A lot of people are getting into the property and casualty insurance game and even more financial institutions are adding it to their list of offerings. Unfortunately, this also means that the competition is only getting tougher.
In order to stay ahead of this fast-paced industry, you need to know how to generate more leads using referrals—and with the help of LinkedIn.
How to Sell More Property & Casualty Insurance
For financial institutions, they need to learn how to market loans and insurance side by side: similar to a package deal. This is because once a person gets a loan, the next thing they need is insurance. So to get the most out of their business, offering both can go a long way.
For insurance agents, selling more property and casualty insurance is all about building your network through referrals: word of mouth is a powerful technique in marketing that should not be underestimated.
To get those referrals you need, start using LinkedIn more actively.
Why Agents are Leveraging LinkedIn for P&C Insurance Sales
Not only does LinkedIn have a large user base, it also has a focus on professional connections and networking. This makes it the biggest online platform for professionals. It also means that LinkedIn is full of leads and prospects.
More agents are leveraging LinkedIn for P&C insurance sales because they are now seeing the potential of this social networking site. The people on LinkedIn are ready to do business, and there are now more than 675 million users worldwide. You are missing out if you’re just using LinkedIn as an online resume.
One of the biggest advantages that LinkedIn offers for insurance agents is that it is the perfect place to get referrals. As your network grows, so does your reputation.
Typically, referrals mean people you have already worked with. But for insurance agents, this could also mean other professionals who help you bring in the leads.
Network with Car Salesmen for Auto Insurance Leads
Referrals convert 30 percent better than leads from other marketing channels. They also have a 16 percent higher lifetime value because of the strong connection it builds between you and the new client.
If you can cultivate a working relationship with a car salesman you know, you can get more leads. After they sell someone a car, for example, you can have the sales person give them your card. These people are more likely to get insurance from you because they just bought a car. It’s a good deal for everyone.
Network with Real Estate Agents for Home Insurance Leads
Working relationships are crucial to the success of an independent agent. The more people you know, the bigger your network. And if you have great rapport with these people, it is much easier to generate leads and build up your customer base—you can then give you more referrals and recommendations.
Networking is essential. For insurance agents, it is worth networking with real estate agents because people who have just bought a new home will also need home insurance. Both real estate agents and insurance agents are vital to a customer’s home ownership journey. Getting connected with effective real estate agents in your network can really help you secure more leads.
Network with Mortgage Brokers
Similar to how you can network with real estate agents and car salesmen, you can do the same with mortgage brokers. Mortgage brokers spend a lot of time working with borrowers. As you know, these borrowers will be purchasing a home in the near future, so before they make that purchase, they need to show proof of home insurance. These people are all potential leads that you can find by simply connecting with a mortgage broker in your network.
How to Reach these Referral Sources Using LinkedIn Automation
Of course, you can still take your efforts to the next level by using LinkedIn automation tools on top of your actual networking. Kennected is an automation tool that helps you fine tune your outreach by using laser accurate data. It uses LinkedIn’s data-rich filters to help you find the most qualified leads. This saves a lot of time because now you don’t have to look for leads manually.
You can even use Kennected to find these referral sources because LinkedIn is full of professionals. You can easily locate mortgage brokers, real estate agents, and car salesmen in your area.
Kennected can send automated and personalized messages via our LinkedIn Automation platform to your prospects. This helps you build your LinkedIn network at scale. Book a demo with Kennected today to learn more.