The insurance industry heavily and significantly relies on steadily growing its list of clients. Because without them, the industry can’t stay afloat. That’s why they’ll do whatever it takes to keep those customers around – even if that means increasing premiums down the line.
Growing the customer base of an insurance business is probably the most challenging part of the process. It takes a lot of hard work, time, and effort to get people interested in what you have to offer.
For a little help, here are some tips on expanding your business in a competitive and saturated market.
Focus on creating a positive client experience
It’s essential to create a positive experience to ensure that your clients are happy and continue doing business with you. It means being friendly, helpful, accommodating, and responsive to their needs.
It’s also essential to make sure that your clients feel confident in their choices, which means providing them with information about the products and services you offer and explaining the coverage they have. Clients who understand what they’re buying are more likely to be satisfied with their choices.
Finally, remember that feedback is essential. If a client has a problem or isn’t happy with something, be sure to listen and take action to address their concerns. To learn more, check out how to drive sales by Nectar Marketplace.
Create unique and high-quality insurance content
Note that many insurance shoppers like to research before buying a policy. As such, it’s crucial to create high-quality insurance information in all your marketing channels.
Look at the analytics to understand what your target audience is searching for, and then craft content that provides the answers. Also, you can explain what it feels like to have insurance coverage and how it impacts people’s lives.
It will help potential customers understand the importance of having insurance and feel more confident about their purchases. You can also use images, infographics, and videos to break up the text and add visual interest.
And don’t forget to include a solid call to action at the end of each post or article, urging your readers to learn more about your insurance products and services.
Put up a referral program
How can you create a referral program that will entice insurance shoppers? Let’s take a look at the top three referral strategies.
- Customer Referrals: Your current customers are your best advocates because they have already been through the experience of purchasing insurance with you and know what to expect. When people ask them for an insurance recommendation, they will likely be happy to refer a friend or family member to you.
- Online Reviews: While online reviews are not precisely a referral, they have similar effects. A customer who reads your positive review is more likely to purchase insurance from you. That is why it’s crucial for you and your team to focus on gathering as many positive reviews as possible.
- Social Media: Social media is an excellent source of referrals because it gives people the ability to share your content with their friends in one click. It means you need to keep creating new and engaging social media posts on all of your social channels.
Offer incentives to encourage people to refer their friends and family members. People are more likely to refer your insurance agency if they receive something in return, such as a free water bottle or a $20 gift card. Whatever you decide on, make sure the reward is valuable and worth it for both parties involved.
Automate your processes
In today’s tech-driven environment, automating your insurance processes becomes a necessity. The benefits of doing this are plenty, including time and cost savings, optimizing your resources, and improving customer service/satisfaction.
You can automate your communications to your customers in many ways, including:
- Sending automated emails or SMS texts to customers when they need to make policy changes or updates.
- Notifying them of their upcoming renewal dates through email reminders.
- Ask your agents to send out weekly newsletters to keep your customers updated on the latest insurance news and trends.
- Posting updates on your social media pages.
There are many other ways to automate your insurance processes, and the best way to find out what will work for you is to experiment. Try a few different methods and see which ones produce the best results. The bottom line is that automating your insurance processes can save you time and money while also improving your customer service and satisfaction.
Final thought
Growing your insurance business is undoubtedly a challenging undertaking. Even if you’ve already managed to get a solid client base and can boast of some good relationships with your customers, it doesn’t mean that you should stop making efforts to improve.
It’s because the insurance market has become highly competitive over the past decade. There are many players out there who are ready to fight tooth and nail to snatch your clients, so you can’t afford to be complacent.
Story by Lauren Cordell
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