Advancements in technology have contributed to the success of those in the insurance industry, especially when it comes to improved efficiencies, communication, document management and other essential tasks.
But it’s absolutely critical to not forget an essential pillar of growing your insurance practice — relationships.
The true power of your brand is amplified through the network of relationships you nurture in your community. While there is value in using online resources to augment your personal relationships, relying exclusively (or primarily) on internet leads isn’t likely to increase your book of business to a sustainable level.
Although you are probably already implementing many of these suggestions, sometimes it’s helpful to look at ideas with a fresh set of eyes:
Bolster Your Referral Networks
This can be accomplished by joining groups like the Chamber of Commerce or making connections with individuals and associations that sell products or services that require insurance or financial guidance (REALTORS®, mortgage brokers, homebuilders, rental property owners, auto dealers and others). You may find competition among these referral sources, so it’s essential to stand out from your peers beyond just handing out stacks of business cards:
- Position yourself as a knowledgeable resource without being aggressive.
- Offer to speak to association meetings and include free 1:1 consultations at one of their events.
- Write educational articles for association newsletters or online blogs. An ongoing Q&A or FAQ type column can be very informative.
- If your practice is focused on business products, consider partnering with SCORE, individual CPAs or accounting firms, attorneys and other professionals who interact regularly with business owners of all sizes.
Think Outside the Box
As an insurance professional, you know there are certain life milestones that provide a natural opportunity to talk about an individual’s or family’s coverage — even though the prospect might not be thinking about it yet:
- Consider having a booth or breakout session at a bridal planning event featuring information about renters insurance, homeowners insurance, riders for expensive items like engagement rings, etc. It’s also a great opportunity to talk about bundling products for the couple and planning for future needs.
- Work with your marketing team to create a QR code that drives business to your website and share it with your referral sources. This makes it easy for them to connect their customers to you and your agency.
- Get to know your local journalists so you can serve as a go-to resource for media when they need an expert for a news story.
Use Technology in a Relational Manner
Technology should be considered a tool that enhances your relationships, not one that replaces it:
- Younger homebuyers and new parents are often drawn to videos when researching everyday topics. While not everyone can become a viral star on TikTok, you can post short educational videos on your own website and social media. Keep the content brief and engaging, and be sure to push it out across all your social media channels. You can also share content with your referral networks — obviously, you should be careful to avoid any information that could be a compliance concern.
- Build up your LinkedIn profile with a robust list of connections and spend five to ten minutes each day interacting. In addition to posting your own content, comment on the posts of people in your network and those with similar profiles. Share industry posts or those from your referral base with brief notes and hashtags.
- Video calls can expand your client base geographically (within the state[s] you’re licensed in) without increasing drive time. While it’s important to have that personal interaction, video calls are great for difficult scheduling situations or when your client has a quick question that doesn’t warrant an in-person meeting.
Although technology is great and it can sometimes drive leads to your agency, relationships still matter. A book built on solid relationships and referrals is typically attributed to higher rates of retention, leading to a more consistent revenue base.
