How to Outbound Market: Insurance Agency

What are Insurance Agencies?

Any major insurance brand name you recognize from television are insurance companies (State Farm, Allstate, etc). These companies are comprised of many different agencies. While the company provides the product (the insurance policies), the agencies provide the service and distribute the product among the customers.

Unlike the above agencies that represents one company, independent insurance agencies (brokers) have the ability to offers policies from several different companies and represent all of them. This allows customers (other businesses) to achieve the best rate for each line of insurance while still having the benefit of using only one agent to manage all of their business.

General information:

• Lead lists will contain the customer's name, number, and policy expiration date

• Policies are all renewed on an annual contract

• A decision-maker is a person that handles the company's insurance choices

• Potential customers are either with another broker or direct insurance company

• It's common for customers to "shop" and be solicited for quotes

• Businesses may or may not be open to taking price quotes from new agents

• The larger the business (high # of employees), the more lucrative it is for agencies

• Appointments (quotes the customer's insurance) last 20 minutes

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What is My Role?

Given a list of prospects (lead lists), you will utilize outbound marketing strategies (cold-calling, cold-emailing, etc) to secure qualified appointments for the sales department.

Since your sales-person will bid on the customer's insurance and provide an alternative quote to their standing agent, your outbound marketing job is crucial to get them in the door.

You will persuade the customer to schedule an appointment where your sales-person can quote their insurance.

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Steps to Securing Appointments?

1) You will connect with the decision-maker 90 to 120 days before their insurance expires.

If you call a business, speak to the receptionist, and fail to connect with the decision-maker, we recommend these 3 steps:

• Confirm that your attempted contact was the decision-maker/find out who is

• Ask for the decision-maker's direct contact information (email/phone number)

• Ask if you may reschedule a time to speak to the decision-maker (provide a time)

2) After you connect to the decision-maker, you must instill that price, coverage, and service are all crucial factors for insurance proposals.

You must be prepared if the decision-maker tells you that they are not looking to shop/obtain a quote. Below are samples excuses why a business may not let you set up an appointment to quote their business.

• They are happy with their current direct carrier

• Their current agent shops for them

• They already have taken other bids

• They shopped last year and don't feel the need to again

• They have a high experience mod

• They have had many losses/claims and are skeptical that you can help

• They are with a family member (TeleMatch recommends passing on these businesses)

In each of the above cases, you must distinguish yourself from other agencies. It may be helpful to answer the question: "What value-added value does your agency provide?" Below are some common examples of competitive advantages and solutions for the above excuses.

• Partnerships with uncommon carriers provide more extensive price and coverage options

• A larger agency, with the same insurance carriers, allows for better prices and coverage

• Superior customer service with client loyalty

• Strong relationships with a variety of insurance carriers–you can find the carrier that fits their exact needs

• Constant market reevaluation and providing a plan B

Many times, the decision-maker may ask if you have a specific product... the answer is always "yes!" Since your agency can leverage your developed carrier partnerships, you can always find a willing insurance carrier.

3) After you convince the decision-maker to sit for an appointment, schedule the appointment for 2 days later.

For example, if you were to call on Monday and the business agreed to schedule an appointment, propose to meet on Wednesday.

• What not to say, "When are you available?"

• What to say: "How about Wednesday morning at 9 o'clock?" "Thursday at 9 o'clock?"

4) After you scheduled the appointment, collect contextual information to speed up the physical appointment.

You may verify their current insurance company, number of employees, and the location of their current policy information.

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Tips & Tricks

1) Develop a script

• It may be beneficial to write out a general script (with or without your supervisor) to help you get started. We recommend mentioning a few things: your goal of a 2-minute phone conversation, your student and intern status, the unpredictability with COVID-19, your agency's specialization to whatever type of company you are calling, and the brevity of the proposed appointment (20 mins). You should adjust this script based upon the feedback you are hearing from your prospects.

2) Practice makes perfect

• Keep calling. You will get into a groove and the more calls you make, the faster you will learn.

• When you get started, you are going to have unfamiliar questions/comments thrown at you. Although you may not have the best response, take notes and move on. For your next call, you may ask your supervisor how he or she recommends you answering those types of customer concerns.