5 Proven Ways you can Find Success for Your Independent Insurance Brokerage from Scratch

The route to starting an independent insurance brokerage is becoming the most profitable path for up-and-coming brokers as well as existing brokers . You can excel and find success with your brokerage if you can stand out in the market.  

You’ve decided to build foundations for your exciting insurance career. Choosing to go independent is the best choice you could have taken. Now that you’ve started your journey with your brokerage, you must be clear about what direction you have to follow to succeed in the market.

In this blog, we’ll explore five proven ways on how you can boost your independent insurance brokerage from scratch. We will discuss this by shedding light on some of the significant problems you may face after starting an independent insurance brokerage. At the end of the blog, we will let you know which way works best for your brokerage, so stick around!

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Streamline your sales funnel- Prioritize your leads and keep track of them

The process of insurance lead generation for brokers is continuous. For your brokerage, having new leads in the pipeline and concerting ongoing ones is necessary. It helps you fuel your brokerage for success, but most fail to prioritize it. Why do you think this happens? 

Because brokerages often get distracted with a lot of other side tasks. Do not forget that there’s nothing more important than having customers. The first step you need to do is have a good impression on them. Make them feel that your brokerage prioritizes its customers first more than anything. Follow this right from the start, and you’ll see initial leads agree to meet you in no time! 

Also, the problem is not always about obtaining leads. Some brokerages may find it hard to manage them properly. Brokerages find it difficult to track their leads and maintain a proper sales funnel.

According to Ring DNA, a proper sales funnel consists of 7 phases, which includes awareness, interest, evaluation, decision, purchase, reevaluation and repurchase phases.  

Not all your leads are going to convert into clients. Having an appropriate sales funnel for your business will help you keep track of potential prospects and lost contacts so that you can work on where you can improve continuously.

Many independent insurance brokerages today are opting for investing in Insurtech and drive solutions that create the best sales funnels for your brokerage. You can have a bird’s view over your leads- track every point of contact, schedule meetings, and arrange follow-ups swiftly.

 

Tap into the market of Millennials- Grow your target audience by massive numbers!

Let’s face it- insurance is a boring topic, and not many millennials are really interested. Selling insurance to different generations, especially millennials, is not an easy task. Many brokers find it hard to sell insurance to millennials because they cannot connect with them. Also, millennials prefer to get insurance online rather than deal with a broker. 

So why should you consider selling to an entirely new crowd that is not even willing to buy your product? Let me tell you why.  

According to the Washington Postmillennials overtook boomers as the largest US population in 2019. With over 73 million in figures, it just means that their need for insurance will keep increasing.  

The line here is clear; your brokerage needs to develop the right strategy to reach out to the millennials and make them purchase insurance policies from you.  

This generation is slowly starting to realize the need for insurance but are not aware of how it works. Millennials are going to appreciate you if you can guide them with information and help them protect their risks.  

For example, most entrepreneurs today are millennials. They would need insurance for their new businesses, and that’s when your brokerage should step up!

Explore more insurance niches- Find your niche before starting your independent insurance brokerage

The insurance industry has evolved drastically over the years. In the US, there is insurance for almost everything. Be it wedding insurance, dog insurance for your pet, or even your body parts! The need for insuring everything you can own has created many niches of insurance.
Brokers can explore these niches and find newer clients for their business. There is an increasing demand for previously unheard niches, like Uber insurance. 

Finding the right quote for your client at the right time from these niches will help you stand out among your competitors. You can gain huge profits if you’re able to make the best use of all these insurance niches.  

If your brokerage can personalize and sell products in this niche, you’ll be able to attract newer customers and retain them effortlessly. Standing out in such niches will always be a plus point to push your brokerage towards growth. 

Facilitate and foster a digital work culture – transform paper into electronic data!

Traditional brokerages struggle a lot with paperwork. They spent most of their time managing ACORD forms, drafting proposals, managing certificates, and a long list of paperwork every day. Imagine the time you can save if you could digitize the papers.  

Brokerages today are investing their time and resources to transform all their operations digitally. Your brokerage can easily track daily activities and store the data using business tools like Microsoft Office 365. Brokerages can use sales funnels software and integrate them with their existing contacts.  

More importantly, a brokerage can use an agency management system to integrate their business processes or work with brokerages having those systems. We’ll talk more about these systems in the next point, so keep on reading.   

BONUS: According to Agencybloc, you can use agency management to track policies, process commissions, and focus on your clients.  

The main problem that comes with embracing a digital work culture is employees resistant to change. In the US, the average age of insurance brokers is 59. Most of the brokers have worked in the industry for over a decade with the same approach.  Brokerage owners are hesitant to invest time and resources over a shift in work culture.  

However, it would help if brokers rethink their perspective on creating a digital environment with results and not the costs. 

Your brokerage should be able to provide the resources and training needed to help your employees with the transition. With the paperwork out of the picture and a digital workspace, you’ll see your brokerage grow with impeccable results in no time! 

 

Embrace Insurtech and automation- a new role for insurance brokerages!

The insurance sector is in a transformational phase. Gone are days where you can use the same sales approach and increase your sales for your brokerage. Being digitally flexible is no longer a competitive edge, but a necessity.  

Many brokerages are investing in insurance technology to transform their business operations and strategies completely. The automation of workflows is slowly starting to take place and is only growing.  

Brokerages can use agency management systems to integrate their business processes or work with brokerages having those systems. From filling out forms, comparing and reviewing quotes, binding coverages, and even renewing them- everything can be automated.  

You might be thinking – if you automate everything, won’t brokers be replaced? The answer is no. Insurtech will not replace insurance brokers; instead, it will change their roles. Because of automation, brokers can focus more on taking a risk advisory role. They can provide a personalized touch and help clients identify their exposures.  

If brokerages can embrace technology and use it in their favor, they can easily stay ahead with the competition. Success for your brokerage will not be an issue if you act on it urgently.

Grow your Independent Insurance Brokerage in no time!

With all these proven ways, you can seamlessly boost your independent insurance brokerage into heights you never imagined before. These solutions will already be available if you work with the right brokerage.  

Consider all of these before and after starting your independent insurance brokerage, and you’re good to go. 

Did we miss out on anything? What are your opinions on what you’ve just read? Let us know in the comments sections down below.

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!

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