Price objections should never get in the way of you completing a sale. There are many reasons why you get the opportunity to sit across from a prospect and many reasons why you might hear "NO." Price is a common objection, but only becomes a problem when:
Being an insurance producer is hard... You have to have a full pipeline of prospects, manage existing clients and and keep up with ever changing products and carriers. Spending too much time on one means you're neglecting the others. When it comes to protecting your existing book of business, you should be a bit paranoid. It's better to error on the side of caution by assuming your account may be in jeopardy. You never know, your client could be solicited by another brokerage, may not be totally satisfied with your service, or just might want to check prices in the market. Producers can fall into the delusional trap, where you think everything is just fine.
There are a lot of digital marketing consultants out there. You probably get two or three spam emails a day from someone claiming to help you get to page one of Google for a few hundred dollars. Let me tell you now before you fall for something like that... it's not possible. Search Engine Optimization (SEO) and digital marketing is is like trying to get into shape for the first time. There is no magic pill or ab machine you wear on the couch that's going to turn you into The Rock. It's going to hurt, it's going to be hard, you're gonna get beat up, and your not going to see results for a while. However, everyday you go to the gym it starts to get a little easier. Then one day, you look in the mirror or hop on the scale and realize you're improving.
Your busy, I get it. You're trying to run an agency, take calls, clear emails, and have just as much going on at home. However, Search Engine Optimization (SEO) should be a top priority if you are trying to grow your agency. Take a minuet to learn a few things you can do today to improve your rank and get busier because ultimately that's what you want... Busy means more business.
Not long ago InsureTech and Insurance software as a service (SAAS) companies ballooned in value more than the tech bubble stock valuations of 1999. Companies like Zenefits raised funds and spiked interest of venture capitalists willing to throw insane money at any startup willing to take on the archaic insurance industry. While our industry needs help catching up to the technology around us, one thing is certain, the professional insurance agent cannot be replaced. Noticed how I said PROFESSIONAL. There are plenty of basic insurance products where agents are currently being replaced and will continue to be replaced.
The insurance industry faces big problems. People within our industry will say it's a perpetuation problem; that we don't have enough young people coming into our profession. While it's true that we struggle to attract new talent, I think the problem goes far beyond this issue…
I'm constantly explaining the importance of specialization to insurance agents. Don't want to keep hearing it from me? Well here's a great article by Independent Agent magazine on the advantages of commercial lines specialization.
A few of the great points I got from this article are...
Having a website that describes your business and products and services, but doesn’t bring in money, is a complete waste. Once you understand how to make your website profitable, you can start using it as the most important marketing, advertising, and selling tool in your arsenal.
Simply owning a fancy website is like owning a Ferrari and never taking it out of the garage. Sure it looks good and makes you feel good, but it's not fulfilling it's purpose of exciting driving. Just as a website that prospects will never see isn't fulfilling it's purpose of driving revenue to your insurance agency...
There are thousands for digital marketing companies in the United States. They range from one person operations to huge corporations. However, it's surprising that there are so few that specialize in digital marketing for insurance agencies. A quick internet search will not give very much guidance other than paid results and digital marketing companies saying they help insurance agencies, but don't speak the language or have experience getting agents to page one results.
Choosing a color is important for your brand identity. A color can suggest part of your company beliefs, traits and objectives. Many people have the same natural responses to colors, so picking colors is part of creating a first impression to your prospects and clients. Below are some of the most popular colors, what they tend to represent and some examples of insurance carriers and the colors they chose.
Red – Creates a sense of urgency, which is good for clearance sales. Encourages appetite, thus is frequently used by fast-food chains. Physically stimulates the body, raising blood pressure and heart rate, associated with movement, excitement, and passion.
Insurance companies that use red in their branding are Travelers, Fireman's Fund, CNA, State Farm, Farmers, AAA, The Hartford, Mercury, Mapfre, Hiscox,
Blue – The preferred color of most insurance carriers. It’s associated with peace, water, tranquility, and reliability. Blue provides a sense of security, and stimulates productivity. The most common color used by conservative brands looking to promote trust in their products. Blue is a very popular colors amongst men and women which also makes this a popular pick for insurance carriers and agencies.
Insurance companies that use blue in their branding are AIG, Nationwide, Allstate, Geico, Blue Cross, Zurich, MetLife, Progressive, Philadelphia, Liberty Mutual, Chubb, Allianz...
Green – Associated with health, tranquility, power, and nature. Used in stores to relax customers and for promoting environmental issues. Green stimulates harmony in your brain and encourages a balance leading to decisiveness.
Insurance companies that use green in their branding are Hanover, W.R. Berkley, Manulife, Cigna, Humana, Amica... Green is more popular amongst health insurance companies since green is associated with health.
Purple – Commonly associated with royalty, wisdom, and respect. Stimulates problem solving as well as creativity. Frequently used to promote beauty and anti-aging products.
I couldn't find many insurance companies that use purple other than Aetna and Lemonade.
Orange & Yellow – Cheerful colors that promote optimism. Orange is considered a youthful color, which evokes a feeling of excitement and fun. Yellow is used to create a sense of urgency that can draw in impulsive buyers and window shoppers.
Insurance companies that use orange or yellow in their branding are Voya, Infinity, Atain, Kemper, OneBeacon...
Black – Associated with authority, power, stability, and strength. Often a symbol of intelligence, but can become overwhelming if used to frequently.
Insurance companies that use black in their branding are XL, Hiscox, Foremost, Midwest, Travelers...
Grey – Symbolizes feelings of practicality, old age, and solidarity. But too much grey can lead to feelings of nothingness and depression.
Insurance companies that use grey in their branding are USAA, ACE, Safeco...
Many insurance carriers and brokerages use more than one color in their brand. You want your logo to stand our, but also represent your mission. Before making a commitment to a new logo or a rebrand or an existing logo, check with your team, current clients, friends and family to make sure you are on the right path. Hopefully you stick with your decision for quite some time as rebranding too frequently can create confusion in the market and create feelings of uncertainty of your company. If you have any questions about branding or identity, consult with us! It's very exciting to work on your brand, but you have to take it slow to get it right.
Multitasking is usually considered a good thing. Many job listing will ask for and many applicants will claim to have multitasking abilities. When considering your agency staff's time, you should make clear what your definition of multitasking is. If they think multitasking is doing several things at once, you may have a big problem on your hands... Wouldn't you rather have your staff do one thing at a time really well rather than many mediocre things at once? In insurance, multitasking can result in mistakes that can harm your agency as well as your clients. The time it takes to clean up a multitasking mess will outweigh any time saved trying to multitask to begin with...
I always laugh about my first business venture. It's a great story, but also reminds me of valuable business lessons learned early. When I was 12 years old I was presented a interesting opportunity. There was a family acquaintance in Texas who was selling ceramic escargot culturing pots (I kid you not). His problem was that they don't have a lot of snails in Texas... I was contracted to collect snails, put them in empty milk boxes with enough food to be shipped back to Texas. I was to get 25 cents for the large snails, 10 cents for medium and 5 cents for small. Here are some of the lessons I learned about business and scaling: