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Making the Sale - for Insurance Brokers
The document discusses tips for insurance brokers to grow their business successfully. It emphasizes the importance of continuously improving the client experience, measuring key metrics like website leads, closing ratios and costs per lead, focusing on efficiency, and establishing an online presence through SEO, paid search, and a user-friendly website. Growing the business requires an ongoing willingness to change processes, products, technology and strategies based on data.
Making the Sale - for Insurance Brokers
- 1. Making the Sale ThingsI wish Insurance Brokers knew, Crammed into 10 minutes…
- 2. WARNING - NO BUSINESS BACKGROUND -NO MBA - NO FINANCE DEGREE - NO INSURANCE BACKGROUND
- 3. The blessings andthe curses – our story Day one: - One broker - One receptionist
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- 5. Launch website -2012
- 6. Not a Fieldof Dreams
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- 8. 1000 people amonth – woohoo!
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- 14. Crap, too manyleads
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- 24. And then… • Addmore companies • Become impartial to the market • Relentlessly tear down and improve the client experience • Change phone menu • Change website • Change quoting process • Change on board process • Change product offering • Change office environment • Never stop changing... So what happens?
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- 30. Our Client makeup 35 and under 45 and under 45-60 60+ 0 0.1 0.2 0.3 0.4 0.5 0.6
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- 32. Growing is easierthan you think
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- 34. Your website canbe your most valuable asset Three Purposes: 1.Generate leads 2.Ecommerce 3.Establish credibility
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- 36. Every lead hasa cost • Do you know that cost? • Thought about reducing that cost? • Can you increase volume? • Adwords, hotline, marketing list, radio, print, referrals... • This is INCREDIBLY IMPORTANT
- 37. Closing Ratio Matters •No measure, No improvement • You’ll spend too much for client acquisition • If closing ratio is 10% x average lead cost of $20 •= $200 client acquisition cost •THIS IS VERY IMPORTANT TO KNOW
- 38. Broker growth equation •If you have a 10% closing ratio @ $20 lead cost = a $200 acquisition cost • Average commission at $300; you’re $100 in the black on year one. • This is a .66 X commission acquisition cost as opposed to market price of $1000 or 3-4 x • Acquiring business at $1000 per customer will take you at least four years to see any profit on these. • You can pay $300 per lead if you close at 100% or $3 per lead if you close at 1% • the math is equal and still significantly more profitable as a 1 times acquisition cost vs 3-4 times
- 39. Gone are thedays of ignoring customers
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- 41. Some of yourfriends won’t make it
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- 43. Visit Us OnThe Web https://mitchellwhale.com Mitchell & Whale Insurance Brokers Ltd. 1818 Dundas Street East, Whitby, Ontario L1N 2L4 (905) 579-9701 | (800) 731-2228