Insurance retention and prospecting, though similar to other industries, has its own nuances. As a highly personalized business, insurance agencies need to focus on each lead segment’s specific needs and, as the sales funnel narrows, the personal needs of each individual lead.

What are some of the industry-specific measures your agency needs to take? We identified these top three based on prospecting stats around customer needs and expectations.

1. Act quickly

• The best time to contact a lead is within 50 min of them showing interest (i.e. filling out a webform, engaging with content)
• Only 7% of salespeople respond to leads within the first five minutes, and over half wait five days or more

With online purchases and insurtech quickly becoming the norm, customers can almost immediately find a better price. But that better price doesn’t translate to the same or better coverage. Agencies and agents need to act quickly to showcase why they’re the better option.

Getting there quickly gives you a chance to share your coverage options and why they’re the best choice for the prospect. If you get your coverage offer out first, prospects will use it as a guide for what to look for in other agency offers. That means they’ll likely come back to you when they find better pricing doesn’t mean a better offer.

Get more useful stats: check out our post on Insurance Agency Marketing Stats

2. Vary outreach methods

• Surveys showed 80% of customers prefer email for their first contact, 49% prefer phone calls, and 21% prefer text
• Up to 80% of leads need five follow-up calls after the first initial contact
• Asking 11-14 questions while pursuing a lead translates to almost a 75% higher success rate

Customer preferences are changing as new options appear and new generations of customers enter the market. The insurance industry is unique as it serves all generations and all peoples. Though you may have a specific targeted segment, everyone needs insurance at one degree or another, and you need to be nimble to meet a variety of preferences.

Text and social media contact are on the rise, but that doesn’t mean phone calls and emails are dead. Keep your communication methods as varied as possible to stay ahead of the curve and continue to gain and retain your client base.

Investigate more on changes to customer expectations in the digital age

3. Go for referrals

• Over 91% of customers said they’re willing to provide referrals, but only 11% of salespeople ask for them
• Customer are four times as likely to buy when referred by a friend

Insurance is a naturally personal and social industry. When your customers need you, they’re likely in a vulnerable place and looking to you for guidance and trust. That’s why prospects are looking for someone who displays those qualities, but the only way they can know if an agency is trustworthy is through a personal reference.

Referrals have a high conversion rate and a longer lifetime as a customer. Get your team trained to ask for referrals and make it easy for your current customers to share their experience.

Get the details on how to retain clients and gain referrals on the SIS blog

Find the Right Prospecting Partner in SIS

We have the tools and team you need to perfect your prospecting. Our Partner Platform agency management system suite includes a host of sales and marketing capabilities like a custom Producer Results Manager CRM, targeted agency websites, client portals, and mobile apps. And our team is committed to providing the tools and training you need to transform your agency today and maintain that growth for tomorrow.

Discover our commitment to our agency partners and how we can help you serve your customers better. Get in touch at [email protected] or 800.747.7005, Option 6, to find out more.

Sources:

https://www.smallbizgenius.net/by-the-numbers/cold-calling-statistics/

https://www.linkedin.com/pulse/27-amazing-sales-statistics-2019-daniel-disney/

https://www.fundera.com/resources/sales-statistics