6 Ways to Support New Insurance Producers

Growing the book of business is the name of the game. After all, when it comes down to it, an insurance agency is primarily a sales organization. But to grow this book it takes new successful producers. Unfortunately, 7 out of 10 new producers will fail. That’s an expensive statistic. And a small to medium agency can’t afford to take that kind of hit.

 
 
 

There are ways to hedge your bet and build a successful sales program. We’ll look at 6 ways you can support your new producers and ensure your agency’s long-term success.

 
 
 

1. Shadowing a Designated Mentor

 
 
 

You’ve just hired a green as grass producer. In fact, the last thing they sold was Girl Scout cookies, but they seem to have the fire. Don’t set them up for failure by sending them to their first appointment alone.

 
 
 

Product knowledge is important but how does the young producer present it and consequently sell it. There are first time nerves that come with that first call. It goes a lot smoother for the rookie if they’ve already seen an old pro in action.

 
 
 

Yes, they should go out on sales calls with the senior producer. It’s important to see what kind of interaction takes place and what kind of objections are put forth. But it goes deeper than that. How did the producer make the new appointment in the first place?

 
 
 

The mentor needs to walk the new producer through the process. This entails explaining how:

 

  • To prospect

  • Making the appointment

  • What materials to take

  • What’s the plan of action before and after the call?

 

It doesn’t end there. Observe the new producer making their first appointment and then go out on the call with them. Once there, unless it goes south, be quiet. Let the learning producer take the lead. And once you leave the appointment discuss what went well and what needs improvement. Talk about the follow-up. This is important. One reason a producer fails is because they don’t follow-up on a timely basis if at all.

 
 
 

Make this commitment in time and training a couple of times and you’ll have a new producer that is confident and ready to run their own course.

 
 
 

2. Product Knowledge and Techy Knowledge Builds Confidence

 
 
 

What are you selling? Regardless if it’s life, health, or P&C, the young producer must know what the product is. It goes beyond handing them a book or watching a video on coverages.

 

All the selling in the world comes down to nothing if your producer can’t answer basic questions.

 
 
 

There are several training resources that a small to medium agency can use.

 

The carriers have programs. If you’re a broker, you probably are working with numerous carriers. Make some calls. Many have new agent programs. They at least have information available on their various lines.

 
 
 

Licensing: An Opportunity to Do More than Just be Legal

 

Licensing and the continuing education that is required with it are great opportunities to enrich a young producer’s knowledge. Don’t just have them go through the motions. Take the time to research what courses are available and match them to their needs.

 
 
 

Technological Advancements

 

With the technological advancements in the insurance industry, it’s imperative that the new producer be trained to use them. Take the time to walk them through. You want them out of the office selling and not at a desk. By teaching them early and thoroughly, they won’t waste time down the road constantly fighting the software.

 
 
 

3. Specialize in an Income Generating Coverage

 
 
 

This dovetails on product knowledge. Beyond the standard coverages, have your new producer specialize in a specific coverage. They could be the expert on Employer’s Liability, Marine or Aviation, Key man life, etc. Try to choose a coverage that is unique but can also bring in big commission checks.

 
 
 

They of course will be selling the standard lines, but this gives your new producer an edge over other agents who are only talking about car or life insurance. It will also instill confidence in your rookie. This confidence will only make them dig deeper and work it.

 
 
 

4. Be Fair with Warm or Hot Leads

 
 
 

Leads are bound to come into the agency. They usually come in on a daily basis. Often, they go to the most successful producers, the ones with the big book. Prospecting is hard. It’s demoralizing for a new producer to watch all the leads go to a select few.

 
 
 

Take a lesson from car dealers. Their salespeople have their “ups”. Each one takes a turn at a “lead”. Dole leads out to all producers in the same manner. This is a fair and equitable way of letting the new producer know that they are as valued as the seasoned producers. And it indirectly rewards their prospecting efforts.

 
 
 

5. The Quality of Your Account Managers Matter for a New Producer

 
 
 

This may seem like a given, but it’s not. An account manager can make or break a new producer. Often, they’ve seen a parade of potential talent come through. It makes them wonder how long this one will last.

 
 
 

When writing a job description for your AMs make sure you state quite clearly that they are responsible for working with all new and existing producers to improve service and product knowledge. Over time AMs tend to know the book extensively and may develop an attitude of superiority over a new producer. This is counterproductive so AMs need to be reminded that they are part of a team and, in fact, the new producer is a main part of that team.

 
 
 

At the same time set the boundaries for the new producer. Help them to understand that an AM is a valuable resource that they can learn from. The AM is not their personal assistant but rather a valued team member.

 
 
 

6. Young Producer Recognition is a Must

 
 
 

One big reason that there is high turnover with new producers is lack of recognition for successful performance. Salespeople tend to have expressive personalities. This means they like the spotlight. And a new producer is no exception. They need that pat on the back. A success is a success. Make a big deal out of the first sale. Praise goes a long way and builds loyalty. Praise should be both behind doors and on the floor in front of everyone.

 

Choose a benchmark goal and give a reward for meeting it. It could be everyone clapping and cheering. Or it could be a gift certificate to a favorite restaurant. Just something to let your young producer know they’re on the right track.

 
 
 

Public recognition is also important. Your new producer is important to the team. Make a big deal when they join your agency. If you have access to a local newspaper or relevant on-line newsletters, send out a press release explaining that you have a new member. If you advertise your agency, have your new producer involved.

 
 
 

Don’t Let Your New Producer Be Another Statistic

 
 
 

It’s expensive to hire and train an employee. Both time and a monetary investment go into every hire. Don’t leave your new producer on their own to fend for themself. Hedge your bets and be a good manager by providing your new producer the right tools to succeed.

How Insurance Agencies Can Use Social Media To Get More Customers.

Did you know that an estimated 67% of customers look to social media to seek customer service? In Fact, 1 in 3 social media users said they’d prefer to deal with a company via social media than via phone or email.

 

Now, more than ever, insurance agents have a ton of opportunity to get in front of potential customers and build lasting relationships with their existing client base. Yet, there are so few agencies and insurance professionals taking advantage.

 

In a time when more than 75% of consumers are doing online research before ever making a purchase decision, social media is a pertinent marketing asset for your insurance business. Your customers are already on social media, it doesn’t make sense not to leverage it for your business.


How to sell more insurance with social media:

Stand out as an industry expert

Most people don’t know much about insurance and often don’t know where to look to find the answers. Use social media as an opportunity to show your insurance expertise and educate your customers. Be the agency that alleviates their pain points while shopping for insurance.

This can be done with blogs from your website, short videos, articles, and simple “quick tips” or “how tos” that customers will find helpful.

If your customers can trust you to find the answers they’re looking for without hassle, you’re already building trust with them and they’ll be more likely to come to you when they’re ready to buy.

Show your personality

Many businesses forget to show the personality behind their business, but social media is just that – social. Show your customers a little bit of who you are as an agency. Talk about what makes you and your employees tick. Show what goes on at the office. Let your customers know you’re just like them.

People buy from people they connect with and social media creates an excellent way to bring a humanizing presence to an industry that is otherwise a bit cut and dry.

Demonstrate better customer service

Remember when I said 67% of customers look to social media to seek customer service? Did you know that a majority of those people are also likely to recommend that business to a friend if they’ve had a positive social interaction?

If you’re present on social media, this gives you a chance to demonstrate better customer service. You have the direct ability to respond to questions, interact with prospective clients, and foster a real sense of customer loyalty with your already existing client base.

Bonus? It costs you nothing!

To sum up…

If you’re agency isn’t already utilizing social as a key part of your marketing strategy, it’s time to get on it! Going into it with a customer focused approach using the tips above, you’re guaranteed to resonate with your target clientele and build lasting relationships with current and prospective customers alike.