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

Tips For Selling Insurance During Hard Times

Last year was an unusual year. Many people suffered, from business owners to employees who lost their jobs. Some small businesses had to shut down, which ended in them closing their doors for good and laying off their employees. All of this means that many Americans are facing hard times financially, so you might find that selling insurance is challenging right now. But we have some tips to help; after all, people still need insurance. You can help them, as long as you approach each sale with care and offer ways for customers to save.

Address The Importance Of Insurance

set of hands with paperwork in front of them on a table.
It is important now more than ever to explain the importance of being insured during tough times.

When selling during tough times, you need to make clear to your prospects just how important insurance is to their health and well-being. Help them to understand the possible consequences of going without insurance. Create different scenarios to illustrate your point. Remember, though, the goal is not to scare them into a sale, but rather to help protect them from the unexpected. 

One way to highlight the importance of insurance to your prospects is to show them that not having insurance can lead to financial risk and loss for everyone, whether it is a business owner who chooses to cut back on commercial insurance, or an individual choosing to opt out of health insurance. A business owner who forgoes insurance can jeopardize their business, because all it takes is one lawsuit to  lose everything they have worked for. An individual who chooses to remain uninsured can end up in medical debt if they have an accident or develop a chronic condition. Again, approach the matter with care and compassion, and make it clear that you are not trying to scare them, or they might feel like they are being bullied into a sale. 

Look for Discounts

If current customers are thinking of cancelling a policy, or changing to a cheaper plan, sit down with them and see if you can find any discounts available for their current plan. There might be some discounts that you can apply that will help lower costs. For business owners, let them know that they might be able to save money by bundling their insurance policies. Even saving your client a small amount of money such as $5-10 can make a difference to them!

Suggest a Higher Deductible

blue arrows, one pointing downward and the other pointing upward.
Having a higher deductible allows people to save with lower monthly premiums.

If a customer is struggling to pay their monthly premiums because of financial issues, the easiest way to help is by suggesting they go with a plan with a higher deductible. High deductible plans will have lower monthly premiums, which can help them save more money each month, as long as they do not have an accident which will require them to meet their high deductible. 

The COVID-19 pandemic has not only caused hardships for business owners and their employees, it has also caused hardships for agents. But if you follow the tips provided, and help people prioritize insurance, then you can succeed during these tough times. 

Remember, if you’re looking for leads, one way to guarantee you’ll find them is by working with Benepath! Hundreds of leads looking for all types of insurance fill out our online forms everyday, and after they fill them out, we immediately transfer calls to our agents. Our leads are exclusive and offered in real-time, which sets us apart from other companies. Not only do we offer exclusive real-time leads, but we will even create a thank you page for you. This way leads know exactly who they are about to speak to before the call is transferred! To find out more, fill out your information on the bar to the side, or call 866-368-0377.


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