Country Club Memberships Aren’t Enough to Grow Your P&C Business
Securing quality appointments to sell property and casualty insurance (P&C) is hard. It’s hard because the incumbent is the decision maker’s brother-in-law’s golf buddy. It’s hard because the space is competitive. It’s hard because it’s perceived as a commodity.
But mostly, it’s hard because commercial insurance firms haven’t embraced new marketing tech / outsourcing.
According to an article by KPMG, “commercial insurance is characterized by complex buying processes in a large valuable market, making the sector ripe for disruption”. The article further suggests that one trend fueling this potential is the need for “collaborative development of solutions to meet emerging customer needs”.
With this as a backdrop, the obvious key becomes: how can commercial insurance firms leverage new marketing techniques to share how they collaborate, create custom solutions, and get quality appointments?
Here are a few recommendations:
1. Stop Using Unclear Language to Describe What You Do.
Your prospect doesn’t know what it means that you are a risk management consulting firm that helps your company secure itself for years to come. You sell insurance. Don’t run from it. Focus less on the jargon and on not being classified as “just another broker” and start focusing on your company’s unique story.
2. New Marketing Tactics Are for YOU.
I know. I know. Focus on the “centers of influence”. Work your network. Get involved in the community. All tried and true. All important. All things that all your competitors are doing.
3. Outsource Meeting Setting
Selling and appointment setting are totally different skill sets. In all likelihood your top producers like, are best at, and want to spend most of their time closing.
So let them!
4. Go “Down Market”
Avoid some of the competition from the bigger firms.
Unfortunately, again, you’re not the first to have this idea AND, in other bad news, the bigger firms are going down market as well. Frankly, it’s going to take you as much effort to win down market than it is up market. Know your value. Believe in your value. Don’t shy away from chasing larger deals.
Obvious caveat: If your bread and butter is companies with 50-300 people, don’t go after a Fortune 25 account.
All of this takes time, and I’m probably telling you stuff you already know. But it’s worth restating over and over again where the market is headed.
Keep paying your dues and don’t cancel your tee time, but don’t write off the importance or value of technical disruption in the insurance space.
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