How to Get Life Insurance Prospects
Starting a career as a life insurance salesman could be one of the most difficult endeavors you will ever undertake. The insurance marketplace is saturated with other agents, plus you have to compete with gigantic corporations whose marketing budgets are significantly more than yours. New prospects are the lifeblood to any insurance agent, and learning how to acquire them quickly and inexpensively is one of the most important goals you should have. Your geography and the demographics of your target market will influence the manner in which you solicit new business, but there are several fundamental techniques that should remain unchanged regardless of where you conduct your practice. However, it is important to understand that successful methods of attracting life insurance prospects are no different than for any other industry.
Things You'll Need
Target market demographics
Talk to people. This may sound silly, but countless insurance agents are not comfortable striking up a conversation with a complete stranger. Take advantage of the time you spend sitting in waiting rooms, elevators, checkout lines, the DMV, or any other place where people are forced to just sit and do nothing. Build rapport with a nearby stranger and take the opportunity to explain how you help people.
Post free online classified advertisements. There are several classified ad websites that allow you to post your advertisements in the specific city or region of your choice. Create a high-quality HTML solicitation that offers prospects the opportunity to discuss their life insurance needs with a professional, without fear of cost or obligation.
Hire a telemarketer. Despite the fact that most people claim to hate telemarketing calls, this method of increasing business actually works. Find an experienced telemarketer who is willing to work on a pay-for-performance basis and have him call your target market. Pay him a fixed amount for every appointment set.
Join your local Chamber of Commerce. This will allow you the opportunity to network with other local business professionals. By understanding the needs of your fellow business owners, you will be more aptly suited to offer them appropriate products or advice to meet their needs, as well as initiate the process of sending and receiving referrals.
Ask for referrals. This is perhaps the easiest and most effective method of obtaining new clients, yet only a tiny fraction of life insurance agents actually use it. Do not be afraid to ask your existing customers if they can provide you with the name and number of a close friend or relative who might also benefit from your services. Prospects gained through referral marketing have the highest likelihood of purchasing insurance from you because your services were used and endorsed by someone they trust.
Advertise on the radio. Surprisingly, radio advertising is not as expensive as you may think. Most radio ads are 60 seconds long, and you typically pay a flat rate for every time your ad goes on the air. You can customize your life insurance audio spot with the radio station and have it played during only those times that will be most effective for your needs and your budget. Creating a radio ad is extremely simple with just a computer, microphone, and any one of several free audio editing programs.
Advertise on television. TV advertising is another media outlet that is not as expensive as you might believe at first. The most expensive part of television advertising is the creation of your commercial. Many companies exist to assist you with building an effective ad piece, and your budget will determine just how complex and creative you can be. Similar to working with radio, you can specify the stations and the times that you want your commercial to air, and you will pay a flat rate each time.
Send direct mail solicitations. This is perhaps the most expensive and time-consuming method of getting new life insurance prospects, but it is also one of the most reliable. Additionally, prospects obtained through direct mail methods are often more legitimate and have higher likelihood of conducting business with you than those gained through other mass media means.
Send a monthly or quarterly newsletter. This will allow you to stay in front of your current clients on a regular basis and inform them of additional services that you offer. Professionally written articles with good content will also make you appear as a larger industry expert. Several newsletter companies offer inexpensive programs that can take all the work out of your hands, allowing you to focus more effort on actually selling life insurance instead of designing newsletters.
Build a website. The internet is overflowing with potential prospects for new life insurance sales, but without a high-quality website to attract and retain them you have no chance of gaining their business. You can buy existing life insurance agent website templates and customize them, or hire one of the dozens of companies that will handle all your internet needs for a fee.
Tips & Warnings
Search for a relatively small and under-serviced niche in the insurance industry and make an attempt to fill that gap. Prospects are often more likely to use the services of an industry expert as opposed to a Jack-of-all-Trades.
Test all of your advertising and marketing methods with a small sample before committing significant resources to the campaign.
Implement a method of tracking the success and performance of your marketing efforts. Those strategies that do not yield acceptable results should be adjusted or discarded. Proper tracking will help ensure no money is wasted on advertising that does not work.
Any marketing pieces or advertisements you plan to use must first be examined and approved by your company's internal compliance department. Strict industry regulations exist that prohibit agents from making certain claims or misleading the public, and failure to comply with these regulations could result in serious penalties.