There is a transformation going on with insurance agency marketing. The internet and the social web are requiring agents to think a new about how to attract and retain clients. This presentation is a basic introduction to the concepts an agency needs to know.
2. The phaonmneelpweor of the hmuanmnid: I cdnuoltblveieetaht I cluodaulacityuesdnatnrdwaht I was rdgnieg. Aoccdrnig to a rscheearcr at CmagbrideUinervtisy, it deosn’tmttaer in wahtoredr the ltteers of a wrod are, the olnyiprmoatnttihng is taht the frist and lsatltteer be in the rghitpclae. The rset can be a taotlmses and you can sitllraed it wouthit a probelm. Tihs is bcuseae the huamnmniddeos not raederveylteter by istlef, but the wrod as a wlohe. Amzanig, huh?
3. Sales Culture = Higher Value “A sales culture is the most valuable attribute an agency can possess. Since agencies with a true sales culture find a way to grow even in the worst of markets, they consistently command the highest valuation multiples in the marketplace. Investors demand growth – and will do what it takes to acquire firms that can grow regardless of market conditions.” Kevin Stipe, Regan Consulting (NU 1/2008)
4. Specialty Business is King “Savvy agents have capitalized on this trend [toward specialty business] by focusing on a particular industry and then delivering customized knowledge, service and products to customers within that industry. Agents [have] achieved higher hit ratios on new business, had better account retention on renewals, and often generated higher profits in their specialty business than in their general business. Kevin Stipe, Regan Consulting (NU 1/2008)
5. Specialty Business worth more “What is newsworthy is how much more buyers are willing to pay for specialty business than general business. By our calculations, a block of specialty business is frequently valued at 25%-50% more than a comparably sized block of general business, since it is more profitable and can be projected to grow more quickly.” Kevin Stipe, Regan Consulting (NU 1/2008)
6. “Unleashing employee productivity has been a key driver of agency value growth over the past decade, and will continue to be so. Does your agency have a strategy for increasing productivity?” Kevin Stipe, Reagan Consulting, Inc.,
7. “In our experience, it all starts with your producers. If you’ve developed a sales culture in which your producers are relentlessly building (not simply maintaining) their portfolio of customers, then employee productivity will inevitably follow. And growth in your agency’s value won’t be far behind.” Kevin Stipe, Regan Consulting
8. We are now at the dawn of a profound technology-driven transformation that will make the changes we have experienced over the past 25 years seem small and slow. We are about to transform how we sell, market, communicate, collaborate, innovate, watch TV, learn and, as you might guess, much more. Daniel Burrus -- January 2009
15. What are people buying online? Small Commercial BOP Auto WC Umbrella Personal Lines Auto Home DUI Motorcycle Other Products Life Health Travel Pet Event
16. Steps to Success Understand customers wants & needs Technology = Strategic advantage Use technology to support marketing & sales Don’t let technology overshadow sales Create marketing “systems”
17. Successful Internet Marketing Niche focus Provide lots of information Offer easy quote Easy payment & policy issue Allows larger geographic reach
18. Different Faces of Internet Marketing Single Purpose Web sites E-mail Marketing Traditional Marketing Search Engine Optimization (SEO)
20. Your Agency Web Site(s) What is the purpose? Multiple sites Main Customer Service site Multiple marketing sites Different site for each market focus “Single Purpose Site” Niche focused
21. Types of Single Purpose Sites Simple Lead Generation Provide indication of price Bindable quote & Issue
22. Single Purpose Web Site Limited Focus Limited pages Focused Information Limited choices Specific call to action Pre-qualify prospects Automatic follow up Quoting process
26. Example Agency Marketing Websites InsureNJContractors.com Boardroomstrategies.com Condowrap.com CharterSchoolInsurance.com NYRestaurantInsurance.com
27. A Successful Marketing System Prospect Management Opportunity Management Campaign Management Submission Management Results Management
28. Agency Marketing Technology Go to: RoughNotes.com Search for “Steve Anderson” 6 different columns on this topic
29. Finding Prospect Information InfoUSA.com (ReferenceUSA.com) Thomas Register (www.thomasregister.com) Hoovers.com www.melissadata.com RiskMeter.com Google (www.google.com)
41. Using Blogs From the Press Box -- property-casualty.com From Where I Sit -- michaelhyatt.com/fromwhereisit Insurance Scrawl -- insurancescrawl.com Insurance Buzzer -- insurancebuzzer.com
42. How can prospects find you? Internet search Traditional marketing Other
44. 10 Simple Steps to increase “Findability” Internal Steps: Web Design Create a Site Map Pay attention to Page Titles Pay attention to Page Headings Pictures & other images
45. 10 Easy Steps External Steps: Add to Google Maps Ads for reviews Get listed in other directories Use Insurance company websites Start doing something today!
47. Using video on your web site Personalize the site Create connection Provide information It’s easier than you think Ideas Client testimonials Web site introduction Key benefits
48. Create Custom Training New Employee Orientation New Employee Training Custom Software Training Visual Procedure Guide Client Coverage Explanations
51. Video Creation Tools Screen Shots Snagit (TechSmith.com) Example Web Recording Camtasia (TechSmith.com) Captivate (Adobe.com) Live Video Microsoft MovieMaker (Microsoft.com) Visual Communicator v3 (Adobe.com)
62. Standalone Software Systems ACT (no campaign management) Goldmine (www.frontrange.com) Automated Processes MAPS (www.martechmaps.com) Insurance specific campaign management Microsoft CRM
63. Web Based Systems ASP Sales Source (www.aspsalesource.com) NOVASalesPro.com eSemc.com Leads360.com Salesforce.com FreeCRM.com
66. Is this legal? “Nothing in the New York Insurance Law or regulations promulgated there under prohibits an entity that provides a service to insurance policyholders that enables them to pay their insurance premiums electronically by credit card from charging those policyholders a fee to cover credit card and other service expenses. “[A]n insurer (or anyone acting on the insurer's behalf) may not impose a credit card surcharge on a policyholder. [Simply Easier Payments], by contrast, is not selling insurance and is not acting on any insurer's behalf. Rather, it is providing (and charging for) a distinct service, i.e., the making of secure payments via electronic means. Therefore, your client's activities are prohibited by neither the New York Insurance Law nor N.Y. Gen. Bus. Law § 518.” New York Department of Insurance
67. Service after the sale Transaction processing 24/7 customer service access Certificates Email
68. 24/7 Customer service options CSR24 CertificatesNow Management system InScope AMS - Service 24/7
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70. www.SteveAnderson.com 70 The AndersonAgency Report Providing Independent Agents with the insurance technology information they need to more effectively manage and grow their agencies. Subscribe today and get up-to-the-minute agency technology news, research, expert opinion, and specific recommendations, all written from, and for, the perspective of the independent agent. TAAReport.com303.404.0457
71. www.SteveAnderson.com 71 Steve Anderson The Anderson Network, Inc. PO Box 1546 Franklin, TN 37065 (615) 599-0085 Steve@SteveAnderson.com