Data is the new gateway to insurance agency marketing success. And with good reason – according to McKinsey & Company, companies with data collection and analysis processes are 2x as likely to be more profitable than average. Investment in data has far-reaching effects, starting with honing in on effective, high-yield insurance marketing techniques. Some of the critical marketing questions data can answer include:
There’s no shortage of insurance prospecting software out there. But quantity does not equate quality. You need the right tools to match your prospect and customer needs to run a successful agency.
Serving customers better and decreasing cost? That’s music to any owner’s ears. Yet, some are still hesitant to embrace digital methods for fear they’ll make a quintessentially personal interaction impersonal.
Agency owners are right to protect that personalized customer experience: an Accenture study found 1/3rd of customers surveyed ended their relationship with a company because it felt impersonal. However, digital insurance doesn’t have to be impersonal – multiple digital agency features can increase personal interactions and overall improve service.
We’ve worked with over a thousand agencies in the past ten years, and if we’ve learned one thing, it’s that no two independent agencies are the same. That’s why we tailor the SIS Partner Platform experience for each client, getting to know their specific needs, and crafting a Platform to serve them and their customers in the best way possible.
Through the years, we’ve heard from many of our Partner agencies about their SIS Partner Platform experience. Here are a few of our most recent responses from those in the Partner Platform family.
Referrals are the gold standard of business. Nielsen found prospects are four times more likely to buy when referred by a friend – that’s a stat you want to get behind. But how do you adjust your insurance marketing strategies to hit at the 49 percent of consumers who say friends and family are their top brand awareness sources?
Making Referrals Part of Your Insurance Marketing Strategies
We won’t pretend getting referrals is easy; it takes time and effort to cultivate the customer relationships that lead to referrals. However, there are some methods you can employ to streamline the process.
Identify the right time to ask: Close to 85 percent of customers say they’re willing to refer a friend after a positive experience. This can be after an issue was resolved, following a successful policy bundle, or painlessly closing out a claim. Pay attention to when you’re doing things well and follow up with your request while the customer is in a positive mindset about your agency.
Look beyond customers to partners: Though customers are the obvious first asks for referrals, you can also ask partners who are working in a similar space. Think relators or auto dealers – these are people who regularly encounter those needing insurance, but they’re not able to provide it. In many cases, you can work out a mutual referral system.
Ask for names rather than referrals: Often, people are reluctant to give out contact info when asked directly for a referral. Instead, ask them for names of individuals they know who, say, just bought a new home or started a new job. Getting these names will allow you to follow up later with a soft ask such as: “I remember you saying Chris and Debbie just had a baby. Do you think they’d be interested in revisiting their life insurance to care for their future like we’ve helped you care for yours?”
Mention the connection right away: Lead with the referrer’s name when you reach out. This gives you immediate credibility with the prospect. However, be careful not to put words in the referrer’s mouth. Stick to non-committal points like “Ryan agreed a conversation might be beneficial to help protect your new home.” You don’t want them going back to your customer complaining that they set them up for an unwanted sales call.
Circle back to the referrer: Be sure to reconnect with your referral source regardless of the outcome. People want to know what happened! And if things go well, they are likely to refer to you again.
Get Essential Referral Tools with Partner Platform
We know the power of retaining customers and gaining referrals, which is why we equipped Partner Platform to help agency owners do just that. With a built-in Marketing Automation Manager to track and schedule engagement, integrated texting and email to capture every conversation, and Producer Results Manager CRM to manage and target sales pipeline, our Partner Platform agencies have retention and referral on lockdown.
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