Personal Insurance
Reasons for Personal Insurance Agents' Success
Personal insurance is the most common type of property and casualty insurance sold. According to the Insurance Information Institute, 53.5% of property and casualty insurance sold in 2018 were personal lines. For these reasons, many agents opt to sell personal insurance. So, what brings these agents success?
- 1. Prospect actively
You cannot be passive about prospecting for leads. Personal insurance, such as home insurance and car insurance, is required by all, by law. It’s a market that is unlikely to dry up, whatever the economic state of the country. So, go out and look for leads. Be proactive about it. Go to community gatherings, meet-ups, etc. and mingle with others in your area. Make sure you leave a good and lasting impression so that the next time they want insurance, you’re the first person that comes to mind.
- 2. Referrals are powerful
Do not be afraid to ask for references from existing customers! Word of mouth advertising is especially useful in personal insurance. People are more likely to trust a positive review from their friends and family than any promotional posts you may post online.
- 3. Aim for renewals
Although new insurance policies have higher commission rates, it’s renewals that bring in a sustainable income for insurance agents. So, if you’re looking to last long in the personal insurance sector, focus on providing timely and efficient service to your insured right from the get-go. Servicing doesn’t end with quoting and binding, and it extends to claims and other things. Check up on them from time to time. Building lasting relationships is a long-term investment for your business. Aim to get those renewals!
Following these three simple strategies can pave the way for success for personal insurance agents in the insurance industry sector by gaining lasting relationships with their insured. Building on them and growing is the path to more significant progress in the competitive insurance sector.
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