How to Market an Insurance Policy
The insurance industry has a number of highly marketable products to offer its customers. Insurance agents have the ability to write property and casualty, life, and umbrella policies. Wise insurance agents will win one particular line of business, and then go after additional lines with the same named insured. Renewal policies, regardless of the product line, help to generate long term premiums and commissions.
An insurance agency with a good marketing plan will take short term as well as long term revenues into account as they roll out various products.
- Start with a contact list. If you are just starting your business, you will want to start with a list of known contacts or your “natural market”. Once you close a couple of sales from this list, request referrals, and mix in some outside advertising to keep bringing in leads. Always ask from referrals, and ask prospective leads how they heard about you.
- Remember that constant contact is key to generating repeat business. Once you build an existing customer base, be certain that you develop a way to continually contact your customers. Ask for birthdates, anniversaries, and start a newsletter. The goal is to keep your company at the forefront of current and potential customers mind.
- Vary advertising methods. Traditional business models relied upon a yellow pages ad and a billboard. Times have changed. Many businesses find that online advertising provides the most profitable method for bringing in business. There are millions of cellular subscribers with smart phones. Look into advertising via mobile applications.
- Partner with other businesses. An insurance agent writing homeowners insurance for instance, would do well to partner with a real estate agent. An insurance agent writing life insurance might do well to partner with an estate attorney. Networking groups can help meet other business professionals in related fields. Remember that you are forming a partnership, so the relationship should be mutually beneficial.