Today’s insurance industry is competitive. Insurance companies are also being forced into change by various factors including huge pharmaceutical companies, the workforce, and even deepfakes, a process for creating human images based upon artificial intelligence, or AI. Even so, you can adopt strategies to help strengthen your company in today’s digitally-driven marketplace. Here are five solid ways to improve your insurance business.
Make Definite Goals and Measure Growth
You have to know where you want to go before you can start the journey to get there. For your company to succeed, you need to precisely define your business objectives. As quickly as the market is changing, you may find it helpful to set shorter-term goals, such as quarterly targets.
Set longer-term goals also, including one- and five-year aims. However, short-term aims and regular measurement help you stay flexible and responsive to market changes. If a strategy is not working well for you, establish a new plan now to help you meet your more general long-term objectives.
Train Salespeople Well
Consumers today are savvy. Go into sales opportunities prepared. Strive to appear as a trustworthy, reliable advisor rather than as someone selling insurance. You need to offer useful information and guide clients in making their own decisions based upon knowledge rather than emotional appeal.
At the same time, be ready to meet consumer objections. Avoid mistakes that could stop your sales conversation completely.
- Not knowing or understanding potential customers
- Failing to follow up with prospects
- Postponing reaching out to possible customers, giving your competitors a chance to do so first
- Focusing more on your profits than your prospects, who want to know how you can solve their problems
- Using insurance industry slang and terminology your prospects may not understand
Look for sales training in your community. Industry contacts and organizations are also possible sources for sales education.
Take Advantage of Technology
Technology is constantly evolving, and you can use its many facets to your benefit. Adopt a digital marketing policy, for instance, that lets you leverage all the possibilities of the internet. You can also turn to companies whose sole focus is using technology to improve procedures for other businesses. For example, SE2 is a technology company that specializes in the insurance industry. Insurance companies depend upon SE2 business professionals to help them regulate and fix costs, help them deliver market-ready products quickly, and make operations simpler.
Analyze and Adjust Time Management
Look at how you spend your business hours. Are you spending time doing routine tasks others could perform? Record your tasks for one workweek. If your day is spent mostly doing administrative work rather than increasing revenue, changes may be needed.
- Delegate some clerical tasks, or outsource them.
- Simplify regular procedures such as payment management, cancellations, and tracking renewals and new business.
- Write precise instructions for routine tasks so others can complete them.
Your ultimate goal is to generate revenue for long-term success. You earn revenue by taking care of current customers, contacting potential prospects, and winning new accounts. This is where your time is best spent.
In this age of voicemails and emails, it pays to practice good communication skills. Doing so could mean the difference between successful sales and financial troubles. When you leave voicemails, smile. Yes, this is an old sales technique, but it has been around for so long because it works. Your listener will hear your smile. Honestly. Convey your message in as few words as possible.
When sending emails, create compelling subjects by using the recipients’ names, asking questions, and leaving cliffhanger endings that compel them to open the message rather than delete it.
Even with a competitive and rapidly evolving industry, insurance companies can thrive. With good sales techniques, strong plans, and smart use of technologies, businesses can grow their client base and create loyal customers to generate long-term success.