How Insurance Agents are Increasing Referral Business
Carl Maerz | Rocket Referrals | www.rocketreferrals.com
Ask any successful insurance agent and they’ll tell you that referrals are the touchstone of a thriving agency (good coffee is a close second). Interestingly, if you dissect what referrals actually mean for an agency, you’ll find that referred clients are both a key source of revenue, and reinforcement that the agency is excelling in customer loyalty. Yet as important as referrals are, only elite agents have a comprehensive plan to get more of them. Too often for agents, their referral strategy begins and ends with providing great service.
The truth is, referrals don’t always follow great service. In fact, most satisfied clients don’t recommend their insurance agent to others. It takes more than great service to get those happy customers to speak up.
There is also the growing risk of commoditization in the insurance realm; specifically within the P&C market, for both personal and commercial lines. The direct providers are capitalizing on the rapidly changing digital culture we live in; they’re going the extra mile in an attempt to force the insurance agent to join the lamplighter and switchboard operator as the most recent victim of technology.
The Geico and Progressives of the industry operate on efficiency and numbers. They’re an entity; they don’t have a hand for clients to shake. Using their robust marketing budgets, they try to give a face to their company – a persona that the buyer can relate with. Yet in the end, they compete solely on cost and mascots.
- Insurance agents are best positioned for implementing a profitable strategy to increase referrals.
- Even in this ever-modernizing market, there’s something the big guys don’t have – the ability to develop strong and personal relationships with their clients. That’s where the insurance agent wins every time.
It’s up to them to leverage their happy customer base and convert them into active referral sources.
Check out the eBook “Agents Guide To Referrals” written by Rocket Referrals to learn how agents can take concrete steps to quickly achieve more referrals and higher revenues. If you’re interested in automating much of what you learn in the book, we encourage you check Rocket Referrals quick 30-minute software demo.