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You’ve got their attention. Now what?

 

nurturing insurance prospectsCongratulations! You’ve executed several different marketing projects to grow your brand and your business. You’ve expanded your email list, started a newsletter, and are regularly spending time at networking events meeting people who are potential clients. What will you say to them?

It can be somewhat daunting to envision all the ways that you can communicate with your prospects, but start by remembering how they became prospects first: they want what you’re offering.

When you began your search for an E&O liability policy provider, you knew what your need was and went looking for the right product to fulfill it. Similarly, your job now is to continue the conversation with your prospects to show them how you can meet their insurance needs. Nurturing prospects is as critical to your marketing program as water is to your garden.

Be mindful that close to 75% of a buyer’s journey is done before that person is ready to talk to a product specialist. This means your prospects are doing online research, asking friends and colleagues for recommendations and perusing review sites. You can engage them and keep your offering on their radar by delivering those important details to them. Start by understanding their buying journey.

For newsletter subscribers who are already clients, you have the perfect opportunity to up-sell them on additional products. Invite them to evaluate their current insurance coverage and identify any gaps.  Either offer to personally assist with that evaluation or point them to an online tool that your company may provide. Those who are not yet clients will want educational information, not a hard sell. While your competition may be jamming their inboxes with desperate-sounding pleas for business, wouldn’t it be nice if you delivered them informative and helpful details about how your product will improve their lives?

New prospects who are just learning about you and your services need to hear more information regarding how it benefits them. Nowhere else in the buying journey is the WIIFM (what’s in it for me) acronym more pronounced. Storytelling is a useful outreach tool for these prospects. Tell them about current client success stories, pitfalls avoided, and the security that your product enables. They will identify with these stories and inevitably, your brand will gain more credence.

Be prepared to adjust the content you share with prospects and existing clients based on where they are in the buying journey. Have they only just heard of you? Time to present yourself as a helpful subject matter expert. Do they know you, but want to continue with some tire-kicking?  Explain how your offering exceeds that of the others they may be researching.  Are they already a client?  Thank them and continually ask what else you can do to be of assistance.

In this fast moving, often over-crowded information age, it’s challenging, but not impossible to differentiate the message to your audience. Put yourself in their shoes, and in their position on the buying journey, then give them exactly what they need. Show them what’s in it for them, and you will undoubtedly come away with a win for you!

Rise Above the Noise to Find Insurance Customers

E&O insuranceMany agents remember the days when selling your value proposition was as simple as having a slick brochure, business card, or well-designed ad in the yellow pages.

Now there are dozens of channels for marketing your service and the number seems to increase each year. With an intensely competitive landscape, how do you get your message heard above all the rest? The most important tactic to employ is to reach your audience where they are.

Similar to the way you sought out E&O insurance when you needed it, it benefits you to have information on your products strategically placed where your prospects are looking. Though demographic lines are slowly beginning to blur, it is still possible to identify the channels that are meaningful to your target audience.

Would you advertise your luxury yacht building company on a college campus? How about your new line of crafting supplies at a Harley riders’ convention? Not likely! For those same reasons, you want to position information about your E&O insurance offering in the places where those who need it can be found.

Consider these tips for getting your message heard:

  1. Become a Subject Matter Expert (SME). Are you highly respected in your field of concentration? Reach out to professional associations who host luncheons and conferences to consider having you sit on a panel or be their keynote speaker. Think of the value of a room full of potential clients with all eyes trained on you! SMEs are also sought after to author articles in relevant trade publications.
  2. Digital Marketing. This takes many forms, from creating email lists to having a presence in Social Media. Do you need a Facebook page to advertise life, health or disability policies? Probably not, as your best prospects are not spending their time on that site searching for those products. You should, however, have a robust presence on LinkedIn, the #1 business networking site in the world. Develop an email list to which you can send regular updates in the form of newsletters or product information. Be aware of laws that govern spam, such as not sending to anyone in Canada and including the mandatory one-click unsubscribe link.
  3. Ask for referrals. Do you have a client who is particularly happy with your product and service? Ask him or her to spread the word within their network. Do something nice in return, like dinner out or a delivery to their office of an item they like. These actions leave lasting impressions and keep you top-of-mind.
  4. If you feed them, they will come. Host a lunch-and-learn at your office (if it’s large enough) or at a local restaurant. Keep the invitation list small at first until you can accurately gauge interest. Treat it mostly as a social event, but include at least a half-hour presentation on your product and your expertise. Mixing and mingling with the guests will also bolster those relationship building efforts.
  5. Print or web advertising. Trade publications offer an excellent opportunity for you to reach the eyes of those who most need your insurance. Ask the publication how large their readership is, versus their website viewers, and make a decision based on those data. Web ads can now be hyper-targeted based on geography, and the search terms recently used by the reader.

In addition to these tools, remember to always be creative. You’re in the business to grow your business and every interaction you have with someone who finds value in your products is a chance to expand your footprint in the insurance industry. A combination of some or all of these activities will lead to a marked increase in your name recognition, and in your success.

 

Time to Shine: How to make your best impression on prospects

make your best impressionAs an insurance agent, your goal each day is to work toward producing sales and servicing any needs of existing clients. Although you have your E&O Insurance in place to protect your livelihood, once you have been given the opportunity to meet with a prospective client for the first time, it’s up to you to do more than show up—you need to shine.

Oftentimes, prospects meet with more than one agent, unless they have a solid referral from a family member or friend and find that once they meet you, they trust you. It’s important to shine regardless of whether or not you make a sale, because chances are your prospect has other family members and friends.

Although they may decide against purchasing insurance, if they like you, they will mention your name to others. And although you may not have made a sale, having someone who will pass your name along to others shows that you succeeded in making a good impression.

For many, making a good impression is a part of everyday living. For the new agent or the agent who’s feeling weary, however, it’s important to be sure that you are putting forth your best effort when you meet with professional liability coverage prospects.

Here are some suggestions to follow:

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Smart Ways to Get Involved in Selling

An insurance agent is always looking for ways to make their name known so that when the time comes, those looking to purchase insurance will choose that agent to assist them.

There are many ways to become remembered and respected as a professional insurance agent, but you must work at it.  An agent’s profession involves so much more than selling insurance products, making sure you pay your E&O Insurance premium each year, and providing proof of E&O Insurance to your Companies. One of the most important pieces of a successful insurance agent’s career is being known and respected in the community and among colleagues.

How should an agent plan to grow their business and build their reputation in their community? Get involved! Here are a few ways to do just that:

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7 Ways to Increase the Potential for an E&O Claim

Loss Control topics tend to advise on what an agent should be doing in order to avoid a claim. This blog focuses on five definite ways an agent can increase the potential for an errors & omissions claim being made against them.

1. Only advise your clients (and potential clients) what is covered under their policy—they don’t need to know what their policy excludes. Research has shown that clients and potential clients are more interested in what is not covered by their policy than what is. A good practice is to provide specimen policies and riders with proposals. This will help clients and potential clients have a better understanding of their policy benefits. This will also allow the client (or potential client) to identify any concerns. By furnishing this information, clients and potential clients may ask you to sell them additional protection.

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Life/Health Insurance Agents: A+ Errors and Omissions Insurance Program

Claims Made and Reported Policy Form

Experience has demonstrated there is a lot of confusion on the part of many producers and agents concerning the operation of their Claims Made and Reported Errors and Omissions coverage. This confusion can be costly, and can allow the agent to become a victim of one or more potential pitfalls. We hope the following information will be helpful.

Following are some key terms you should know:

“Occurrence” — An event or chain of events that ultimately causes a claim. Example:  The sale of a disability income policy

“Claim” — An actual demand for damages (money). Most of the time, evidenced by a lawsuit, although it can be as simple as a letter from the alleged injured party or their attorney requesting reimbursement.

“Incident” — Any statement, action or AWARENESS of a situation that could be perceived as having a potential for an E&O claim being presented in the future. This could be in the form of a statement made by a client during a phone conversation, a client’s letter, or your just feeling uncomfortable about a situation.

“Prior Act” — An occurrence before the effective date of current E&O coverage. Following is a scenario showing how the Claims Made E&O coverage works:

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Agents’ E&O Loss Control Procedures

Prequalifying Prospects for Long Term Care Insurance

Every interaction with a potential client creates the risk for a future E&O claim, especially when you do not exercise routine procedures.

If someone contacts you about Long Term Care Insurance, it is a smart practice to prequalify that person by telephone. Failing to make the time to prequalify a potential client could result in pursuing a sale that will never happen. It is in your best interest to manage your time and travel costs effectively. A prescreening phone call will also provide the opportunity to begin a professional relationship with the prospect(s).

You’ll want to ask if the person has ever been declined or rated-up for Long Term Care Insurance and the reason(s) why.  All LTC Insurers do not underwrite the same, but the response to this question could present a red flag. You never want a potential client believing they are automatically eligible for a policy just because you had a conversation with them. A good E&O risk management procedure is to state, in writing, that the final decision for eligibility and premium remains with the Underwriting Department at the Insurance Company.

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Welcome to Our New Website – A+ E&O

Insurance Specialties Services, Inc. is pleased to offer a streamlined process for Life and Health Insurance Agents to obtain affordable Errors and Omissions Insurance Coverage. Our agency is the administrator of the new A+ E&O Insurance Program, which is underwritten by Berkley Insurance Company. Berkley Insurance Company is rated A+ (Superior) by A. M. Best, W. R. Berkley Corporation was recognized as one of the 2014 Ward’s 50 Top Performing P&C Insurers.

By simply and successfully completing a 7 question enrollment questionnaire and paying the appropriate premium, life and health insurance agents have instantaneous access to an Errors and Omissions Certificate of Insurance. We currently accept Visa and MasterCard or the agents may opt to mail a check for the payment once the enrollment process has been completed. Once payment is received and processed, the enrolled agent will be sent an email to download their Certificate of Insurance. Unlike many other agents’ E&O Programs, the A+ E&O Insurance Program has no fees.
Life and Health Insurance Agents, as well as registered representatives holding a series 6 and/or 63 license, can request enrollment into the A+ Errors and Omissions Insurance Program. Currently, the A+ Errors and Omissions Insurance Program offer four levels of coverage:

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