This piece originally ran on Bizagi.com.
Loyalty doesn’t count for much these days, particularly when it comes to insurance. Our experience with insurance providers has demonstrated that insurers are having to work harder than ever to attract and retain customers. That’s why the insurance onboarding process is more important than ever…
In an industry where the customer has very few touch points with their carrier (hopefully they never have to make a claim), it is imperative to make a good impression wiht the customer during onboarding. You need to give them peace of mind that you are the right firm to provide their policy.
It’s the initial insurance onboarding process that will lay the foundation for a lasting and valuable customer relationship. So how can you deliver the right onboarding process? Here are three areas we believe that you should be focusing on:
1 – It’s Time to Meet Your Customers’ Expectations
As with most industries, insurance is having to adapt to a revised set of customer expectations. Time and ease-of-use have become commodities that are just as valuable as money. Yet a great many carriers rely on legacy technology stacks that are simply not fit to facilitate modern customer expectations.
Small ticket insurance purchases can now be completed in a matter of clicks. This has inevitably led customers to expect the same smooth sign-up process from the commercial insurance market. While the verification process is more stringent, it doesn’t have to be slowed down with paperwork thanks to new technology and applications.
Process automation can help to deliver bespoke quotes and terms and conditions that are available across a variety of devices – just as it has for many companies already. This is a requirement for today’s digitally-savvy customer, who will expect an omnichannel experience from their insurer.
2 – Develop a Transparent, Client-Centric Solution
The PPI fiasco damaged the reputation of the insurance industry and has made everyone warier of signing on the dotted line. The insurance onboarding process is a chance to establish expectations of the policy and deliver a client-centric solution.
As highlighted by Deloitte, “Onboarding and ongoing learning provides the best method for carriers to generate brand loyalty and affinity.” By connecting your systems, data and people, your brokers have more customer insight. This speeds up applications and allows brokers to build a more holistic view of their client and provide tailored services and communications, paving the way for long-lasting relationships.
This was the case for a leading US organization who used Bizagi to automate tasks in their insurance onboarding process. They found that the manual, administrative nature of their onboarding meant that they were losing business to competitors who were providing faster services. The staff were stretched too thinly to be able to get to know the customers and therefore not offer a personalized experience.
But by deploying a DPA solution, they were able to not only reduced to onboarding process by 90% in 90 days, but also advise clients on the best products based on their overall needs thanks to a centralized and contextualized view of customer data.
3 – You Need to React to Regulatory Changes
As if it wasn’t enough to keep up with customer expectations, the constant shifting of regulations regarding data security and consumer privacy provide yet another hoop for firms and brokers to jump through. So whether you’re ensuring you are GDPR compliant or keeping up with Biba or the FCA’s regulations to diminish fraud, automation can help you to achieve peace of mind so you can focus on your customer.
As well as carrying out identification and credit checks, automating your back-office is an efficient way to ensure that all data is delivered to a centralized repository. You can also ensure that your programs leave an automated audit trail so that when you need to prove compliance, all your actions have already been documented and securely stored.
Rather than viewing onboarding as a bureaucratic burden, seize the opportunity as a chance to establish customer relationships that will last the test of time.
It's 2021 and you and everyone you know are most likely already on social media for personal reasons. Social media platforms have always been touted as an excellent way to connect with friends and family. But now more than ever, business owners, including insurance agents, can not overlook bringing their businesses into the action as well simply because a social media presence makes you more accessible to prospects and current clients.
You may think that YOUR business doesn't have a need for social media or that maybe it won't yield any results, but more people are using social media for e-commerce and you don't want to miss out on all the opportunities that it could bring to your business. Facebook and Twitter are amazing for this, but Instagram is where we're focusing today. Here are some great tips to get your business going on the 'Gram.
GET YOUR BIO RIGHT
Your bio is the first thing people are going to see when they visit your profile, so you obviously want it to look great and have the most important information about you and your business. Make sure all of the info you post there is correct and that all of your links go to the right place. Also, keep in mind that your bio description is limited to 150 characters, so you're going to have to be strategic in terms of how you decide to introduce yourself and your business there.
HASHTAGS ARE VITAL
Ok, so hashtags tend to confuse people but really, they're a great resource to help you find content and to help your audience find you! Hashtags are simply words that describe your content so users can view it easily with a simple search. Instagram also has a feature where users can follow specific hashtags, so your post could potentially end up in someone’s feed even if they don't follow.
Instagram limits the number of hashtags to 30 per post. Keep an eye on hashtags your competitors are using if you aren't sure what the best ones are. Make sure your hashtags are relevant and not spammy. Use a good mix of high competition, medium competition, and low competition hashtags.
POST A LOT OF RELEVANT CONTENT
The great news about Instagram is that it's image driven. This means that you don't really have to worry about wowing your followers with what you write in the caption - although that is still important. You'll want the images that you post to be high-quality and professional while having a direct link of some sort to what it is you do or sell.
Keep an eye on how and what other insurance businesses are posting if you need a guide. This can help get the creative juices flowing if you’re stuck on what to post. Make sure to post AT LEAST once a day so you can always keep a steady flow of new content for audience engagement.
SPEAKING OF ENGAGEMENT - BE ENGAGING
An easy way to boost engagement on your posts and to get them out in front of more users is to reply to comments that people leave on your posts. These comments also appear for other users to see, which could lead to more comments, likes and follows. You should also aim to follow and engage with other brands like yours so that you can create a community of peers on Instagram.
SHOULD YOU ADVERTISE ON THE 'GRAM? HECK YES.
Advertising on social media is excellent for nailing down your target audience. As you build up your following, ads are a. great way to continually reach out to the right people for your brand. We will say it takes some getting used to and some time to play around and make sure you're using the back end Ads Manager properly, but essentially you'll be promoting a post that’s already in your feed. Choosing one that's been performing well is an easy way to start advertising. Instagram also lets you target your audience lots of different ways so you can switch your efforts up as you go.
We know that starting out on social media can be intimidating, especially when you need to have a strategy behind it, but these tips should help you get started. You'll be able to learn as you go and try new things to see what works best for your brand and/or audience.
If you're running a modern insurance agency, it's likely that you're using some type of automation, whether it be complete marketing automation or the use of a chatbot on your website or social media. If you are, you might be debating whether or not email marketing is really necessary on top of everything else. We're here to tell you that it is.
Email marketing is essential for the simple and undeniable fact that you're able to reach a large, curated group of clients and/or prospects with the click of a button. If you take into consideration that the person at the other end of that email is going to formulate their opinion about you at first click, you're going to want to make sure that that click is going to give them something polished, professional and set up to bring you maximum ROI.
We want to help you get there so we're giving you some very common mistakes that you should avoid when setting up your email marketing. Take a look!
MISTAKE #1 - SENDING IMPERSONAL EMAILS
If you're sending emails that make your prospects feel like they've been sent out by a robot, they're goners from the word GO. If someone has signed on to receive your emails, they know it's because you're going to try to sell them something, so make sure you're using each opportunity to show them who you are and that you're more than someone who's just trying to make a sale.
MISTAKE #2 - YOUR EMAIL LIST IS GARBAGE
As an agent, it's likely that you've purchased email lists from lead vendors. And chances are, there's no one in your agency who is making it a priority to go through those email lists to check for typos, to remove the emails that get bounced back and to get rid of email addresses that don't exist at all. The best way to remedy this is to try your best to build an organic email list and to have a designated team member who can keep it clean so your agency is getting the engagement possible for your efforts.
MISTAKE #3 - YOU'RE NOT SENDING ENOUGH EMAILS
In terms of insurance email marketing, if you aren't sending enough emails, it can be a huge snafu. Your emails should be timed according to your sales cycle so that you're contacting leads and providing information in a way that gives you the best chances capitalizing on that opportunity. Make sure you're reaching out at least every few days so that when your prospect is ready to make a move, you'll be the first on their list of calls to make.
MISTAKE #4 - YOUR LEADS WANT INFO, NOT ADS
If you're sending image heavy emails to your subscribers, they're going to automatically think you're sending them an ad and this is a huge turn off. You don't want every point of contact you make to be so sales heavy. Instead of using an image, take the opportunity to ask a question. Leads are more likely to open an email that looks conversational and engaging as opposed to a blatant, in-your-face call to buy something from you.
Although it seems complicated and like it could be way more work than you want to take on, we promise you that email marketing is something you can not overlook in your agency. Spending some quality time fine tuning your lists and your email strategies is sure to bring your agency some solid ROI.
This piece originally ran on ASNOA.com.
One of the hardest parts about working as a team is motivating your fellow group members. I once had an agent ask me how he could convince his coworkers to cross sell business and upsell current clients. Without hesitation I responded, “With money and fame!” The tricky part was that his business plan could not involve many money incentives, so he needed other ideas to motivate his team. So, my search was to find other ways to compensate and motivate employees that would not break the agency’s budget. The answer I found was unexpected, and threw me for quite the loop!
Publicly Celebrate Success
Who does not like recognition from upper management for a job well done? I spoke with a bunch of different employees to get their opinion on monetary vs verbal recognition, and I found that while most liked monetary motivation and wanted to keep that as an option, they really liked recognition during a meeting or in a company announcement! Interestingly, being recognized on social media was also a considerable a high point for employees. Being praised during weekly meetings or in newsletters seems to be one the most highly talked about step to motivate your employees to go beyond the expectations of their current job descriptions or goals.
Learn About Your Team
Employees want to be known within the organization they work for. Nothing is worse than a boss who doesn’t know their employees’ names nor anything about them. Not taking the time to learn personal information about your team can make employees feel undervalued, and nothing kills profits faster than an underappreciated staff. Learning about your workers will help you find new opportunities to encourage their motivation. For example, what if you had the idea for everyone to earn a day off if they worked longer hours? Seems great, but if everyone in your office has children, they won’t be able to work longer. The managers new motivating reward was to work longer hours to achieve a full day off. Basically, get to know your staff so you can create and motivate them by what fits their needs. More importantly, when you show genuine interest and gratitude, your employees will do their best not to let you down.
2020 showed us that employees can thrive working from home. If your agency is back in the office full time, offer some flexibility with work hours or location! If your team continues to meet their goals every month, why not allow them to work from home some days of the week! When your employees enjoy their work, they are more productive and that it great for your success. Another tip is to offer paid lunches, free coffee, or something your employees enjoy.
Get Their Input
Wondering why your current incentives are not working? Why not ask the people you are trying to incentivize what rewards they prefer! Send out a survey to each department and get your staff’s feedback! Gather the feedback and write out a clear plan for how you will implement the incentives. You may need to mix it up a bit and offer different incentives for different departments or levels of management. A great all-around incentive is a trip to an event, so check out more information about how you can affordably bring employees with you when you go! This will show your staff that you value their input and their hard work, and that you are taking concrete steps to show your appreciation!
Finally, Track It
Now that the incentive programs are in place, how are you going to track them? Many companies are holding their employees accountable for tracking their production by sending tracking forms to their manager or tracking consultant within the company. Other companies are utilizing their management system to track sales goals, performance, compensation and provide said reporting options to their employees. Each week or month, an employee will know exactly where they stand regarding the program.
By offering employee incentive and recognition programs in the workplace, you will create a company culture that your staff will want to engage with! Make a conscious effort to routinely recognize employee achievements. Be specific and personal in your acknowledgements, and possibly send an appreciation letter or create a wall of achievement awards. Remember to be specific when creating an incentive program so everyone has clear expectations, and make sure all the goals are attainable. The overall goal of your incentive program is to boost performance and motivate your team for your entire agency will grow.
Insurance agents know that one staple of a successful business is having a fully comprehensive and updated website. But is having an up-to-date website enough? These days, the answer is no. If you really want to take your website and what you're providing to your clientele to the next level, you should consider hosting a blog on your site.
Blogs are more than what you may think they are in the traditional sense. They aren't online journals. They're an opportunity to increase the visibility and credibility of your company to consumers. Regularly posting quality content on your site that will be of some help or interest to your clients or prospects can go a long way in helping them decide to do business with you.
Not sold yet? Here are a few more reasons you might want to consider a blog on your site.
YOU'LL LOOK LIKE YOU KNOW WHAT YOU'RE TALKING ABOUT
If you're shopping around for insurance and you see a site that offers loads of helpful content about a variety of different products you're in the market for, you're likely going to feel better about doing business with that company.
IT'S A CHANCE TO ENGAGE
If you set your blog up to allow comments, you'll probably have some readers leave messages for you in that section. Whether it's a note to say they learned something from what you wrote or to ask an additional question, it's a great chance for you to connect with potential clients and to start building relationships.
SHARE, SHARE AND DID WE MENTION SHARING?
If you're going to the trouble to create all of this additional content on your blog, then you're going to find that it's also perfect content for you to share on your agency's social media accounts. This creates lots of opportunities beyond your own website for people to get eyes on your content, to engage with it and share it with their own friends and clients.
Yes, having great blog content on your site helps your prospects and clients consume potentially valuable information, but it's also helping you out. A LOT. This is thanks to SEO - search engine optimization. When you're writing blog posts about insurance and things that affect insurance customers and/or agents, you're using relevant keywords that get your blog posts to appear ahead of others in search engine results. This means they have a better chance of being clicked on and driving people to your website. BOOM. Winning.
THOSE CLICKS CAN BECOME LEADS
If your agency site is getting extra traffic thanks to your blog posts, you'll have the chance to turn those clicks into potential customers. Each new piece of content may give you the opportunity to generate leads, and the way to do that may be by adding a call-to-action to each blog post. Try offering something that consumers will give up their contact information for, such as a free consultation or quote. Once you have their contact information, your sales team can follow up with those leads.
From a practical standpoint, adding a blog to your agency website just makes sense. You can help to boost search engine rankings, build credibility, increase website traffic and foster relationships with customers. This, in turn, may make your readers more likely to hire you or purchase products from your company, in addition to recommending your business to others.
This post by Ben Sutton, originally ran on Mazuma.com.
As an insurance agent, there is no one who understands the importance of protecting your assets better than you. You’ve got your clients covered when it comes to their vehicles, home, business, assets, family members, and every other important aspect of their life. Why not do the same for your insurance agency? Proper accounting and bookkeeping practices help protect your business from potential disaster by ensuring your finances are always in order, no matter what comes your way.
Here are the top 20 accounting tips for insurance agents to protect your business and keep it running smoothly.
Find an efficient way to track income and expenses. The first step in setting your insurance agency on the path to financial success is to keep track of money coming in and money going out. It is important to track expenses as they really are and not how you want them to be. Having an efficient system for tracking expenses and income is the only way to know how your business is performing financially.
Create a budget and stick to it. Categorize and track all expenses for your insurance agency. Your budget should include monthly expenses for different aspects of your business such as payroll, marketing, utilities, office rent, office supplies, business meals, and vehicle expenses.
Separate business and personal expenses. One of the first orders of business for insurance agents should be to set up a business bank account and use it for all business expenses. That way, when tax time comes you will only have to review your business account bank statements for deductions and expenses, rather than reviewing your personal account and trying to remember which expenses were for your insurance agency.
Set aside time for business bookkeeping and accounting. If you prefer to do business bookkeeping yourself, try set aside at least one hour each week to pay bills and update your income and expenses.
Don’t miss out on deductions, big or small. Noting even the smallest tax deduction can add up over the course of a year and really help out during tax season. Any money spent on improving or maintaining your business is tax deductible, as long as the expense is ordinary and necessary.
Create a home office. If you use part of your home to conduct insurance business, you may be able to claim a home office deduction. The IRS requires that the space designated as your “home office” must be used regularly and exclusively for your insurance agency business.
Track vehicle expenses. While you can’t deduct your drive to and from the office, all the other driving you do for your insurance agency is deductible, like driving to see clients or taking the office staff to lunch. Make sure to keep an accurate log of all miles driven for business.
Pay close attention to important tax deadlines. The most important tax deadlines to be aware of for insurance agents are Estimated Quarterly Taxes, which are due four times each year.
Outsource payroll. Most insurance agents start out doing their payroll in-house; however, when your insurance agency reaches a certain point of growth, you may find the time and effort put into payroll isn’t worth the cost anymore. Outsourcing payroll frees up your time and provides access to the knowledge and expertise of professional accountants, who are less likely to make mistakes while processing payroll.
Choose benefits wisely. The most sought-after benefit for employees is health insurance, followed by retirement, life insurance, and paid leave. Employees also appreciate extra perks like wellness programs, gym memberships, and child care assistance.
File taxes early to prevent fraud. Not only does it relieve your stress, to get taxes done early, it reduces the risk of identity theft.
Employ your children. Whether they’re cleaning your insurance office or answering the phone, their wages are tax deductible and they can be a big help to your business. Teaching them work ethic at a young age is an added bonus, right?
Invest money wisely in your business. Don’t spend money carelessly, even if you feel like you can afford it. Make business purchases wisely and invest in the aspects of your business that will provide you with the most profit long-term.
Set your salary. Decide on a monthly amount or percentage of profit from your insurance agency for your take-home pay.
Develop an exit strategy for your insurance agency. If you’ve partnered with another insurance agent, an exit strategy helps keep the relationship professional and is an added security for the business. Make the tough decisions about how your partnership could potentially end now, rather than when things may be tough down the road.
Utilize technology. Stay up to date on the latest accounting software for your industry, in addition to utilizing tools like smart phones and tablets to track expenses.
Protect your business finances like you protect your insurance clients and you’ll be prepared for any unexpected financial crisis that comes your way.
As agents, we have so much to juggle at once. Claims to process, customer relations, office work, calls, walk-ins, etc. With so much being managed at a time, it can be easy to let your efforts toward client retention go overlooked, even though it's essential for your agency to stay successful. Your number one priority should be how your past clients are speaking about the service and the products they dealt with as your customer. If clients feel like they're just a number on a spreadsheet for you because they didn't receive personalized attention from your agency, odds are they won't be back.
We've put together a few ways that you can male your clients feel like they're the only one you're working for. Check them out!
STEP UP YOUR REACH OUT GAME
As an agency, you always want your phones to be dinging so you should find the best possible ways to reach out and for your clients to reach out to you. Keep in mind that no one is thumbing through the Yellow Pages to find you anymore which means you'll have to make yourself accessible in multiple ways.
Making sure your social media is up and running and all of your contact links are in working order IS A MUST. You want clients to be able to go from your Instagram page or your agency's web page directly to someone on the phone in your office. Once people have to search for your contact info, they're likely to search elsewhere.
Reaching out via email and with a handwritten note is still highly suggested to keep clients happy. But don't let that be the only way. Picking up the phone never goes out of style.
MO' PRODUCTS, MO' POLICIES
Studies show that when clients are holding policies on more than one product with you, they're going to stick around longer. A lot longer. Potentially 5x longer. With this being the case, agencies can not overlook the importance of carrying more than one type of coverage and cross-selling them to clients at every possible opportunity.
YOU'VE GOT TIME ON YOUR SIDE, USE IT WISELY
Thankfully for agents, once a client purchases a policy from you, you've usually got a year to make them happy. Throughout that year, there's a good chance you'll hear from your clients with questions or concerns. These are opportunities for you to give them top level service by responding quickly and always being prepared with info about their specific claim.
Over the course of a client's policy with you, things in their life may change, creating a need for them to contact you about more policies. If you're continually keeping your attention on them and offering the best products possible FOR THEM, chances are they'll have other friends or family who could also be in need. This is where referrals come in handy, obviously, but you can't ask for a referral before you know you're giving them the best you have over the course of that year.
DO YOUR REVIEWS
Annual coverage reviews can change everything in your business. Being able to get client feedback on the products you offer and the service you provide will only help you going forward and will show your customers that you care about the products you sell and the way you sell them.
DON'T AUTOMATE YOUR SELF
While business can sometimes seem like a cold or dirty word, it's important to remember that you and the people seeking your help, are human. Making sure that you're bringing your authentic self to your business will mean more than you realize to your clients. Don't over-automate your business so much so that your clients go a full year without hearing your voice, or seeing your face in a social media post. Your clients and prospects want to know that there's a living breathing person at the other end of the policy they're buying.
There are lots of ways to make an impact on the clients you serve. You want to make sure all of these impacts reinforce that your agency is being attentive, caring, competent and willing to do whatever it needs to do to make sure the client is happy. Follow these steps and you should be making just the impact your clients are looking for.
This post originally ran on Data Axle in August 2020.
Here are 8 ways the insurance industry can improve performance and increase productivity using data:
1. Boost acquisition
New sales are the lifeblood of all growing businesses and a necessity for any insurance company. The insurance industry’s high customer retention rates make winning new business even more crucial – because once a new customer comes on board, they are likely to stick around and provide a higher customer lifetime value.
Data gives insurance brands the insights they need to identify their true demographic, find their most valuable leads and allow agents to hone-in on a prospect’s specific needs before pitching them – lowering acquisition costs and improving the likelihood of converting a lead to a customer.
2. Improve customer retention
The cost of gaining a new customer in the insurance industry is high, which means retaining customers is particularly important. Data is the key to providing exceptional customer experience. For example, knowing which products (and when) to cross-sell and up-sell to current customers and making sure they have the coverage they need helps to keep customers loyal.
Data sets can also give insurers accurate profiles of which customers decide to leave. This can push an organization to understand why their products aren’t working for that demographic and either change their messaging or change course to focus on the demographic that is working. In addition, intent data allows agents to find their most profitable customers, so they know which accounts to prioritize.
3. Accelerate the underwriting process
The underwriting process – properly calculating the risks and coverage of clients – is time-consuming. However, access to real-time data can help make the underwriting process more automated and intuitive for actuaries. In addition, in-depth data analysis helps insurers perform more accurate risk assessment, potentially decreasing costs and avoiding large payouts.
4. Engage target audience
Knowing who your ideal customers are and knowing how to communicate with them are two different things. Marketers and agents need data in order to provide personalized, relevant messaging to their target demographic. Luckily, consumers are willing to share their information; in fact, a recent survey revealed that 80 percent of consumers will share personal data in exchange for benefits such as competitive prices, faster or priority service, and more relevant content. Insurance companies can use this information to create more compelling messages, improving conversions and engagement.
5. Talent acquisition and retention
Good data is a solid investment for organizations looking to find and retain top talent. A quality employee is hard to find, but with the right data, organizations can identify top performers and reach out to them effectively. Also, since data provides more well-vetted and qualified leads to agents, they are more likely to be motivated and successful. Thriving agents are less likely to jump ship to a new company, where lead quality might be lower.
6. Remain compliant
Insurance companies are subject to increasing regulatory mandates at the local, state, federal and international level. The ability to collect, report and use data makes regulatory reporting easier and more consistent – and protects against compliance headaches down the road.
7. Detect fraud early
The FBI estimates that the total cost of insurance fraud (non-health insurance) is $40 billion per year. So it’s no surprise that insurers spend a significant amount of time and resources trying to track down potential perpetrators of insurance fraud. Big data analytics tools allow insurers to collect and use data from multiple sources simultaneously to identify patterns and detect fraud more accurately and resolve cases faster.
8. Create actionable insights
Data means nothing if it doesn’t translate into action. Analyzing data helps insurance companies see the big picture, choose a strategy, and set goals for the business. Whether it’s estimating an achievable revenue goal by analyzing the total addressable market, using data to improve risk assessment and set premium levels, or using intent data to prioritize the most profitable prospects and customers, complex profiling, modeling, and analytics gives the data-driven insurance brand an edge over the competition.
Get the Data-Driven Advantage
Data is transforming the way insurance companies are doing business. However, simply buying data and dumping it into a CRM isn’t going to cut it. Turning this data into valuable insights requires technologies that can easily capture, store, analyze, display and report on information from myriad sources. These insights provide business leaders with the information needed in real-time in order to make better decisions.
As an agent, you know how it goes. You shell out money for a list of leads guaranteed to bring you ROI, and then you get nothing crickets in return. Sadly, it's just a risk that comes with the business. BUT, have you considered WHY so many of your leads aren't responding? It's nature to first blame the list itself, or the vendor you bought it from. A better strategy would be to take a look at what you could be doing differently.
There's never a guarantee that a lead is going to come through after you've purchased it. You never know exactly what you'll get but there are some ways to look at those leads that could help you get the responses you're looking for instead of so many unanswered texts, emails and phone calls.
OBJECTIONS ARE PART OF THE JOB
You should be prepared for objections going in. That's just the name of the game in sales .When you're selling insurance, you can make heads and tails of the objections and just chalk it up to the objection not needing your product. Lots of time, actually, you'll get more objections from people who end up eventually becoming customers.
However, if you feel like you're having a LOT of the same conversations that aren't ending well, there could be some things to look at in your delivery or your pitch. Check these out.
TOO MUCH INFORMATION
If you're making initial contact and you're pushing too hard but talking prices and details that someone hasn't even agreed to speak to you about, you're going too fast. Someone has to agree to sit down and talk before you can really start selling them. Give them time to decide they want to meet you in the first place. Highlight one or two specific details that appeal MOST to that specific lead instead of overwhelming them with all the details at once.
FINDING THE RIGHT VALUE BALANCE FOR THAT LEAD
If, at the end of your meeting, the lead says they're going to consider what you've spoken about, you might have a shot. There's a chance you've given them too much information to process OR not enough. The general consensus is to give the lead 3 main value points. On the other hand, if your client turns you down right away, you may not have come on strongly enough. Add a couple more highlights to your product and ask for their feedback to help you continue the conversation.
YOU'RE MISSING THEIR MARK
The best meetings start with the agent asking questions so they know precisely what they lead is in need of. Make sure you've asked them the right questions so you can offer the best product for them. Knowing what they're shopping for is going to help you know what to offer them.
SO NOW WHAT?
Ok, you got turned down. The absolute worst thing you can do is get emotional or argumentative about it because this lead could potentially still become a customer some day and will almost immediately lead to an abrupt end to the meeting.
Instead, think of their objection as an opportunity to show the lead that you can walk away gracefully and offer them your continued services should they ever change their mind. Be prepared for the NO as part of your sales pitch and choose your words wisely. Stay positive, helpful and upbeat.
You'll never meet bigger fans of big data than the guys behind Insurance Soup. There's no way we could market as effectively as we do without using it. But, even while it's true that businesses can attribute much success to their access to data, as we're seeing lately, this success can come at the cost of a security breach due to cyber hackers.
Businesses are becoming more and more vulnerable to cyber attacks which can negatively affect the company's financial well-being, it's reputation, its employees and even lead to lawsuits. Now, more than ever, there is a greater need to protect companies from liabilities arising out of data loss or theft.
THE WHAT OF CYBER INSURANCE
Cyber insurance - or cyber liability insurance - is considered specialty insurance product and covers a business' liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver's license numbers and health records. It protects corporate companies, small businesses, and even individuals from risks introduced by information technologies.
In addition to covering legal fees and expenses in the event of a cyber breach, cyber insurance typically helps making customers aware of a breach to their data, the costs necessary to restore the personal identities of customers affected by the breach, the recovery of the compromised data and repairs to damaged computer systems.
However, there are things that cyber insurance can't protect against and an organization will need to make sure it understands what is covered and perhaps more importantly what isn't covered when they sign up to a coverage plan. While having some form of cyber insurance in place can help a business in the event of an attack, a business is also responsible for its own cybersecurity – the responsibility isn't something that is just shifted to the insurer.
WHY SHOULD YOU BE SELLING IT
It used to be that only companies that stored or processed personal data for its customers felt the need for this insurance. Understandably, keeping such data safe was (and still is) a high priority. Now, lots of companies understand the importance of the reliability and inter-connectivity of their systems. More importantly, they understand the responsibility of protecting the data of not only their customers, but also their employees, vendors, and stakeholders.
Small businesses maintain the personal information of customers but are much easier to hack, making them prime targets for hackers and cyber criminals. A single claim can be costly and difficult to overcome on your own. Cyber security insurance helps reduce the potentially devastating effects of a claim. It can cover costs related to IT forensics investigation, data restoration, legal liability and customer notification. This makes cyber insurance imperative to the financial well-being and future of businesses large and small.
A cyber insurance policy allows your clients to spend less time worrying about cyber threats, and more on running their businesses effectively. As businesses continue to become more reliant on technology, the threat of a cyber breach will grow.
Your clients may not know everything about cyber insurance. But if they understand the risks involved with cyber and the costs a policy will cover, that’s a hugely important first step to getting them to see the importance of cyber insurance. Don’t overlook the opportunity to provide your clients with cyber coverage to protect against emerging risks at a reasonable cost.