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Seven insurance prospecting tips for a more productive 2016

Posted by Dan Steenerson on Wed, Feb 10, 2016 @ 09:02 AM

insurance-prospectingYou know you need new insurance prospects, but are you putting in the effort to generate them? According to some estimates, 90 percent of advisors avoid prospecting. Don’t be part of this stagnant statistic! Use the insurance prospecting tips below to watch your business grow.

1.  Define, describe, debrief: An effective prospector can succinctly describe the ideal prospect. So before moving on the rest of the list, spend a few minutes to profile your ideal prospect, using what you know about current clients and former clients. Define the client in demographic terms, age, income, professional, marital status, and lines of business. Next, identify the key client characteristics that describe their approach to financial matters. Finally, debrief on your past successes and failures. Pay attention to the common characteristics of the opportunities you did and didn’t win. Use your analysis to develop a finely honed client profile.


2.  Create your prospecting plan: Start by estimating how many new clients you hope to acquire. Without a goal it’s difficult to measure success. Then, plan the amount time you will dedicate to prospecting. Suzanne Muusers, a business coach for financial advisors, suggests hours spent prospecting should reflect time in the business, as follows:

  • Less than four years of experience: Spend 75 percent of time prospecting
  • Four to five years of experience: Spend 50 percent of time prospecting
  • More than five years of experience: Spend 25 percent of time prospecting

3.  Sign up for free industry support tools: For example, LifeHealthPro offers “The Lead” that delivers weekly prospecting tips to your inbox. Also subscribe to the DIS blog in the upper right corner of this page if you haven’t already done so.


4.  Get active on social media: More than half of advisors attributed at least five new clients directly to social media. According to a joint study by FPA (Financial Planning Association) and LinkedIn, financial advisors experiencing the greatest growth use a combination of communication channels (LinkedIn, Facebook, Twitter, email) to communicate with clients and prospects. All age groups of prospective clients used some type of online research to learn more about an advisor. Most advisors use LinkedIn for finding new opportunities, Facebook to maintain and deepen existing client relationships, and Twitter to listen to and learn from others.


5.  Optimize your website: Make sure your website is modern, mobile friendly, search-engine-optimized and packed with helpful educational information. Regularly post to your blog and use landing pages for online lead generation. Landing pages are forms on your website that visitors complete – often in exchange for compelling downloadable content – such as white papers or guides. Affordable resources like Unbounce and OptimizePress can help you get started.


6.  Turn success into a referral: The best time to ask for a referral is the next time a client thanks you for your work. It’s a perfect transition to a conversation about helping others with your expertise. Don’t let the opportunity pass without asking for an introduction.


7.  Maximize the value of every customer in your book. As you know, the best leads are people who already know and trust you. If you’d sold someone life insurance, or any other product in the past, reach out with information about disability insurance or long-term care insurance now. They expect you to keep them apprised of wealth protection tools – here’s your opportunity!

This is the year to master the art and skill of prospecting. Hold yourself accountable, review your results, and celebrate your successes.

Throughout your journey, remember that DIS is your complete resource for disability and long-term care insurance. Call us for a quote or to discuss case design to fit specific situations. Need an introduction to disability insurance or just a refresher? Download our Disability Insurance Crash Course.

Topics: insurance prospecting