There are hundreds and even thousands of successful insurance agents who have harnessed the secret to building a good client base and expanding it over the years. Unfortunately, there are many insurance agencies that fail each year for various reasons. You may be wondering why so many insurance agencies and agents just don’t make it. If you want to avoid being added to the list of failed agents and agencies, here are some mistakes to avoid.
Ineffective communication with customers
When clients or potential clients call your office to speak with you, it is important that you communicate with them effectively. This means being upbeat and enthusiastic in answering all of their questions. You should also be able to assess your needs during the conversation so you can develop services and find products that fit your needs.
If you don’t feel like you’re an effective communicator with your potential leads and clients, you may need to practice. Some agents have this ability naturally, but you can develop effective communication skills by striking up conversations with complete strangers. Do this when you’re waiting in line at the grocery store, on the phone with telemarketers, or with people you meet on the street. You don’t even have to talk about insurance. Just practice your skills to be upbeat and have an informative conversation. Since these people are strangers, you don’t have to worry about screwing up because you’re not trying to sell them something.
Refuse to update skills and education
If you want to avoid failing as an insurance agent, keeping your skills up to date and continuing your education is essential. One way to do this is to obtain other licenses so you can cross-sell insurance policies. You can start by getting licensed to sell property and casualty insurance in addition to the products you’re already licensed to sell. You can also upgrade your current license to offer more up-to-date products, like annuities, so you can compete with other insurance agents in your field. Specializing in one area may be a good idea, but you are also limited and your customers may look for an agent where they can buy all the products and services they need in one place.
Not integrating technology
The Internet is one of the most important tools you can have in your repertoire of resources. There are many things you can do online to increase your chances of success as an insurance agency. A website is a must these days if you want to achieve success, but you also need to look for other ways to connect with customers and prospects. Social media is the ideal way to do this, so set up a Facebook account, a Twitter account, and even a LinkedIn account. You can keep in touch with people more easily and regularly update them on new products and information that they need to know easily.
While there are no foolproof things you can do to avoid failure as an insurance agency, you can follow these suggestions to reduce your risk of failure and increase your chances of success.
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