When you are an agent, you are your boss. You can decide how much income you want to make, and you have the freedom and flexibility to decide how you want to use your time. Running your own business makes you feel you are in control and gives you personal satisfaction. You have more quality time with family and friends. There are a number of things that are very important to consider when starting or buying an existing insurance agency. There are different companies that exist for the primary purpose of helping you by an insurance agency. There are companies that can help you find a healthy and growing Insurance . You are capable of making your decision and implement your ideas.
It is a double edge sword. The advantages can become disadvantages that work against you. You can decide to spend the time to do something else instead of working on your business. It could mean long working hours at the beginning when you start up your business. It can also be stressful at times when you need to achieve business targets.
However once you have made up your mind to be in this business, then you just go for it. The price of success is total commitment to the company. It requires a tremendous amount of energy and a great deal of personal sacrifices. You will align every thought in your mind and engage every thought and get ready every tissue and muscle to work towards your goals.
If you are a newbie in the insurance business, welcome aboard. It’s very important for you to place your business in the fast lane so you can get whatever chances and opportunities that come along to build further your business.
How to begin an insurance business?
(a) Have dreams and goals
First and foremost, you need to define the purpose in your life and how this business can help realize your dreams and goals because you believe no other careers offer such opportunities.
Your dreams are like a lighthouse that assists you to navigate the direction in the dark. Your goals give you the strength you need to do your very best. The life without any dream or goal is not worth living.
(b) Formulate a marketing plan
Insurance sales business is just like any other forms of business where you are required to think and plan like a business person. You should write down your business objectives in your marketing plan. Goals and dreams set must be clear, realistic, achievable, measurable and achievable.
Perform a self-analysis to identify your strengths and weaknesses. Formulate marketing policies based on your strengths. A well thought marketing strategy is your blueprint for success.
(c) Plan for your monthly, weekly and daily activities
As an insurance agent, it is very crucial for you to see the people. However, seeing people is not the only business activity you have. Typically, an insurance agent should spend time planning appointment and attending meeting or handling paperwork, training etc.
In managing such a wide set of activities, you may apply a time boxing strategy. You can divide a day into three-time slots: morning, afternoon and evening. If you target to work 5 1/2 day a week, you may have 16-time slots in a week to carry out all your business activities.
For example, you may decide to set appointments say on Monday afternoon and Thursday morning and then meet with customers on other days. You may also allocate appropriate non-prime hours or time slots to handle paperwork.
Being an insurance agent, your most valuable capital is time. Manage your time and you manage your wealth.
(d) Focus on your market
You can start with your natural market or people in your network. The advantage of working with your natural market is that you can connect with your natural market on a personal level and you can easily build rapport with them.
The second tactic is to search for people who have a common background, demographic, network or needs. Study their demographics and identify their needs in common and plan your sales approach.
(e) Focus on one or two products
You can’t be master of all trades in short period. Be a specialist in only one or two products. Ask yourself which products you are comfortable with. If you do not believe in the products you are going to sell, you can’t convince your customers to buy.
You can choose property and casualty to start your business, buy an existing one, and over time build up a large clientele. Alternatively, you can go for traditional life insurance if you are disciplined and willing to work hard.
If you have many business contacts or networks, you can consider group health insurance. If you are very comfortable with senior market, you may focus on Medicare products and final expense.
Once you do well in any one of these products, you can move on to branch out into other product lines.
(f) Focus on your prospecting method
There are some prospecting strategies such as personal observation, seminar, cold calling, direct mail, getting referrals, networking, centers of influence, internet leads, etc.
Some prospecting methods like direct mails or internet leads may incur a substantial amount of cost. Unless you are very sure that such prospecting methods can bring you the returns you want, you may want to start with a personal observation or getting referrals etc.
(g) Be competent
Master all you need to understand about selling. Master all sorts of skill sets from telephone skills to fact find skills, from presentation skills to closing skills. Practice and practice till selling becomes your second nature. Follow the sales system. You can never learn too much.
(h) Winning attitude
Everybody can learn how to play tennis, but not everybody can win the game. It needs perseverance, courage, confidence, determination and all other winner’s qualities to excel in your sales business.
To sum it all, insurance business requires careful planning and execution. Once you set your action in motion, do not let distractions stand in your way but go all way out to achieve your dreams and goals in life.
The insurance industry isn’t an industry that is loved by consumers. People can often be heard complaining about their insurance company or the rates that they are charged from everything ranging from auto insurance to health insurance. Marketing your insurance company is a tough challenge in itself but then when throw online marketing and the competition it poses into the mix, it can be even more difficult. Do this, you may be wondering how you can market your insurance business online.
There are several ways that you can online that will help you reach your target audience for the types of products and services that your insurance company offers.