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.
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.
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.
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.
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.