customer needs are always changing. For example, if they just got married, engaged, or are having a baby, you can open up a conversation about looking into a healthcare plan that will meet their new needs.

To increase your chances of making a sale, implement your cross-selling strategy within 30 days of your initial conversation. Timing is critical, and if you wait past this period, your efforts will be less effective.

5. Use automated email campaignshand with lots of mail leaving it

Automated email campaigns will help you stay top-of-mind with new and prospective clients. Make sure to tailor the information in your emails to your audience, and to personalize your message to individuals as they move through the sales funnel. You can create many types of emails with different purposes, such as product promotions, follow-ups, and notifications to upcoming changes in their policy.

How Benepath Can Help You Succeed

Marketing is one of the most important things to focus on for your business to bring in and convert more leads. But if you need help finding leads that are qualified and ready to be converted, Benepath can help! When you work with Benepath, receiving reliable, exclusive leads is the easy part.

We provide 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 your leads, we’ll be 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! But if they do need some nurturing, follow the effective ways mentioned above to seal the deal. To get more information, fill out the form below or call 866-368-0377.

Online Commercial Insurance Shoppers Are Expected to Nearly Double in the Next 3 Years

According to a new survey from Semsee and TrustedChoice.com, independent insurance agents can expect a significant increase in online commercial insurance buyers over the next three years. The survey showed that around 42% of agents have been seeing an increase in commercial opportunities since the start of the pandemic in 2020. With such an increase in online commercial insurance shoppers, you need to know what to expect and what changes you can make, so you can build your customer base and increase your commissions over these next few years of demand.

What To Expect

magnifying glass in a circle
Because of the pandemic, people have been searching for their insurance needs over the internet.

Because the pandemic really changed the way people shop for most things, consumers have begun to rely more and more on finding and purchasing insurance over the internet. And, with such a big demand for commercial insurance coming over the next few years, insurance agents should expect to see an increase in leads and customers researching insurance and contacting their businesses.

So make sure that you are ready for this increase in demand, and can help customers with quotes virtually. That includes knowing how to share your screen with customers, so you can display their options to them without having to meet in person.

Changes Needed

While the survey also showed that more than 60% of agents rated their digital customer-facing capabilities as good or excellent, the reality doesn’t always match up. Many independent agents will need to make some changes to how they attract all of these new leads online. So how can you use the digital world to your advantage?

The best way to increase and find new businesses online is by focusing on search engine optimization, or SEO. And while a lot of agents were confident in their digital customer-facing capabilities, the survey found that only 49% currently use SEO as a means of attracting new customers.

 

SEO is all about moving your website up in Google searches, and the best way to boost your website’s ranking is by doing some research. For example, you’ll need to research keywords and phrases that your specific audience uses when looking for answers online, which means you’ll also have to understand your audience and how they can benefit from your services. When you begin researching, consider:

seo in a circle in front of a keyboard

  • Focusing on local search terms, such as “Florida commercial insurance,” so you can target customers who live where your business is located.
  • Making a list of relevant topics based on the insurance products you offer. Be sure to consider alternate terms that people may search for – for example, “business insurance” and “commercial insurance.”
  • Researching related keywords – for example, the keywords that appear as suggestions in Google when you begin typing in insurance questions or products.
  • Prioritizing keywords with higher volume and lower competition.

Looking For Leads?

Being tech savvy is a crucial part of growing your business, but don’t forget the most important step: building your customer list. And what better way to do this than getting hand-delivered, ready-to-buy leads from 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 your leads, we’ll be 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.

A Health Insurance Agent’s Guide to the OEP

The ACA Open Enrollment Period, or OEP, is right around the corner. Once November hits, it will be without a doubt one of the most overwhelming and hectic times for insurance agents. Not only will you be trying to catch up with current clients, who might have changing needs, but you will also have to continue to bring in new clients to help your business grow. All of this might seem like a lot – you might even begin to panic as the OEP gets closer – but this guide will help you fully prepare and remain confident going into this intense time!

Prepare, Prepare, Prepare!

Would you take a test without fully preparing for it? Probably not. And neither should you go into the OEP without preparing, since this time is a major opportunity for insurance agents. Remember, November 1st will be here before you know it!

Preparing for the OEP now will allow you to maximize your written policies and get ahead of the competition. To do this:

hand over different forms of communications

  • Make contact with potential clients now
  • Schedule their appointments
  • Make sure that all of your FAQ sheets are up to date

This is also a great time to set goals, such as how many policies you are hoping to sell, how many renewals you’re hoping to get, or how many current clients you are going to help change plans.

The next step is to determine how you are going to reach these goals, and a good place to start is with your marketing strategy.

Marketing Is a Must

To meet your goals, you’ll need a good marketing strategy, which will help you find customers that match your filters and then guide them towards you. Generally, a good place to start is by heading to social media, and by creating helpful content. Consider providing information that answers the frequently asked questions people are asking during the OEP. Not enough time for marketing and all your other work? Consider hiring someone to do your marketing for you, at least during the OEP.

Follow-Up!

stopwatch with the word deadline
Aim to call a prospect within 5 minutes of their request!

Although the OEP is going to be a hectic time, and it’s going to be hard to keep track of everyone, following up is crucial to the success of your business. You have to immediately reach out to a customer after receiving a request or interest, since the OEP provides only a very limited time frame.

While you might normally have a little more leeway, at this time aim to call a prospect within 5 minutes of their request, because waiting too long might just cost you. And if you do reach out to a lead within 5 minutes and don’t get a response, follow up with an email to schedule a day and time to connect with them – and be sure to follow up with your appointment!

Looking For Leads?

The ACA Open Enrollment Period is a busy time for a lot of agents, but if you’re still looking to build your client list, come to Benepath! Working with Benepath means you’ll be able to free up more of your time and increase your sales. We offer you real-time exclusive leads who are warmed up and ready to purchase an insurance plan. You just have to provide us with the days and times you are available so that we can send you live transfer calls during your specific hours.

In short, we do all the work for you, finding you pre-qualified leads and simply passing them off to you to make the sale. Benepath will provide you with better tools, more guidance, unsurpassed sales training, and techniques from the most successful agents and trainers in the industry, not to mention the best leads available! To get more information, fill out the form below or call 866-368-0377.

Increase Retention with Relationship Marketing Strategies

Converting a lead into a customer is great, but you can’t stop there: you’ve also got to turn that customer into a customer for life. And you can do this if you keep your relationship with them going by using relationship marketing strategies. Relationship marketing is not just about messaging customers when it comes to renewal time, or even about remembering their birthdays. This type of marketing involves a continuing effort to provide a unique experience for each of your customers, so that they can be assets to you for many years to come, buying more of your products and referring you to others.

Why Focus On Existing Customers?

magnifying glass over characters in different colors
Existing customers are 50% more likely to try new services, and they spend around 31% more than new customer/

Is it really more important to focus on developing relationships with existing clients than to look for new leads? Well, consider this: the probability of selling to a new prospect is just 5-20%, while the probability of selling to an existing customer is 60 -70%!. Not only that, but did you know that existing customers are 50% more likely to try new services, and they spend around 31% more when compared to new customers? But that’s not the only reason to focus on building relationships with your existing customers. Customers who have a great relationship with their agent will remain loyal to you and your company.

You want your customer to feel completely safe and satisfied with you as their agent, and that you always deliver what you promise. How do you go about ensuring all this?

Relationship Marketing Strategies

So, we know that maintaining a strong relationship with your clients is the way to keep your business growing: in fact, agents who use relationship marketing strategies tend to grow their portfolios by 42%. And it’s not difficult: think of your relationship marketing strategy as building a relationship with someone you’re interested in. You’ll need to:

  1. Attract- First you’ll need to grab the attention of leads, and draw them in to engage with your business.
  2. Connect- Next you’ll need to establish communication with your leads.
  3. Courting- Now that you’ve got their interest, try to turn them into customers by helping them, showing them what you can do for them/offer them, and nurturing them.
  4. Relationship- If your nurturing campaign has worked, your lead is now your customer, and it’s time to make sure that they remain a customer for a long time.
  5. Marriage- Your open lines of communication and customer services have left the customer so pleased that they have said yes to your proposal, and now you have a customer for life.

The best way to accomplish the above is to:blue bubble with two bubbles with stars inside them

  • Listen to customer feedback- Ask customers to fill out a survey or leave a review of your business so you can pinpoint what you need to improve.
  • Invest in technology that can help you stay on top of your relationships– Customer Relationship Management (CRM) software can help you manage customers, personalize messages, and maintain regular communication and touchpoints.
  • Reward your customers for their loyalty– Delight your customers with tokens of your appreciation, like gift cards with a thoughtful thank you note.
  • Email marketing– Email marketing can help you continuously inform your customers of important information about their plan, events of interest to them, industry news, etc.

Looking For More Leads?

Creating strong relationships with customers doesn’t happen overnight. But if you take the time to build your relationship marketing strategy, you’ll be able to grow your business a little bit faster!

In the meantime, if you’re looking for new leads, and to grow your business, Benepath can help! We offer exclusive leads who are ready to buy – all you have to do is tell us when you are available to work with them. Benepath will provide you with better tools, more guidance, unsurpassed sales training, and techniques from the most successful agents and trainers in the industry, not to mention the best leads available. To get more information, fill out the form above, or call 866-368-0377.

Setting Up a Business Facebook Page

When it comes to getting your name out there, nothing beats having a strong presence on social media. This will help your agency connect with customers and build your brand at the same time. Since social media is the new way to determine what to buy, and who to buy it from, it’s important to establish and develop your presence on platforms like Facebook. But where should you start?

Why Facebook?facebook logo

While there are other, newer social media platforms, Facebook is still a widely used platform, one that arguably gives you access to the widest group of people. Young adults and older adults alike still scroll through Facebook, unlike other platforms that older adults might avoid, like Instagram.

Setting Up A Facebook Page

It might be intimidating to think about setting up a business account on social media, but we assure you, it’s easy. First, you’ll have to sign up for your Facebook page. To do this, go to the “Create” area of Facebook, and do the following :

  • Choose a page name
  • Choose a category for your business
  • Describe your business
  • Fill out the “About” area for your business
  • Enter your business contact information
  • Include a business and cover photo

Branding Your Facebook Page

Next, you will need to consider how you would like to brand your business. You’ll already have included your name when setting up your page, but now you can add your logo, upcoming events (like webinars), photos of your business, and most importantly, content! Adding content will help to boost your brand perception – but what kind of content should you include on your page? Well, first imagine being in your customers’ shoes, looking for insurance, and think about what kind of questions you might be researching. Your content should help answer these questions, but remember not to limit yourself to insurance content. Add some fun and interesting facts, posts that relate to awareness days/months, and a little about yourself, too!

notification bell and bubble next to a phone
There will be notifications that pop up to alert you when people are communication with you or sharing your page.

Monitoring Your Facebook Page

Last but not least, you will need to monitor your page, and check for messages and comments. The bell on the top right-hand side will show you when you have notifications, and clicking on that will tell you if people have shared your page and content, or if someone has tagged you in a post. It’s important to monitor your page so that you can reply to people who are interacting with you, and respond to questions or reviews.

Looking For Leads?

One of the reasons you make the effort to create a Facebook page is to attract leads and grow your business. It can take a while to get to where you want to be, but in the meantime, if you’re looking for new leads and to grow your business, Benepath can help!

We offer exclusive leads who are ready to buy – all you have to do is tell us when you are available to work with them. Benepath will provide you with better tools, more guidance, unsurpassed sales training, and techniques from the most successful agents and trainers in the industry, not to mention the best leads available. To get more information, fill out the form above, or call 866-368-0377.

Independent Agents Face Steeper Competition as Carriers Release Captive Agents

In case you haven’t heard, many carriers have been releasing captive agents, and allowing them to become fully independent agents. Insurers have realized that customers want to work with independent agents who can offer them many different kinds of plans from different carriers, not just plans that are tied to one specific carrier. Because of this, many captive agents have made the transition to becoming independent, which has created more competition than ever for independent agents looking for more leads and customers. This might feel a bit alarming to you, but there are still ways you can stand out from the crowd.

Why Carriers Are Making The Switch

change with orange arrows around it forming a circle
Insurance carriers are switching to independent agents so they can increase profits.

During the Covid-19 pandemic, it made sense for carriers to re-examine their business models, and look for ways to grow while also saving money. Low-interest rates have laid waste to the industry’s ability to grow its accrued revenues over the past few years and captive agents, while well versed in the carrier’s offerings, have a high overhead cost. So to increase their profits, many carriers are switching to working with independent agents, allowing the agents that they work with to sell other carriers’ products.

Standing Out from the Crowd

Because many carriers are now choosing to work with independent agents, you will have to work hard to stand out, and to have a competitive edge over others in your field. If you have built a large clientele base, you’re already ahead of the game. But that doesn’t mean you can get complacent!

You still have to continue to grow, so you will need to focus heavily on marketing and customer service. Make sure that you take the time to build relationships with all of your customers, and work on making your marketing funnel more efficient by:

  • Offering personalized service– To give customers a better experience in the digital world, you need to personalize your customers’ journey with every interaction.
  • Staying on top of interactions– Anticipate your interactions with your customers by using email automation to help inform your customers about renewal dates and plans that might be right for them.
  • Being straightforward– It’s important to make your website and social media accounts as streamlined as possible.
paper with a stamp of certification on the bottom
When you are first starting out, make sure to get a license and insurance for your business.

And if you’re just starting out as an independent agent, the first things you’ll need to focus on will be the practical aspects of building your business, like:

  • Getting business licensing and insurance
  • Designing a logo and other brand-related elements
  • Creating a professional website
  • Developing a plan to automate your marketing
  • Building your client list

Then you’ll need to focus on acquiring leads, nurturing leads, and converting leads into customers, by:

  • Assessing your client acquisition method
  • Defining your unique value
  • Focusing on building relationships with your customers and being timely when responding to them
  • Creating a website with informational content that relates to your customer’s needs and answers the questions they are asking
  • Building your social media presence to get your business known and trusted – take the time to post engaging content there, and stay on top of interactions with potential customers. The more accessible you are, the more you will build your customer base.

Looking For Leads?

When dealing with a growing competitive field, the most important step will be building your customer list. And what better way to do this than getting hand-delivered, ready-to-buy leads from 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 your leads, we’ll be 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! But if they do need some nurturing, follow the effective ways mentioned above to seal the deal. To get more information, fill out the form below or call 866-368-0377.

Inflation & Agents: How To Prevent Inflation From Affecting Your Business

Inflation is on the rise, and the cost of everything from fuel to groceries is skyrocketing, making a lot of people feel overwhelmed. This includes your leads and customers, some of whom might even decide not to buy or renew their insurance, settle for a cheaper policy, or cancel their policy altogether when they see that the rates have gone up. They might feel hopeless, and you might worry about losing business, but remember, as an agent, there are always ways you can help people save money on insurance, and find an affordable plan. There are ways to put them at ease, as well as to keep inflation from dragging your business down.

cell phone with an incoming all on the screen
If you have been receiving calls from customers about their insurance rates going up, there are things you can do to help them save money.

The Dreaded Calls & How You Can Help

If you haven’t been experiencing it already, get ready: customers have been calling insurance agents left and right, asking why insurance rates have gone up. And their concern is understandable: in times like these, everyone is looking for ways to save a little money.

If you’ve already been receiving these calls, don’t panic! First, take a deep breath and sympathize with your customer- hey we’re all going through it, so let them know that you completely understand. Next, assure your customer that you will do your best to make sure they have a plan that works for them and that they can afford it. Once you’ve tried to calm their nerves, follow these steps:

  • Go through their account with a fine-tooth comb– Take a close look at your customer’s account and see exactly why their insurance rate has gone up. There could be a variety of reasons, such as if they have made a claim or if they had a discount at one point that is no longer available. Being able to explain exactly why things change often helps customers become more comfortable with their rates. While they still might not like it, having a reason is better than approaching them with ‘that’s just how it is these days.’
  • Examine every nook & cranny for discounts– Scroll through their account and see if there is any way you can find a discount for them- there might be one for being a loyal customer, making payments on time, or putting in little to no claims. application with a pen on the page
  • Look through their application- If you can’t find any discounts for their current plan, try to go through their application and update it. Things might have changed from when they first filled out the application – maybe for the better. Or their life situation might have changed, making it easier for them to qualify for subsidies or get a new plan. For example, they might have lost their job or had a qualifying life event, allowing you to look through all available options in their area and find a plan that provides them with what they need in their price range.
  • Bundle insurance– One way to help customers save money is by bundling their insurance. Yes, it might sound insane to try to offer them more insurance, but by bundling, they will end up saving money without having to sacrifice coverage. For example, check if you can bundle their health insurance plan with their home insurance or bundle multiple business insurance policies together. By bundling, customers can get discounts of up to 25% less than buying them from multiple companies.

Keeping Your Business Afloat

Your customers are probably not the only ones stressing out. If you’re worried about the fate of your business in these uncertain times, don’t panic. Even in this new normal, there are some things you can do to adjust and make sure your business continues to thrive:

  • Evaluate your loss ratios and carrier rate -The formula for determining your loss ratio is: (insurance claims paid + adjustment expenses) divided by total earned premiums. Evaluating this will help you determine how your business can save money and minimize profit-sharing risks that can hurt your business.
  • Negotiate contracts– If you have contracts with carriers, consider negotiating any fixed contingency deals you have, which can help reduce risk over the long term. Most companies are fairly receptive to negotiation and will consider changes at any point during a contract period if the negotiating agency has a good loss ratio and adequate premium volume.

    illustration of marketing techniques
    Stay on top of your marketing so you can attract new leads and customers so your business can stay afloat during these difficult times.
  • Step up your marketing– When all else fails, market your way to new customers, focusing on how your agency can help customers save money. These are trying times but business growth is still possible, and the best way to keep your business going.

And with every cloud comes a silver lining: the one upside to these tough times is that commission income will be increasing, which could help offset any decrease in income from the insurance company/companies you work with.

Prices continue to rise, leaving many to worry and look for every possible way to save money. And when your customers see their insurance rates shoot up, they will want to know why and what you can do to help them. But you can be ready for them, and find ways to keep their business, so you can continue to grow yours! Remember loyal customers are your best asset, and a free marketing tool. If you are able to help your customers and make them happy they are more likely to refer you to friends and family!

While you are waiting on those referrals, if you’re looking for new leads and want to grow your business, Benepath can help! We offer exclusive leads for clients who are ready to buy. Benepath will provide you with better tools, more guidance, unsurpassed sales training, and techniques from the most successful agents and trainers in the industry to help you stay on top of the latest industry trends. When you grow, we grow, so let us help you fight inflation panic and have the best sales year yet. To get more information, fill out the form above, or call 866-368-0377.

3 Steps for Keeping Your Marketing Funnel Flowing

Are you working on your marketing funnel? Or are you unsure where to even begin? If you’re new to marketing funnels, don’t worry, they are relatively easy concepts to understand and implement. A marketing funnel consists of 3 steps: turning investigators into leads, then turning leads into customers, and finally turning customers into ambassadors. It’s important to keep your marketing funnel flowing so you can continuously grow your business, so we’ll break down the marketing funnel flow so you can understand its structure, and can benefit from it.

1. Turn Investigators into Leads

2 hands each holding a magnifying glass
To help convert investigators who come to your site into leads, you’ll want to make sure that the call-to-action on your site is clear!

Investigators are the people who visit your website looking for answers or help. Because investigators are in the “just-looking” stage, they will generally want to keep their commitment to a minimum.

To help convert investigators into leads, you’ll want to make sure that the call-to-action on your site is clear, and that it helps you to collect the information that you need to contact investigators and move them along in the sales funnel. This means your call-to-action shouldn’t simply be a “Call Now,” button; instead, your CTA should ideally encourage them to subscribe to your newsletter or ask you a question.

2. Turn Leads into Customers

Once you have gotten in contact with an investigator and turned them into a lead, the next step is to convert them into a customer.

When trying to convert a lead into a customer, you’ll need to deliver content that is value-driven, timely, and convenient. You can opt for video content to answer questions and provide information, since people generally prefer to watch video content over reading a blog to look for their answers.

In addition, you should make sure that you have an email campaign that provides informational content regularly, so you can show you know your stuff, and that you are the person that leads can turn to for help.

3. Turn Customers into Ambassadors

Last but not least, you’ll need to turn your customers into ambassadors. When we say ambassadors, we mean the people who refer you to friends and family, and even strangers, which will create more business for you.

cell phone with a hand coming out holding a megaphone

The best way to convert customers into ambassadors is to build stronger, longer-lasting relationships with your existing customers by providing great customer service. Improving customer satisfaction can mean different things for different people, but you should be thinking about developing more personal and authentic relationships and delivering engaging content, as well as simply being there for customers, answering questions, and reaching out not just during renewal time.

Being successful doesn’t happen overnight, and neither does moving people through your marketing funnel. But if you take the time to create a strong marketing funnel, you will be able to make your business grow a little bit faster!

In the meantime, if you’re looking for new leads and to grow your business, Benepath can help! We offer exclusive leads who are ready to buy – all you have to do is tell us when you are available to work with them. Benepath will provide you with better tools, more guidance, unsurpassed sales training, and techniques from the most successful agents and trainers in the industry, not to mention the best leads available. To get more information, fill out the form above, or call 866-368-0377.

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