Ways Advisors Can Increase Sales On Life Insurance
Life insurance is a subject upon which neither prospects nor financial advisors care to dwell. Product designs can be complex, and events that trigger benefits don’t evoke pleasant images, unlike retirement planning ads that contain sailboats and strolls on the beach.
However, the need for life insurance exists across a large segment of consumers who generate income and borrow money. Finding ways to increase life insurance sales reverts back to some time-tested methods and involves a few new wrinkles to help advisors tap evolving markets.
How Can I Promote My Life Insurance Company
How to Promote Your Life Insurance Agency
How Do I Know If Im Advertising Or Marketing An Insurance Product
OK, so you may not have a billboard, and you might not be running television commercials. That doesnt mean you arent advertising or marketing your insurance products.
According to the National Association of Insurance Commissioners, any communication that is designed to get people interested in life insurance or annuities or any particular carrier or producer is considered advertising. Basically, if youre hyping up your annuity and life products, youre advertising.
And it probably goes without saying that if you try to get someone to purchase a product from you, well, thats advertising, too.
Here are some examples of advertising and marketing techniques that would require you to stay compliant:
Thats right even a presentation needs to be compliant.
Also, it doesnt matter who created the materials youre using. Even if you hired an expert copywriter who claims to be a compliance guru, youre still liable if anything in that advertisement isnt compliant. Always make sure that your materials are compliant before using them.
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Use Facebook Messenger Ads
These ads are powerful because they are sent directly to individuals in your target audience and appear in their inbox like a message. Once you feel you fully know the types of people likely to become qualified leads, generate some Messenger ads and drive traffic to your Facebook page or chosen landing page.
Craft Exciting Wording About Benefits
Never underestimate the power of simple, exciting phrases used to encourage a response. Here are some phrasing examples to use in your ads, landing pages, mailers, or social posts:
- No waiting period: If you offer high-value policies with no waiting period , advertise it. This is a very attractive offer for people who need coverage quickly. You can help.
- Guaranteed approval: Advertise this feature if youre able to deliver a policy for virtually any applicant.
- No medical exam: If you offer no-exam policies or policies with expedited medical questioning, say so. Many leads dont want to go through the hassle and privacy invasion of a physical exam if they can help it.
- Payments never increase: This feature is a powerful angle of the life insurance industry. As medical, home, and auto insurance rates rise, it can be very attractive to know life insurance rates wont deviate for many policies.
- Benefits never decrease: This is a reassuring offer for many.
- Benefits nontaxable: People feel more secure knowing that they can guarantee their loved ones an exact coverage amount.
- Limited time offer, special offer, or temporary promotion: Encourage a feeling of urgency to help move potential buyers down the sales funnel.
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Manage Your Online Reviews
If youre looking to buy something online, whats the first thing you do? If youre in the majority of the population, you look at customer reviews. Its no different for people searching for a local business.
Once your GBP profile is filled out and looking great, encourage people to leave reviews. The more good reviews you have, the better it will look for you, and the more Google will prioritize your listing in local search.
Once people leave reviews, engage with them whether theyre good or bad. You can thank the people who left good reviews, and the bad ones may contain valid criticisms you can address. People are looking for business owners that actually engage with them, especially in an industry like insurance.
People who leave good reviews are also candidates for referral marketing. If they leave a glowing review on your Google profile, thank them and tell them youre happy to help anyone they know who might need life insurance.
Get A Column In The Local Paper
If youre good with the written word yourself, consider contacting your local paper about a column. Theres always a need for a trusted local expert to give winter driving tips, Open Enrollment explanations and so on. And of course, if writing isnt your forte, you can ask a team member to assist you.
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Set Up Your Landing Pages
When running digital advertising campaigns, its essential to send your traffic to a landing page relevant to the offer and designed to convert visitors into leads.
You can get more leads if your landing page is free of distractions, easy to navigate, and include a strong call-to-action. By taking the time to set up an effective landing page, you can maximize your advertising ROI and grow your insurance business.
Be Of Service Local Businesses
Get to know the business owners in your area and see if there is a way you can help them. Maybe you could recommend an insurance policy that would be a good fit for their needs, or refer them to another local business you trust. Building these relationships will help you to stand out from the competition.
Voluntary Payroll Deduction Business
Ive got a friend in the life insurance business who does what we call voluntary payroll deduct business
He targets large employers like school systems and grocery chains.
His company helps his clients employees navigate benefit options. And through that service they make life insurance sales.
And every year like clockwork, they write millions upon millions of new life insurance premium and commissions.
VPD is lucrative because of the scaling factor.
If you can win over a corporate benefits manager to sponsor your VPD company, you have an exponentially larger pool selling life insurance prospects compared to traditional, 1-on-1 selling.
The benefit is more life insurance policies faster!
Best Ways To Find Life Insurance Leads
The hardest part of the job for a life insurance agent is finding good leads. No matter if you know life insurance inside and out and can explain the nuances of your product with impeccable clarity, you can’t survive without leads. Knowing how to find and use leads is more important now than ever because sales are increasingly moving online, so that agents are competing with computers for sales.
The life insurance market is notoriously saturated with hundreds upon hundreds of agents competing for the attention of precious few qualified prospects. Getting in front of these prospects before your competition is vital if you want a lucrative, long-term career in this business. Remember that training in the industry, which pays an average $52,180 a year, is said to be only “moderate.”
The following methods represent the best ideas to consider for finding life insurance leads. Below each method is a description of how it works, along with its pros and cons.
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Marketing And Advertising Ideas For Life Insurance
Hard work beats talent if talent doesnt work hardor so many athletic coaches like to say. Advertising is hard work, but its a necessary step to help you show off your talent for negotiating the best life insurance. My mission in this article is to share my most effective strategies on how to advertise life insurance, hopefully making it feel like less of a burden and more of an opportunity.
Spend Some Money On Facebook Advertising
Everyones on , and it shows. Their average numbers are astounding:
- 1.49 billion monthly active users
- 968 million daily active users
Obviously, the content you post and share isnt going to reach everyone. Its not even going to reach all of your policyholders, thanks to . But that doesnt mean you cant take a shortcut or two to expand your reach.
If you havent tried yet, make it a resolution for 2016. Facebook makes it easy, guiding you through the setup process and helping you target your ad according to location, demographics, interests, behaviors, and connections. With clean data at your disposal, you could run a low-cost advertising campaign that will expand your reach dramatically.
In fact, the folks over at Buffer did an interesting experiment to see what $5 a day would get them. In terms of boosted posts, they were able to snag 750 additional views for just five bucks. If youre not familiar with , its a simple way to get your posts higher in your audiences news feeds. The better visibility is intended to increase interaction and earn you a more consistent place in your clients news feeds.
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How Does An Agent Maintain A Personal Touch To Find Leads
- When checking your contact list, reach out when people need help with something, or simply to say hello, wish a happy birthday or congratulate on a recent promotion. When these contacts have life insurance businesses to refer to, they are most likely to send it to the agent with whom they enjoy the most active and meaningful relationship.Join a networking group, where folks from diverse professions help each other with needed services and contacts. Different lead generation methods will work depending on the agent’s sale style, local market, knowledge, and specialty.
Ways To Get More Clients For Your Insurance Business
Most independent insurance agents describe their early careers as a lot of long hours and lean times while they build up their portfolio. But the struggle to find clients doesn’t necessarily disappear over time. In fact, 37% of agents list “finding new business” as their top challenge.
Even if you’ve been selling insurance for years, you need to bring in new business to increase your revenue and replace clients who drop policies. Here are five top methods to attract new clients.
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Compliance Rule #: Use Real Testimonials
If youre using testimonials in any of your marketing efforts, they have to be genuine, and they have to directly relate to the product youre advertising.
If you use a testimonial from someone who has any financial interest in you, you have to disclose that.
The testimonials also must be accurate and cannot be edited. They need to include the first name and last initial of the individual.
Some states also have standards around how long a testimonial can be used.
Compliance Rule #: Dont Call Yourself A Financial Planner
If youre an agent, you cant make people think youre any of these:
- Financial planner
- Financial counselor
…unless its true, of course.
You can only call yourself one of these terms if youre securities licensed. Most agents don’t realize that regulators view these as titles for securities licensed individuals.
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How To Market Your Insurance Agency In The Community
Independent insurance agents can’t wait for customers to come to them. The web has made it too easy to bypass a neighborhood insurance agent and simply choose a big name intermediary. On the other hand, people want to support locally owned businesses. They just need to know youre around.
Contact with your community can generate the name recognition and good reputation you need to capture more clients. To promote your agency, you can:
Ultimately, marketing your independent insurance agency is a matter of figuring out what your customers need. One approach may make more sense over another, depending on who they are. Dont worry if you end up ditching a strategy that isnt working itll give you the chance to try something new.
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How To Sell Life Insurance Online
Selling life insurance online may sound more appealing than cold calling, door knocking, or driving to numerous appointments for some brokers and agents. Unfortunately, the sales process can often be much more complex than setting up a website and watching the sales notifications roll in. Brokers who are successful at selling life insurance online treat it like another lead generation methodoften, their primary oneand not as a set-it-and-forget-it sales technique. But if you’re still on the fence about how to do it successfully, keep reading. This article gives some helpful hints on how to be successful in the online insurance business.
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Start Paying Attention To Online Reviews
Word of mouth rocks the insurance world, and not just with the millennial generation. Did you know that 79 percent of people ask friends and family for referrals when its time to buy insurance? Another 65 percent turn to social acquaintances and colleagues. And word of mouth is evolving online reviews are trusted as much as personal recommendations by 88 percent of consumers.
With numbers like that, youd think online reviews would have the insurance industrys seal of approval. Yet more than 70 percent of agents overlook online review sites, ranking them as the least effective source for lead generation. But how effective can they be if youre ignoring them completely?
Over 50 percent of insurance agents receive 40 to 60 percent of their new business from referrals, so why turn away a prime candidate for referral business? Online reviews are affecting your business whether youre paying attention or not. Of all the marketing ideas for insurance agents to try in 2016, online referrals rank pretty high.
Use Online Marketing Channels
One of the best ways to reach your target market is through digital marketing channels. There are many different digital marketing channels you can use, including:
- Display Ads
- Retargeting Ads
Each of these channels has its own advantages and disadvantages. You need to decide which channels are best for reaching your target market.
Not focusing on online marketing can be a costly mistake. By using online marketing channels, you can reach a large number of potential customers at a fraction of the cost of traditional marketing channels.
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How To Market An Independent Insurance Agency
Sales propel an independent insurance agency forward. Without sales, your business will have no customers, no revenue, and no future.
But if sales are the vehicle that drives success, then marketing is the fuel. Marketing is vital to your insurance business. Its how you turn cold calls into warm leads and grow your business.
A well-planned marketing strategy helps you generate and sustain a customer base that turns to your agency first for their insurance needs.
Most independent insurance agents understand sales well and are very good at it. Marketing, however, is less straightforward. The benchmark of success is less obvious. And the lists of creative marketing ideas on the internet sometimes only muddy the waters.
In the end, your marketing strategy needs to be your marketing strategy. Your approach should largely depend on the needs of your customers.
Best Paying Life Insurance Jobs
Now that you understand the benefits of selling life insurance, lets discuss which life insurance jobs pay the best.
Most agents learning how to sell life insurance decide to niche in a certain life insurance market.
Few sell life insurance purposely to anyone and everyone.
Finding and focusing on a speciality is one of the best ways to sell life insurance.
Last point, there is no ranking to these life insurance job options.
They all have the potential to earn 6-, even 7-figure incomes, with enough time and dedication.
How much you can make selling life insurance depends on you!
NOTE: Check out my review of the best insurance sales jobs for more info on possible agencies you can join.
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Make Friends With Mobile
Did we mention that mobile is still huge moving into 2016? If you havent jumped on the bandwagon, nows the time. Heres why:
- 66 percent of emails are opened on a tablet or phone.
- Facebook has 844 million mobile daily active users as of June 2015.
- 60 percent of online traffic is now generated via mobile devices.
If your site isnt mobile-friendly, you have two options: Launch a second site dedicated to mobile users or look into upgrading your current site to a responsive design that will adapt to a users mobile device. Whatever you do, do it quick!
Create A Content Strategy
It is always hard to figure out what type of content to share on social media and other sites. In this step, you will need to start planning your content.
The first step is to identify what type of outcome you want to receive from the content.
- Do you want to simply improve brand recognition? Catchy quotes or gorgeous images with your logo are a great way to start.
- Do you want to launch a new product? You will need informational flyers or infographics to share. A YouTube video can also be a very helpful tool for new product launches.
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