Mike Maranda has been in the insurance business for over 40
years. He’s guided his agency through many seasons, but his recent journey to
find the right agency management system for his team was one of the most
painful.
After many years with a system they loved, Quality Insurance Service was forced to make a change when one of the big-name providers acquired their original system. Mike and his business partner decided to pick one of the big-name systems to avoid needing to make a change again anytime soon.
Yet, after selecting one of the dominant providers, they were frustrated to move through a cumbersome system with unresponsive service. After four years, they’d had enough and started searching for a new system, eventually joining the Partner Platform community.
We asked Mike to share his journey, telling us how Quality
Insurance Service came to Partner Platform and how the partnership has grown
over the years.
In our conversation, we covered:
What Mike and his team looked for in an agency management system
How and why they chose Partner Platform
What their conversion experience was like
Where they see the industry going in the next five to ten years
As the insurance industry grows more competitive, the particulars of your specific insurance agency management will make your business stand out. Those particulars could be location proximity, ease of doing business, or even something as simple as how your website looks. Though price still matters, changes in cost can only go so far.
The true test of what makes your agency the best choice is the overall customer experience. Seemingly small touches that make each interaction easier, more personable, and leave each customer with a positive feeling have a real impact. Today it’s about more than the best price and the latest tech; it’s how you use these tools to empower, differentiate, and create the best experience in your agency.
Stick with the Fundamentals
Whether your agency has been around for five years or 50, there are some fundamental core elements your customers value. Those are:
Knowledge
Service
Relationship
An old adage says, “You lose a customer for the same reason you won them.” These three areas are those reasons: your agency stands out because of your niche knowledge, speedy and effective service, and the personal relationships you build with customers. Big-name providers simply can’t offer these to the same degree as you, an independent agent. Focus on holding fast to these fundamentals, and you’ll gain more customers than you lose.
Blend Tech with Human Interactions
One of the biggest mistakes newer agencies make these days is to rely too much on technology to get work done. Though insurtech has its place in increasing efficiency, it doesn’t replace the power of human interactions.
Focus on finding that balance between using tech
for its speed and accuracy while keeping human-driven avenues open for service
and support. Look to tech to streamline routine claims and policy processing,
but leave space for in-person meetings or phone calls to walk customers through
more complex issues. The tech/human balance is an essential chord to strike to
keep your agency growing.
Grow Your Expertise
Your deep knowledge of the industry and its nuances is why customers choose you over big-name providers. However, the insurance industry is changing due to technological advances, new ways of doing business, and changes in regulations. You need to keep your team up to date on the latest in the industry with regular continuing education sessions and by gaining additional professional accreditations.
Streamline and Personalize Communications
If your agency has been around for a while, you likely grasp what it means to personalize your communications. Yet, it may become more difficult to keep up that personal touch in your usual ways as you grow. Tech can help by leveraging data to customize your email, social media, and text outreach. Look into tools like marketing automation and an integrated customer relationship management (CRM) to get the personal connection and efficiency you need.
Expand Ways to Get Service and Support
Your customers’ service experience is vital to your agency’s reputation. As a new generation of individuals enters the insurance market, they have different service expectations. Though all your customers will want personalization and a human-driven experience, they’ll also want the option to communicate in different ways. Expand your communication offerings with texting, a branded agency app, an easy-to-navigate website, and an online customer portal. The more choices customers have when it comes to service, the better.
Stay Nimble to Stay Relevant
In a recent conversation with one of our Partner Platform agencies, we talked about the importance of being flexible in order to respond to unexpected changes in the market. Disruptors like the COVID-19 pandemic and the 2008 financial crisis can be hard to prepare for, but you can react quickly if your agency has a culture of trust and flexibility.
Equipping your agency with more tech efficiency is
part of that nimbleness. When you have systems that can automatically operate
without much effort, you create the time and space to think about what
adjustments you need and how to make them happen – fast. Large, complex
agencies simply cannot make the quick adjustments your agency can to provide speedy,
personal service and communications during uncertainty.
Partner Platform is the Independent Agency’s System
When we created our Partner Platform agency management system suite, we designed it with the independent agency in mind. The easy-to-navigate system has room for personalization bolstered with the latest tech efficiency. We regularly consult with our Partner Platform Community to find ways to make our system work better for our independent agents.
Discover more about our system, community, and commitment to independent agents. Visit us at sispartnerplatform.com and get in touch with our team today.
A lot has changed over the past few years due to the
unexpected disruptions of the COVID-19 pandemic. All industries felt the impact,
and the insurance industry is no exception. One of the most notable disruptions
is the speed at which changes took place, especially around customer
expectations and marketing.
What Your Agency Needs to Know About Insurance Marketing
Changes in insurance agency marketing that were projected to solidify in 5 to 10 years ended up evolving rapidly in just two. Chances are you’ve already made some of these adjustments to keep up with immediate demand, but there are other more “behind the scenes” adjustments agencies are making that you should note.
1) Know how people find you
Do you know how clients are ending up at your agency?
Whether through referrals, phone calls, or other methods, you need to know and
understand how to capitalize on those areas.
One of the most prominent channels these days is online
searches. Surveys show that almost 70% of consumers run an online search
before reaching out to an agency. And, over 65% of insurance consumers did
not have a specific agency in mind when they started their search. Queries for
terms like “insurance near me” have grown by over 100% in the past two
years. Are you poised to show up in the results?
As a result of this uptick in online searches, Search Engine
Optimization (SEO) is extremely valuable. Pay attention to what’s on your
website, focusing on adding specific key search terms throughout your pages for
ideal optimization. Paid advertising on search engines like Google and Bing can
also boost your visibility but at a cost. Some of these ads cost more than $50
per click, putting them at the high end of search engine advertising.
How your website looks is also a factor. Over 50% of online searches for insurance take place on mobile devices. If your website isn’t optimized for mobile, you can quickly turn a potential customer away. And, Google includes mobile optimization as part of their algorithm, meaning you can be dinged if you have an incompatible site. Your site should be mobile optimized, easy to navigate and provide a clear way for interested visitors to get in touch.
2) Know how prospects make decisions
As an agency, you need to understand a potential buyer’s thinking when evaluating their insurance options. Price and types of insurance offered remain top of the list as decisive factors, but service quality is becoming more prominent.
To hit on potential customer needs, your agency should offer various ways for customers to get in touch with you. Offer online, text, phone, chat, and in-person options to fit varying consumer preferences. Self-service portals and mobile apps are becoming increasingly popular as a first contact source to get in touch and gather the information prospects need to decide.
Yet, surveys showed 78% of insurance customers called an agency after running a search, and 62% said talking with an insurance rep was the “most influential factor” in making their decision. This shows that your online presence matters, but your human service interactions matter, too.
When Your Service Makes a Difference
Specific turning points in the customer’s journey make a big
difference. What you do in those moments can either turn a prospect into a
customer or turn a prospect away. Some of those critical moments include:
1) Your response time and quality
The immediacy, accuracy, and
overall quality of your response to initial outreach make a big difference in
how customers and prospects perceive your agency. Surveys show most callers hang
up after waiting about 90 seconds for a response, so you need to ensure
you’re connecting with individuals quickly.
Systems like marketing automation
are extremely valuable here as they instantly send a response to individuals
who email, fill out a contact form, or connect via chat, among other contact
methods. To add quality to your responses, connect your marketing automation
with your insurance
CRM to automatically create follow-up tasks so you can connect on a
personal level.
2) Your level of personalization
Along with the rise in demand for
immediate, digital service, customers are also asking for more
personalization and human connection. Almost 90% of insurance customers
surveyed said they demand more personalization from their providers. And, 84%
of marketers said phone calls have higher conversion rates than other
outreach methods. The personal connection found in a phone call still matters.
You can create opportunities for
personalization via digital connections, too. Marketing
automation is designed to make emails, social media connections, and other
forms of digital outreach as targeted to each individual recipient as possible.
The takeaway here is that your agency needs to offer multiple avenues for
connection to meet the varying needs of your growing customer base.
Who Can Help Your Agency Stay Nimble
Our Partner Platform team and agency community are committed to understanding growing insurance marketing and service trends. We provide regular webinars, in-person trainings, and an annual user conference as just a few ways to connect and discuss changes in the market.
Plus, our partners in the insurance tech industry help our community stay up-to-date on the latest technology, keeping our Partner Platform agencies well equipped.
Social media marketing is nothing new in the larger
marketing industry but may be novel for independent insurance agencies. This
tool is something all agencies should include in their insurance agency
marketing strategy for several reasons. Social media can help your agency show
off your expertise, build trust with customers and prospects, and help you
better engage your customer base. For independent agencies, social media is an
excellent tool to amplify their valuable local and personal connections with
their communities.
Whether your agency is on social media or not, you’re being discussed in the social media space. Join in that conversation! Get your agency started by following a few simple dos and don’ts in the social media sphere.
Social Media “Dos”
To start, here are a few “must-dos” for
your insurance agency’s social media marketing.
Get someone who knows what they’re doing or willing to learn. Don’t put your office manager on social media duty if they have no knowledge or interest in the job. Consider social media savvy in your hiring process, finding someone who has a knack for this unique role.
Understand what your customers want to see in your social profiles. You can start by looking at other agencies or local businesses to see what content gets the most engagement. Then, ask your customers what topics interest them and go from there.
Define your agency’s brand and tone for
all your social platforms. Think about your niche offerings and highlight them in your social media branding. And, pay attention to your tone, keeping it consistent across posts and platforms.
Prepare all your staff for social media. Regardless of whether they’re doing the posting, everyone on your team needs to understand proper social media etiquette, including what’s appropriate to post and what they should avoid.
Create a calendar to help plan your posts ahead
of time. Start by planning to have one post a week and expand to three to four times or more as your audience grows and time allows.
Make opportunities for people to engage with
your content. Ask questions, request photos, or hold contests to get people to comment, like, and share your content with others.
Track what’s working, keeping a record of what posts are getting the most clicks and shares. You
can use this data to craft better posts for the future.
Social Media “Don’ts”
There are also some common mistakes to avoid when
getting your agency on social media
Signing up for every platform without researching
which works best for your needs. It’s best to start with one or two platforms
and expand from there.
Posting a lot one day and then taking a
break. When you post three times in a row then don’t have anything for a
few days, your audience gets confused. Set up a regular cadence for posting and
avoid posting more than once a day.
Using different account names and pictures for
each platform. Strive for consistency, using the same profile icon for each
platform and a similar name. It may not be possible to have the same name on
each account, but you should try for similar names like “YourLocalAgency”
on one and “Your_Local_Agency” on another.
Leaving your profile bare. Add as much
relevant information as possible to your account profiles, especially your
agency name, website, and phone number. The more you can put in your profiles,
the easier it is for people to find you and get in touch.
Making social media a one-way street where
you send out information but never reply. If someone makes a comment or sends
you a message, respond! The more you engage, the more people will follow you.
Ignoring social media data. The
engagement data you collect on social media is quite valuable. It tells you
what your customers are interested in, and you can use that information to
engage prospects, gain referrals, and solicit reviews from happy customers.
Get the Tech You Need to Capitalize on Social Media
Marketing
One of the best ways to leverage social media data
is by connecting it with your
agency’s CRM system. You can use social media data to understand different
customer segments’ interests and adjust your prospecting to meet those needs.
Another great tool is a marketing
automation tool that can schedule social media posts, track engagement, and
reply to messages and comments. Plus, you can link marketing automation and
your CRM for a seamless transition between social media outreach and data
analysis.
A final helpful piece of tech is a reputation
management tool to help manage your agency reviews. People are leaving reviews
about your agency regardless of whether you know it or not, and a reputation
management tool can help you stay on top of them. You can track reviews, reply
to them, and solicit reviews from current customers, all within one tool. Our
Partner Platform agencies use BlueJay
Reviews to track their agency reviews seamlessly within their Partner
Platform agency management system.
This year continued a trend of technology’s growing influence in the insurance market and all industries at large. We saw a shift where more clients embraced agency software and integrated it into their regular systems and processes. This growing interest and influence prompted our Partner Platform and SIS teams to ramp up our tech focus, including several blog posts on this highly relevant topic.
Data
Leveraging technology to gain and analyze data was
one of the hottest topics of the last few years. As competition in the
insurance market increases, agencies need ways to set themselves apart. Our
industry partners and clients alike told us that data is the key to
differentiation. It improves lead targeting to increase close rates,
streamlines claims processes, and is essential to service personalization, a
must-have for all industries today.
With more data sent and stored, your agency is open to more risk. Malware attacks increased by 358% in 2020 alone. Agencies need to pay attention to how they’re handling and storing data, ensuring they have the best measures in place to protect it. Our experts spent time on this critical topic in posts like:
Customer service expectations took a massive leap
in 2020 and 2021. Customers now expect more personalization, quicker
transactions, and more ways to get answers and implement changes independently.
We looked at the many ways expectations changed through our posts this past
year. A few of the top ones include:
What Insurance Tech do Agency Customers Want? – There was a lot of talk around insurtech this year, much of which can be overwhelming, especially to small to mid-sized agencies. This post looks at the essential tools you need to meet customer expectations and keep your agency evolving.
Sales and Marketing
Sales and marketing are always a challenge for
growing agencies, but new customer expectations and the explosion of digital
service in the past few years have added a new level. Depending on the agency,
these changes could increase or decrease the sales and marketing challenge. We
hope to make these customer expectations and tech advances an asset to your
outreach with these posts:
The Key to Stepping into Insurance Sales Software – Adding new technology to your agency can be intimidating. With this post, we look at how to assess which sales tech you need and the steps to implement it smoothly in your agency.
The CRM for Insurance Agents: A Step-by-Step Guide – CRMs have been a staple in numerous industries for years, and insurance is embracing the power of this sales technology. This post offers a clear guide specifically for insurance agencies to leverage this powerful technology to improve their sales prospecting.
These are just a few of the many agency resources available for free on our website. You can see all our educational posts on our blog. And, dive into our online guides and other resources covering topics like how to hire great producers and leaders and how to get effective digital marketing on a budget.
We look forward to sharing more in 2022 and beyond!
Automation plays a significant role in many industries, and insurance is no exception. The rapid innovations of insurtech have thrust data and automation into the forefront of ways to improve and enhance agency operations.
One of the most prominent data automation uses is in the underwriting process. Due to digitized automation processes, agencies are seeing loss ratios decrease and overall premiums increase. According to Willis Towers Watson, over 60% of agencies surveyed say the predictive analytics of automated underwriting have reduced issues and brought down expenses.
Underwriting automation has great value, but the wealth of data and required processing power can be daunting for the average agency. Yet, if your agency can put in place the right processes and people to gain and manage underwriting data, you can see a big change.
A lot has changed over the past few years due to the unexpected disruptions of the COVID-19 pandemic. All industries felt the impact, and the insurance industry is no exception. One of the most notable disruptions is the speed at which changes took place, especially around customer expectations and marketing.
What Your Agency Needs to Know About Insurance Marketing
Changes in insurance agency marketing that were projected to solidify in 5 to 10 years ended up evolving rapidly in just two. Chances are you’ve already made some of these adjustments to keep up with immediate demand, but there are other more “behind the scenes” adjustments agencies are making that you should note
The COVID-19 outbreak in 2020 left a lasting impact on the world, including how we do business. Quarantine and frequent lockdowns forced us to stay home, and the changes in customer expectations, work environments, and operations remain today.
Insurance agencies that weathered these changes have a few things in common. For one, they had the right insurance software to make the quick transition to remote work and service. Secondly, they have an enduring attitude of being open to change and a readiness to adapt. While we cannot predict what will disrupt the market next, we can use these markers to prepare with the right mindset, tools, and systems for the next unexpected interruption.
