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

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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.
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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.

Screen Sharing With Your Customers

The saying “a picture is worth a thousand words” holds true, even when it comes to selling insurance. Multiple surveys report that customers find sales calls to be extremely frustrating and annoying. One way to combat this frustration is by using screen sharing, because visual engagement that is in real time is more likely to capture and hold a prospect’s attention. And once you get them hooked, then the rest is easy.

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Screen sharing can be a very useful customer support tool. Insurance can be complicated, and being able to show your customers exactly what you are talking about can be a way to increase sales: people won’t buy what they don’t understand! Screen sharing can also reduce the risk of miscommunication. When you share your screen in real-time with a customer, they can complete forms with you, navigate through different plans, see all of the quotes you have provided, and even get help filing a claim or customizing products. Customers will come away from the phone call feeling satisfied that you have answered all of their questions, and confident that they understand the whole process. They’ll also feel confident that they’ve chosen the best agent for the job!

Increase Convenience

Everyone’s busy these days, and many people do not have time to set up a meeting with an agent to discuss their insurance needs. Phone calls are more convenient, but trying to explain things over the phone can be frustrating. But with screen sharing, you have the best of both worlds – convenience and practicality. You can set up a quick phone appointment, and simply share your screen with them and explain how to solve a problem step by step.

Screen sharing is also convenient and efficient for you. You can get a lot done in your first phone call when you screen share with your prospects, which can mean no need for a call back. When you streamline in this way, you’ll have more time to tend to other customers and make more sales.

Set Yourself Apart From Competitorsanimation of person standing on top of number 1 and two other sitting on 2 and 3

Being able to screen share with your customers will set you apart from other agents selling insurance. Screen sharing shows your customers that you go above and beyond when it comes to service, and that you have put a lot of thought into how to best help them understand the information you are giving them. This puts you one step ahead of your competitors.

Host Webinars

Screen sharing tools make it possible for people to train online, host webinars. and give presentations. You can take an online PowerPoint presentation to the next level by using screen sharing, which will allow you to have full flexibility during the presentation. This also goes for hosting webinars. When people can see what you’re talking about, they will not only better understand the information you are presenting, but they will also want to continue learning from you.

There are a number of free versions of screen sharing software available. These include, Screenleap, Show My PC, Mikogo, Google Hangouts, and AnyMeeting. If you want to get a leg up on your competitors, offer better customer service support, and increase your sales, then screen sharing is an excellent place to start. After all, sharing is caring.


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