How to win clients and influence leads in 2021
Here are four predictions that all insurance agents should consider to grow their book of business this year.
The pandemic forced insurance agents to rapidly shift to digital approaches to client engagement, but the good news is that many of the techniques and technologies adopted in 2020 will remain relevant in 2021.
In the last year, we’ve observed the strategies that our clients have used to attract and retain clients during the pandemic. From this information, we have generated four key predictions that all insurance agents should consider adding to their arsenal to grow their book of business in 2021.
Embrace virtual meetings
Microsoft reports that the number of video calls on its Microsoft Teams platform has grown by over 1,000% in 2020. Zoom expects a 200% revenue boost and a 300% increase in profits from this year. Virtual meetings have become the new normal in 2020, and they will continue well past the pandemic’s end.
There was an initial fear that the quality of relationship between client and agent would suffer through a screen. The reality is that clients have actually found the convenience of virtual meetings superior to in-person interactions and it has strengthened relationships. Because agents are able to quickly and consistently connect with clients virtually, many have even increased the frequency of contact. These quick video check-ins are actually helping agents keep existing clients happy and secure new business.
Expand your digital footprint
Digital technology has changed the customer journey in every industry. Why would insurance be any different? To deliver on this new expectation, insurance agencies must communicate seamlessly across channels and touchpoints and deliver personalized communications relevant to the audience they wish to reach. Clients want their insurance agent — the person handling some of the most important matters in their lives — to be a well-informed expert. In addition, clients expect consistency.
In our experience, the agents who are most consistent across a number of communication channels (website, email, social media, etc.) have bigger followings and will remain top of mind when potential clients realize they have an insurance need. By communicating often, insurance agents make themselves accessible and make it easier for prospects to reach out for a meeting. Blogs, newsletter, webinars, podcasts, and social media content: expanding your digital footprint will be essential to attracting clients and keeping old ones.
Mobile-first, not just mobile-friendly
The average American spends 3.6 hours a day on a mobile device, accounting for over half their daily digital media usage. If marketing plans ignore these devices, insurance agencies are missing a huge opportunity. Agency management systems and any other systems used inside the agency, including software for marketing your agency, should be accessible on the go.
For clients, any transactions that require paper or online documentation should be optimized for mobile screens. Text messages, in particular, have become widely accepted for professional communications, alongside the usual channels. Forrester Research says text-based marketing messages will increase by 40% next year, and as inboxes fill up, agents that are breaking through the noise via text and mobile will stand out.
Industry consolidation accelerates
According to a Deloitte survey of the insurance industry, mergers and acquisitions (M&A) will drive at least 50% of market growth in the next five years, as large firms will no longer be able to rely solely on organic growth or internal innovation to stay ahead. In addition to M&A, larger firms will also seek out independent agents to join their ranks and to bring their books of business with them.
The future is bright
As we face what’s next for the industry, there is a lot to celebrate. While things may be different in 2021, many of the new technologies that emerged will actually lead to improved client relationships and generate more qualified leads than ever before. Insurance agents who are able to embrace these changes will see a prosperous new year.
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