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.

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.

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.

Building the Foundations of Your Insurance Agency

Starting your own business can be both exciting and downright scary at the same time. But once you take that step and push yourself to do it, you will never regret it. You will find joy in not only being your boss, but also in watching your business change and grow over time. You might be worried about how to grow your business at first, and it can be difficult in the beginning, but it’s not impossible. You just need to focus on the foundation of your insurance agency, because this is what will help you convert leads into customers.

The question is: where should you start? Don’t worry, we’ve got the answers you need, so you can successfully build your foundation and watch your numbers grow!

Developing a Strategy

plan written on a chalkboard with strategy words around
First you will need to develop a strategy for your business.

Developing a strategy is one of the most important things to do if you want to build a successful insurance agency. To develop a strategy, you’ll need to:

  • Identify your objective and your core values– Your objective is your goal for your business; it should be centered on the problem you’re aiming to solve with your services, and your company values will run hand-in-hand with your objective.
  • Conduct a self-assessment– Do you have the cash flow and human resources needed to see your plan to fruition? What competitive advantages do you enjoy over other agencies?
  • Research your market and past success stories- Find out how similar agencies have claimed their market share, grown brand awareness, and managed a happy and productive workforce.
  • Lay out a roadmap to success- Create a step-by-step guide to achieving your goals and what you are going to do to meet them. This guide will set you up for success and hold you accountable.
  • Stay focused

Finding Leads

Finding leads can be relatively easy if you know how to attract them. The best way to attract leads is by building your brand and creating a sense of trust. You can do this by getting online and showing how knowledgeable you are. You should:

  • Create a website and social media accounts that will help attract and convert leads.
  • Also comment on sites like Quora, answering people’s questions about insurance, in addition to communicating with leads via social media.
  • Make and share videos that are informational and useful to leads and customers.

Nurturing Leadswoman with a headset on

Your first contact with leads is very important: remember, first impressions count! When leads show interest, it’s important to contact them in a timely fashion, but not immediately. Generally, it’s best to send an email or make a call within 12-24 hours; any longer and you risk losing them as a customer.

After that, you will need to create a schedule to follow up with your leads. After all, it generally takes contacting leads 7 to 13 times to convert them! Your follow-up schedule could look like this: send one email a week and a call or two every quarter. Make sure your follow-up contact is not just focused on plan renewal or other business; make things personal so you can keep nurturing them long after they’re converted from leads to customers.

Looking For Leads?

Since you’ll be dealing with a competitive field, the most important step in growing your agency 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.

4 Things Every Agency Website Needs

If you’re running an agency, you’re probably constantly investing in ways to market your agency so that you can build your customer list. One of the things you’ve most likely invested in is a website, which is one of the best ways to get your business noticed, and bring traffic to it. But your website has to be done right for you to reap the benefits of it! Remember, it’s not just about having the right information on your site, you also need to make sure it’s well designed and easy to navigate. The best way for your website to be appealing to leads and customers, and to attract more visitors, is by making sure you have the following 4 things.

1. Professional Designhands on a laptop keyboard

One very important element of a successful website is a professional design. A polished, professional-looking website tells your visitors that you are an experienced insurance agent and that you take your work seriously.

Make sure that your graphics and images are sleek and modern, and that your content presents your business in the right light – remember, it’s all about how your customers perceive your agency! In addition, your logo should look professional, with the right fonts and colors.

Finally, one of the most important things (which many people overlook) is that your website needs to look good on, and be optimized for, both desktops and mobile devices. Be aware that sometimes a website will not be correctly aligned on a cell phone, or images might not show up, so you need to constantly monitor your site.

2. Content!

The saying “content is king” holds very true for almost any business, and it’s especially true for an insurance agency. Because you provide a specific service, and you want to make sure that people know you are knowledgeable about your field, you have to offer up great content that educates and informs.

Remember, a lot of people that come to your website don’t understand the insurance industry, which is why they are seeking your help. Make sure that your website not only offers information about the type of insurance products that you sell, but that it also answers your customers’ questions, and gives the impression that you are the right person to turn to for help.

3. Easy Navigation

Have you ever been to a website and found yourself having to search through the whole site just to find an answer that you were looking for, or for contact information? Make sure this doesn’t happen to your customers! Your website should not only be professional looking, but also easy to navigate, with all the answers and information your customers need available with a click of a button.

4. Good Brandinghand pressing the middle of a target

Branding is the anchor for all of your marketing efforts, so make sure your brand is well represented on your website, especially since your website is the first point of contact for many people. There needs to be a common element in your website design, content, and methods of creating audience engagement.

When was the last time you updated your website? Have you checked it recently on both a laptop and a mobile device? Have you added content that is up-to-date and informative? Whether you are building a website or currently have one, make sure to check that your site has everything needed to create a good user experience, one that shows you are knowledgeable in your trade and can provide the help customers are looking for. If you have a strong online presence and can answer the questions people have, you will be the person they turn to when they are ready to buy insurance.

If you are looking 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.

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.

How to Schedule Your Lead Nurturing

Nurturing your leads is very important if you want to convert them into customers. But nurturing leads takes time! So what’s the best way to nurture them, and stay on top of where they are in the conversion process? You need to create a schedule to turn the warm leads you receive from Benepath into customers. Since nurturing leads is a balance between too much and too little contact, a schedule can help you find that balance, and lead you toward success.

First Contact

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There is a sweet spot when first connecting with a lead.

When it comes to making first contact with a lead, you shouldn’t contact them too soon, and risk turning them off; nor should you keep them waiting, or they will choose to work with a different agent. You should plan to send an email or make a phone call within the first 12 to 24 hours after receiving a lead.

Follow-Up

You also need to create a schedule for following up with leads after your first contact, so you can convert them into a customer. We can’t overstate the importance of following up: remember, it generally takes contacting leads 7 to 13 times to convert them! But it’s also very important that you have a schedule for these follow-ups so that you don’t overwhelm your leads and turn them off. You should aim to email them no more than once a week, or call them no more than once a month, but remember to schedule these weekly/monthly contacts, otherwise you risk them forgetting about you.

Nurturing Cycle

After your initial contact, and all of your follow-ups, you’ve hopefully converted your lead into a customer – and you might think that your work is over, but you’re still not done nurturing your customer. Once they become a customer, you still have to continue to nurture them as you did when they were leads so that they will refer you to family and friends, which will bring in more leads for you, and help grow your business.

So what does it mean to continue to nurture your existing customers? Again, you need to set up a schedule for contacting them, so that you don’t fall into the trap of only speaking to them during their annual renewal. Instead, you should be contacting them throughout the year, and providing them with information about events that are going on, or resources that will help them. When it comes to scheduling contact with them, consider adding dates that are important to them (such as their birthday, or their children’s birthdays) as times to send good wishes, or celebrating the “anniversary” of them becoming your customer.

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Benepath offers exclusive ready to buy leads!

Ready-to-Buy Leads

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 do not 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.

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