Posted by: Kaplan Financial Education
Updated: October 30, 2018
If you’ve decided to become an insurance agent (learn more about that here), you’ve just gotten your insurance license, or you’ve just been hired, you’re probably eager to build your business. To help you get started, here are 10 resources with practical information you can use as you start planning your next steps.
“I hate to see young producers fail, and even more, I hate seeing agents miss out on the largest pool of cheap, passionate, and open-minded talent,” says founder and CEO of InsuranceSplash John F. Carroll at the beginning of this timeless 2016 article. He then shares advice that ranges from how to dress to avoiding unprofessional slang to becoming a marketing expert (here are eight tips that can help with that). It’s a great short read full of memorable tips you can take all the way to the bank.
This article from Pinney Insurance is actually part 2 of a series. We found this interesting because part 1 (also included in our article) is sales tips only, yet this article encompasses everything needed to grow an insurance business. You’ll find tips like how to create an annual business plan, form partnerships, and implement Google’s 20% rule, all tailored for insurers who want to succeed.
Prospecting is a critical part of any insurance business. In this article, written by Double A Solutions CEO Archie Heinl, the focus is on prospecting for less experienced agents with a lot of energy and a grasp of 21st century technology. For example, if you have a mastery of LinkedIn, a webcam and a quiet place to record, or major SEO skills, he shares how you can put all of these and more to work to grow your insurance business.
Part 1 of Pinney Insurance’s series is an excellent overview of 10 things agents can do to build their business. Probably the most important tip for any agent in this day and age is #1, finding your unique value proposition: “These days, most of us compete on an even playing field when it comes to products and pricing. So why should a prospect choose you? What can you give them they can’t get anywhere else?” It also covers how to handle some of everyone’s least favorite aspects of sales—cold calls and scheduling sales times.
As you consider your unique value proposition, you might be thinking that specialization in a niche could be the way to go. Or, you might want to brush up on the insurance topics that are on the minds of prospects as a way to start a conversation. Either way, this article by Insurance Journal Magazine Executive Editor Andrea Wells and MyNewMarkets.com Associate Editor Amy O’Connor looks at “five industry sectors and insurance markets that could offer opportunities,” such as employer liability and harassment, outdoor recreation, and drones, and features agent commentary on each. (Emerging trends are also why continuing education is a requirement in many states for insurance license holders. Find out more here.)
Objections: there’s no getting away from them in the insurance business. But, there’s no need to fear them. “Objections are objections are objections. Prospects and clients have been using the same ones for years because they work to blow off 80% of your competition,” says the president of Mr. Inside Sales, Mike Brooks. In this article, you’ll find encouragement and scripts you can use to get you past the three main objections you’ll likely hear over and over again.
You might be selling insurance, but since it’s a business, you’re going to have to market it. “As an insurance agent, your primary focus is on clients who are in need of an insurance policy right now. However, you also need to focus on keeping in contact with clients during the months and years in between these transactions,” explains Marketing Coordinator Haley Martenson in her OutBoundEngine article. Her list is helpful for any insurance agent who needs to brush-up on effective marketing tactics.
Almost any resource on growing your insurance business is going to mention social media in some capacity. This article by Agency Revolution President Rick Fox goes beyond the wise counsel of using LinkedIn and Facebook to look at the latest social media trends and how you can use them to your advantage in your insurance business. He even has advice for selling to Generation Z.
Ten years ago, content marketing as we know it today didn’t exist. But it should be on the “to-do” list of anyone hoping to grow their insurance business. Consider the fact that as much as 80 percent of today’s buyers research products and businesses online before making a purchase of everything from shoes to an auto insurance policy, and you can see why content (marketing) is king. In this article, Content Marketing Strategist and Editor Allie Untracht shows not only what content can do for your insurance business, but also how to make it compelling.
In the vein of the business-book-disguised-as-novel (such as The Goal and The Greatest Salesman in the World), authors John M. Tate, Jay Adkins, and Natalia Tate of Agency Marketing Machine tell the story of a fictional character to share a strategy for successful insurance marketing (for agencies and agents alike). Because it’s a story, it’s a quick read (for those worried that reading a book cuts into a busy schedule of trying to sell policies), but at the end of each chapter, the authors share successful tactics that you can put to use quickly.
We hope you find these resources useful, energizing, and inspiring. If you’re thinking about a career in insurance, or how you can be more successful, you can find more resources here. If you're ready to take the plunge and earn your insurance license, study packages can help you succeed.
If you're struggling to gain a foothold in your insurance career, this eBook is for you! We surveyed over 100 successful insurance professionals from all across the country and asked them to provide insights on where they've seen new or recently licensed agents fail and, more importantly, what steps agents can take to prevent them. We compiled their advice into this eBook exclusively to help insurance agents develop growth-driven momentum in their career.
To learn more about insurance licensing in your state and to enroll in a Kaplan study program, please visit our Insurance Licensing page or call customer service at 800.824.8742. For more information about our Insurance Continuing Education offerings in each state, please visit our Insurance CE page.