Being an insurance agent requires you to always be thinking of ways to increase your sales. That’s regardless of whether the economy is doing well or not. When the economy is booming, you have to make sure you’re pulling your weight and focusing on increasing your sales while keeping your costs down; and when the economy is in a downturn, like it is now, you have to do more than ever to ensure your clients are happy with their policies and you’re getting them to renew on time.
As an insurance agent, you know that this is not a great time to be selling policies. When people have lesser money to spend, they really don’t want to shell out on insurance policies. But at the same time, your job definitely does not involve sitting on your hands and waiting for the economy to turn around. You need to be doing something to continue generating sales leads now.
Either way, there are some great tactics and strategies you can use as an insurance agent in Malaysia to help ensure your next campaign is a success:
1. Create a Personal Brand
Selling insurance is no easy feat in Malaysia. The insurance market in this country is very competitive. Not every insurance agent is created equal, therefore, it’s important to understand what steps can be taken to ensure sale success. Insurance agents need to familiarize themselves with current industry trends before setting foot on a sales floor.
Increase sales by adding personalization and storytelling to your marketing. Don’t just copy other agents’ tactics – implement your own twists or turns to stand out from your competition. Increase your sales by recognizing opportunities for creating relationships with your customers to sustain long-term relationships. It only takes one line of copy to make a connection and persuade your ideal client into buying a policy.
Having a personal brand is more than just having a business card with your business name on it. It’s your way of communicating what you do, how you do it and how customers can get more out of what you do. It shows people that you take your job seriously, are knowledgeable about your industry and are willing to put in the work to get better at it.
2. Use Social Media to Build Your Network
Once you have identified your personal brand, social media can be an excellent way to promote your insurance business. It is a great way to build your network and media reputation. In fact, you will be able to contact potential clients and customers through LinkedIn and Facebook, effectively increasing your reach. Additionally, through blogs and messenger, you can talk about your policies and discount offers on demand basis.
Wouldn’t it be amazing if you could increase your sale revenue by simply being more active on social media?
Social Media can be used for networking, promoting your business, and providing valuable information that could lead to new business opportunities. Insurance agents should utilize social media to connect with clients and discuss insurance market trends, areas of growth and ways clients can benefit from the services of an insurance agent.
3. Have Access to Large Account Clients
In most businesses, 80% of a company’s revenue comes from the top 20% of its clients. An insurance agent can boost his or her sales by having large account clients. The basic idea is that larger clients give the insurance agent more opportunities to sell to them.
Here are some examples of how insurance agents secure large account clients:
- Building relationship through existing network and connections,
- Building trust with accounting firms to reach out to their clients,
- Joining business networking groups,
- Delivering high quality service to corporate clients,
- Being active on social media such as LinkedIn and provide valuable contents.
Securing a large account client is all about building relationship and trust. Do not ignore the remaining 80% of your existing clients, as they may one day be your large account client.
4. Use Video Marketing and Create Useful Guides
Creating a video that could resonate with your prospective clients is a great way to boost your insurance sales. It’s a great way to help clients decide if you’re the right one for the job. Insurance agents in Malaysia have a lot of responsibility, so making an impact is essential if you want to stay in business.
Start by making a video to introduce yourself and your services allows you more face time with your potential clients. A well-made video can make the difference between an interested prospect and one that decides to go to another insurance agent in Malaysia, so creating an effective video is essential for commercial success.
Extra exposure provided by videos gives you the opportunity to showcase your professionalism and personality. You’ll work harder to make your video stand out from competitors, and that means a better chance of landing more clients in Malaysia.
5. Stay Organized and Stay On Top of Paperwork
Being an insurance agent in general can be challenging. With all the different regulations, forms and paperwork that is required by the insurance company can easily take up all your time and without proper planning and organization, you could lose track of all the necessary updates.
Ensure that you have a proper system to keep track of all your clients’ information. Some agencies use CRM tools that can automate the entire client onboarding process. However, these CRM tools may not come cheap.
As an alternative, some agencies will use a combination of few free tools such as Trello, Google Drive and Calendly to stay on top of their paperwork.
This may not increase the sales of an insurance agent directly, however, by staying on top of things will give the insurance agent a clearer mind and save them from unnecessary stress that can be demotivating at times.
6. Keep Each Client Satisfied and Coming Back to You for Every Need
It doesn’t matter if you are an experienced agent or just starting out in the industry, the more you know about insurance and the industry as a whole the better you will be able to provide your clients with services that will help each one of them achieve the best outcomes possible.
To improve your sales, it is not only about opening new accounts but also taking care of existing clients that need your help.
Repeat business is a key factor to success in the insurance industry. Failure to deliver a claim on the first try can spell bankruptcy for your business. There’s nothing worse than letting someone down after they’ve invested a lot of time and money on your behalf, and insurance have an important responsibility towards their clients. They should strive to earn their keep by treating each claim as if it’s their last, which will surely lead to more sales and more clients in the future.
7. Never Let Your Online Presence Fail You
Lastly, you can achieve great results as an insurance agent in Malaysia by leveraging the internet.
You need to put efforts into building a strong online presence as an insurance agent. It improves your chances of getting chosen by prospective clients because they will see your reviews and know that you are someone knowledgeable and trust-worthy when it comes to insurance. This also helps grow your business in the long run as more and more consumers will find out about you through your reviews.
Start by creating a website. Your website is like your office in the virtual world. It will be a central hub that connects with all your social media accounts and also contact information. List all your credentials on your website and let your website do the talking.