Life Insurance Sales Set a Record in Q1 2017

Posted by Michelle McKinley on Wed, Jun 21, 2017

Life Insurance Sales Resulted in Record High Q1 Numbers

First quarter indexed life insurance sales were $446.5 million. That number is down 16% compared to Q4, but up over 3.4% compared to Q1 2016. “This quarter, indexed life insurance sales were greater than they have ever been in any first quarter, since their introduction 20 years ago,” said Sheryl J. Moore, President and CEO of both Moore Market Intelligence and Wink, Inc. When asked about the life insurance sales decline from last quarter Moore said, “I don’t find the sales decline from last quarter remarkable; that is just a cyclical trend in sales of life insurance products.”

The Wink Sales & Market Report is the insurance industry’s number one resource for indexed life insurance sales data since 1997. It recently expanded to included fixed universal life insurance and whole life products. One hundred life insurance carriers participated in the 79th edition of the report.

Total Q1 non-variable universal life insurance sales were even higher at over $930.3 million. Non-Variable universal life insurance sales include both indexed and fixed universal life insurance product sales.

The survey named Prudential as the number one carrier overall for non-variable universal life insurance sales, with a market share of 6%. Transamerica took second place for non-variable UL, but did have the number one selling product for non-variable universal life insurance sales for all channels combined in the first quarter. Transamerica retained the number one ranking for indexed life sales with an 11.2% market share.

Additional life insurance products will be added to Wink’s Sales & Market Report in coming quarters. The firm will be focusing on increasing participation with their current product lines of indexed universal life insurance, traditional universal life, indexed whole life and traditional whole life insurance product sales.

Now is the time to expand your life insurance business. Grow your insurance sales with exclusive life insurance leads for agents from Parasol Leads. Learn more about our life insurance lead generation services today.

 

Tags: insurance sales, exclusive life insurance leads, life insurance leads

Reinsurance

Posted by Michelle McKinley on Fri, Apr 07, 2017

Digital is Transforming the Insurance Industry

Learn more about reinsurance and how it impacts insurance lead generation

The insurance industry is undergoing a digital disruption, facing new opportunities and challenges. Unlike traditional insurance, where agents sell policies to individual buyers, reinsurance offers a backstop to other insurance agencies. Reinsurance business is about experts gathering and analyzing information on a wide range of topics.

Defining Reinsurance

Swiss Re supports the large and small insurance companies, giving them an understanding of different risks, how they are calculated and how they work with it. Swiss Re visits complex facilities doing risk engineering in an attempt to find out what can go wrong, and what the impact might be.

Learn more about Reinsurance

Tags: insurance sales

Insurance Agents – Who Transitions Well Into Insurance

Posted by Michelle McKinley on Mon, Feb 27, 2017

Should You Transition into Insurance Sales?

So, you’ve decided to become an insurance agent. Now what? Insurance sales is a challenging profession, even if you have prior sales experience. While the most successful insurance agents in the nation make more than $1 million annually, many insurance agents exit the industry within the first year. Learn more about transitioning into insurance sales, and what it takes to make it as an insurance agent.

Life Insurance

Life insurance sales has a reputation for being an easy field to enter, but that’s not always the case. “A lot of companies try to convince job candidates that their company is great and everyone is going to make $100,000,” New York Life Managing Partner Greg Jensen says. “We ask: Is this a suitable career for the candidate? We do an extensive job of interviewing to help the candidates know if this is the right career choice for them.”

Insurance Lead Generation

One of the most challenging aspects of starting out as an insurance agent is generating insurance leads. Insurance lead generation is difficult thanks to stiff competition. Insurance keywords tend to have some of the highest cost per clicks and lowest ROI of any industry. It’s challenging to get consumers to engage with your content when there’s so much content flooding the space. Seasoned insurance agents have a built-in cushion of referral leads, upsells and word-of-mouth that new agents can’t rely upon. Instead, the first months of becoming an agent are often spent cold calling and prospecting for insurance leads.

The Right Fit

How do you determine if insurance sales is right for you? If you have had a career as a real estate agent, mortgage loan officer, teacher or an auto sales specialist you’re probably a good fit according to Jensen. “The ones who have the ability to position themselves and network, the good ones who are finding they need a recession-proof career and those with deep-rooted relationships within their communities have the best chances for success,” he says. A career in insurance offers more flexibility, and fewer weekend and evening hours, making it a good career for those with families, Jensen said.

You don’t have to have had a career in sales to succeed as an insurance agent according to Dan Strubberg, Director of Agency Recruiting and Development for State Farm Insurance in Bloomington, Illinois. “They’re people who strive for recognition, who are competitive, who like the risk of a business venture where they are thriving on the connection of success and hard work and wanting to help people solve the risks of everyday life.”

 

 

Tags: insurance sales, Insurance agents, life insurance sales, insurance industry

Why are young insurance agents so optimistic?

Posted by Michelle McKinley on Thu, Feb 02, 2017

Why young insurance agents are optimistic about their future in insurance

The insurance agency has faced a huge talent gap in recent years. Almost half of all insurance agents are over the age of 45, with 25 percent of the industry expected to retire by 2018. That gap has created a great opportunity for young insurance agents.

The aging of the insurance industry workforce is one reason young insurance agents can secure a bright future for themselves in the insurance industry. According to Insurance Journal’s 2016 Young Insurance Agents Survey, their optimistic outlook is higher today than in recent history.

Young insurance agents are not only optimistic about their own careers, but also about the U.S. economy and even about the ability of their agencies and the industry to attract quality talent, according to feedback from the 500 young insurance agents who responded to the Insurance Journal survey.

“There is job security in the insurance industry if you find the right place to work because of the shortage of agents,” one agent said.

“I believe that the insurance industry is a great way to start a career,” said another young agent who responded to the Insurance Journal survey. “You’re always learning and a lot of individuals will be retiring. Who will replace those people? Young insurance agents!”

Nearly 60 percent of young insurance agents described their outlook on their career as very optimistic, which is up from 51.6 percent in 2015.

The survey identifies what young agents do to advance their careers, what they earn, as well as what they think about their careers and their agencies’ operations and cultures. Overall, young insurance agents feel confident that the industry and their own agencies will attract talent to fill the gap in the coming years.

About the Insurance Agent's Survey

Insurance Journal’s Young Insurance Agents survey 2016 polled more than 500 young insurance agents across the nation on their opinions about the insurance industry, their insurance agency, and how they feel about being an insurance agent.  

Tags: insurance sales, Insurance agents, insurance agencies, insurance news, insurance

5 Tips New Insurance Agents Need to Excel

Posted by Michelle McKinley on Tue, Jan 24, 2017

Start Your Career as an Insurance Agent on the Right Foot

Starting a new career is always challenging, but sales people have particular hurtles many people never have to worry about. Insurance Agents must have a sales instinct to succeed, but there are skills you can learn to help you navigate common career challenges.

An insurance agent is both a sales person and a customer service representative. They must know the insurance industry and insurance products inside and out to be able to sell to, and maintain insurance customers.

If you’re just starting out as an insurance agent, Parasol Leads can help. As insurance lead generation experts, we know what it takes to prospect, generate and sell in the insurance industry. Here are our tips for new insurance agents in 2017.

Prepare to be an excellent resource

It’s time to brush up on those customer service skills you may have acquired at your first jobs. Whether you worked retail, as a waiter or fast food restaurant – having customer service experience can help you be a better insurance agent. It’s customer service that often sets one insurance agency apart from their competitors. In a highly competitive industry like insurance, customer service performance is vital. Your level of customer service can be what sets you apart from other agencies and online insurance offerings. A good insurance agent understands that while their quote might not be the lowest, they can persuade a client by demonstrating the value they’ll receive from choosing you as an agent. Build trust with your clients, and let them lean on you as a resource. It will be much harder for them to leave you for a cheaper quote.

As a sales person, you must cross-sell

As the company’s sales person, it’s your job to match clients with the best insurance product to meet their specific needs, and educate prospects about the insurance products your company offers. Selling insurance is not a one-time sale, it’s about building a life-long relationship with a client that leads to multiple cross-selling opportunities. For example, you can close a deal with a client for auto insurance, but grow that relationship to include home insurance when they purchase their first home, additional car coverage when their children become of age, and so on. Learn from your colleagues. If you’re new to sales, it’s important to listen in on insurance sales calls. Hear what pitches work, and what doesn’t. Ask questions to find out what resonates most with clients. Determining what works best for you comes with experience, and soon you’ll find what sets you apart from other agents.

Don’t go at it alone

You don’t have to approach your new career independently. Most companies encourage collaboration, and learning. Look to your peers and colleagues for advice and strategies. Look outside your agency for other networking opportunities. There are several associations and LinkedIn groups dedicated to providing support for insurance agents. Parasol Leads manages the Insurance Agents Nationwide LinkedIn group, where insurance agents from across the country can share industry news, tips and more. Grow your network, and grow your career in insurance.

Be personable and relatable

Relating to your client is one of the best ways to disarm your prospect, and eliveate the sales person stigma. Instead of general small talk, ask about your prospects interests, work and family life. Focus on your client, and show them that you’re there for them. “Converations are the bedrock of relationships. Without them, our relationships are devoid of substance,” notes Maribeth Kuzmeski, contributer for LifeHealthPro.com. “Conversation is a great way to invest in others. The act of listening – the other half of having a conversation – shows people you care.”

Generating insurance leads, and prospecting for insurance can be challenging in this competitive market. Parasol Leads helps insurance companies and independent insurance agents grow with quality insurance leads that convert. We sell auto insurance leads, life insurance leads, Medicare leads and more that we generate through digital marketing efforts like search engine optimization, search marketing campaigns and social media. Contact Parasol Leads today to grow your insurance sales in 2017 with high quality insurance leads.

 

Tags: insurance sales, Insurance agents, insurance marketing, insurance agencies

Repeal of the Affordable Care Act Will Affect This State Most

Posted by Michelle McKinley on Tue, Jan 17, 2017

The city where the most people would be personally affected by the Republican-led repeal of Obamacare is Miami.

According to recent data, the three congressional districts that have among the highest number of Affordable Care Act enrolless are represented by Republicans. This poses a wrinkle to those House members following their Senate colleagues voting to begin the process of dismantling the 2010 federal law that extended health insurance to as many as 20 million Americans. 

There are over 96,000 people enrolled in the Florida district represented by Republican Lleana Ros-Lehtinen, the highest number in the U.S., according to estimates by the Kaiser Family Foundation.

Her district is followed closely in terms of enrollees, by Republican carlos Curbelo, whose wouthwest Miami-Dade and Monroe County district has 92,500 enrolled in the insurance marketplaces created by Obama and the Affordable Care Act.

Rep. Frederica Wilson opposes rescinding the law,. She has the third-greatest number of enrolles at 94,100, followed by Rep. Mario Diaz-Balart, whose Hialeah to Naples district has 83,300 enrolled in the health care program.

"These numbers should give them pause," said Mangat, an allergist in St. Petersburg. "these are people whose lives have been saved or changed because of the Affordable Care Act."

Every eight out of 10 people in South Florida qualify for the ACA's advanced premium tax credit, a federal subsidy that pays an average of $324 per month toward their marketplace insurance, according to Florence French, South Florida regional director for Enroll America.

According to French, subsidy recipients pay just $75 a month or less for marketplace coverage.

"It would be a really, really devastating blow to these people to go back to the way it was in 2013 when they had no insurance and they were going into the emergency room to see a doctor rather than being able to have a primary care physician," French said.

Tags: insurance sales, Insurance agents, insurance industry

How to Grow Your Insurance Prospect List

Posted by Michelle McKinley on Mon, Nov 14, 2016

Insurance Prospecting Solutions for the Busy Insurance Agent

Prospecting for any sales professional is one of the most time consuming and tedious aspects of a sales role. Prospecting can take hours, especially if you work for a large agency or have a large client portfolio. While insurance prospecting is a dreadful process, it also yields high results and can be fruitful for the agent who can prospect successfully. Insurance prospecting is also key to the two most popular forms of insurance lead generation – direct mail and telemarketing. Without proper insurance prospecting, these two lead generation methods will fail.

There are multiple ways to generate insurance prospect lists. You can prospect in-house or look to insurance data collection companies or list brokers to free up time spent data mining to focus on closing more insurance sales. Whether your prospecting for auto insurance leads, health insurance leads, life insurance leads or Medicare leads the processes can vary. In the old days, insurance agents would use the phone book to generate insurance prospects. While agents can still use the online Yellow Pages to acquire phone numbers, this method is hindered by do not call lists and the ability to block phone numbers via smartphones. Insurance agents who cold call should scrub their lists using the national do not call registries to avoid costly fines.

Other sources for prospect lists include the local chamber of commerce, which is a great source for insurance agents looking to sell commercial insurance.

If prospecting is taking up too much of you or your agent’s valuable time, free up prospecting time by purchasing high quality insurance leads from Parasol Leads. We generate and sell real time and aged insurance leads to agents across the nation who want to free up time spent prospecting, to focus on closing and selling more insurance.

Parasol Leads sells:

Contact Parasol Leads today to learn more about how reducing prospecting time can lead to insurance agency growth, improved ROI and higher insurance sales.

Tags: insurance sales, insurance leads, insurance marketing, insurance prospecting

Insurance Lead Generation Methods

Posted by Michelle McKinley on Mon, Nov 14, 2016

Insurance Lead Generation Methods for the Modern Insurance Agency

Whether or not you are successful as an insurance agent has a lot to do with your, and your agencies, ability to generate insurance leads. Insurance lead generation is the marketing aspect of a mostly sales role. Insurance lead generation is a time consuming and sometimes costly endeavor. There are hundreds of ways to generate insurance leads, but in order to secure the best ROI, close examination is required. That means weighing the cost of things like time, when determining which lead generation methods are most beneficial and cost effective.

Diversifying your lead generation methods is not only a great way to provide security and stability to your insurance marketing efforts, but allows agents and agencies to a/b split test. It’s only through testing can you determine with insurance lead generation methods work best for your sales team, and result in the highest ROI for your insurance business.

Insurance Prospect Lists

Direct mail and telemarketing are two of the most popular methods of insurance lead generation. Part of that popularity comes from the fact that these two methods are also two of the oldest ways to generate insurance leads. Many insurance companies don’t want to rock the boat when it comes to insurance marketing, but that can result in stagnant campaigns and loss of growth. Direct mail and telemarketing campaigns require and depend on prospect lists. Some insurance agents generate their own prospect lists, while others purchase lists from data companies or list brokers. Purchasing a list can be expensive, and quality isn’t always guaranteed.

Traditional Insurance Advertising

Besides direct mail and telemarketing, insurance agents can generate insurance leads through traditional advertising like newspaper, TV, and radio ads. While traditional insurance advertising can still earn insurance agencies significant revenue, true metrics are difficult to track. In ad on TV may bring you thousands of impressions/views, there’s no way to truly determine if these views fall within your target demographic. The same is true for radio and newspaper ads. Agencies can provide insurance marketers with audience insights like viewership/readership, but traditional advertising lacks the irrefutable data that comes from digital campaigns.

Digital Insurance Marketing

Insurance lead generation has changed significantly in the past few years, thanks to digital marketing and social media. Insurance agents can now buy leads in bulk from online lead generation companies, who can provide high quality insurance leads thanks to highly targeted digital campaigns. With a digital campaign, insurance marketers can target specific demographics. You can retarget existing customers to cross-sell other insurance prospects, or generate new leads through remarketing campaigns. Digital marketing as made it possible for insurance agencies to grow at far faster rate than ever before.

Looking to leverage high quality leads from insurance marketing campaigns? Contact Parasol Leads to learn more about our insurance marketing and insurance lead generation campaigns, and find out how your agency can benefit from high quality insurance leads from Parasol Leads.

Tags: insurance sales, insurance leads, insurance marketing

You’re Losing Insurance Sales Because of This

Posted by Michelle McKinley on Fri, Oct 07, 2016

5 Ways to Perfect Your Insurance Pitch

Some people are just born sales people. Others need a little coaching. Don’t give up on a potential star insurance agent before they’ve had a chance to grow. Use these top insurance sales strategies to take a mediocre agent, and turn them into an insurance agent super star.

Use Recordings

Role playing can be an intimidating process, but it’s one of the best ways to refine a pitch. Video recording can be an answer to those new insurance agents squeamish about role playing with colleagues. Practicing your insurance pitch via video can help you perfect:

  • Proper amount of eye contact
  • Confidence in your pitch
  • Correct any physical distractions like fidgeting
  • Listening

Keep Track of Lost Deals

Most people would say that mistakes are worth making as long as you learn from them. The same goes for lost insurance deals. While no one wants to lose an opportunity, you can learn from every lost sale. Take notes of each loss – what you said and didn’t say – in order to learn on your next sales call.

Work Closely with Peers in the Beginning

While there are many different sales styles, you or your newer insurance agents can learn from seasoned veterans. Listen in on sales calls, read their email outreach, study their pitches and compare their methods with what you’re currently doing. Take their feedback into consideration, but make your pitch your own for best results.

Memorize First, Then Improvise

It’s important to memorize your insurance sales script at first. This can prevent you from stumbling on sales calls, or tripping on your words. Once you’ve got your pitch down, and feel more confident, you can improvise.

Learn from Non Insurance Sales Reps

There are certain aspects of sales that are universal. Pay close attention to how other sales people pitch their services or products. Use these tried and true techniques in your insurance outreach to close more insurance sales.

Want to close more insurance sales? Buy high quality, real-time insurance leads from Parasol Leads. Contact us to learn more now.

Tags: insurance sales

What Chat Bots Can Do for Your Insurance Company

Posted by Michelle McKinley on Fri, Oct 07, 2016

Customers are increasingly demanding a better insurance buying experience. They’re looking for those insurance companies who provide multiple methods for communication, beyond call centers. Funny enough, one of the best ways to provide a more personal connection with insurance clients is through the use of robots. In this case, insurance chat robots.

Insurance customers hate going through phone prompts, and being filtered through international call centers. In an ever digital world, insurance customers are looking for ways to digitally interact with their insurers. Customer preferred methods of communication include live chat and texting. Some companies even respond to customer service inquiries via tweets.

Chat bots can actually handle between 70% and 80% of insurance customer queries, and can hand off insurance queries to live agents when unable to respond. The transition is seamless, and often sounds less robotic than a call center employee reading of a script.

Bots like Domino’s pizza tracker, allow customers to follow their order live. Their able to see where their order is in the process without ever having to speak with someone at Dominos. Think of the benefits of applying this technology to insurance. Many insurance customers call their agency to find out where their claims are in the process. By streamlining this process with the use of technology, bots can respond to customers, making the process easier and eliminating the high volume of calls centers manage a day.

Keep your insurance clients happy by using technology to your advantage. Make communicating with your insurance company better, and keep retention rates high.

How does your insurance agency field calls? In what ways do you work to make your communications with clients more personal? Share your thoughts below.

Contact Parasol Leads for high quality insurance leads today.

Tags: insurance sales, Insurance agents, insurance marketing