Making Connections in a Connected World

The core principals of selling insurance protection haven’t really changed that much. The tools and speed with which it happens have changed as have the number and aggressiveness of competitors in the marketplace.

What has changed for both young (and old) producers is prospecting for new clients.

Today’s world of social media and the internet requires a total rethink about how producers locate and gain the opportunity to work with a potential client.

In the past a new producer would focus their attention on making contact with a prospective client and determining the effective dates of their existing coverage. Their goal was to get a commitment from the prospect to allow them to review their coverage and provide them with a proposal for their consideration. Many times that review and proposal process would start 90-120 days in advance of their existing policy expiration(s). The key for the producer was to develop some rapport or relationship with the prospect and their commitment to allowing the review and proposal at the appropriate time.

As it is today, and always will be, the subject of price was a part of the discussion. That is to be expected as affordability and/or cost savings is always part of the discussion when a producer is trying to get a prospective client to make a change.

The tools that a producer had available to them in the past were rudimentary at best. There was very little technology involved in the process. A significant indicator of a producer’s likelihood of success was their personality, their existing relationships and their organizational skills and work ethic.

The world that new producers face today is totally different. Technology is everywhere. Potential clients have more access to information than ever before and they have the opportunity to be better educated buyers. They are being bombarded with advertising telling them that speed and cost should be main value indicators.

Instead of producers reaching out to prospects directly in today’s world the producer has to develop an internet presence and reputation. Prospects are likely to pick a producer on their knowledge and personality. Positive comments about the producer’s ability, service and products shared by others on the internet are critical. Potential clients form opinions of the producer based on information gathered from friends and what they observe on the internet.

In year’s past the success of a producer was dictated by the number of x-dates they had developed from potential clients. Producers today have their success dictated by the number of people who follow them on Facebook, LinkedIn, Twitter, Instagram and their website. The more engaged followers the higher the number of potential prospects they will get an opportunity to work with on their insurance needs.

Producers need to take advantage of the enormous amount of data and information available to them today. Used properly it can help them to connect to the right people at the right time. Many producers will find that specialization makes them much more effective in gaining clients and writing business than being a generalist. Specialization affords a producer a stronger opportunity to create a bond with potential prospects in their specialties on the internet. It gives them a platform for showing their knowledge and expertise of those businesses.

Does your agency work and support your producers (especially the newer ones) in developing the necessary presence to be successful today?  Do you assist them with the modern resources they need to be effective? Is your agency’s website and presence supportive of the image necessary to attract new clients and retain your existing clients? The world is changing rapidly and you need to change with it to be successful. Your producer’s success and ultimately the success and growth of your agency depends on how well you both are prepared to do business in today’s environment.