One of the main challenges for Insurance Agents is legally gaining information on prospective customers.
Winning customers for insurance agents may be more complicated than any other professional service. More so, given most people already have at least one insurance policy. Bankrate says more than half of all Americans have some type of life insurance, and there are many more types like auto, home, health, and so on.
Accessing prospective customers’ existing insurance policies is no easy task. With identity theft being a real threat sharing policies via email don’t appeal to many people. Therefore insurance agents need to work smarter, not necessarily harder. Many strategies lead to customer discovery, and they include:
- Insurance agent platform
- Digital and social media marketing
- In-person networking
Let’s look at the different ways of getting fast access to insurance policy information and other critical customer data.
To know the particulars of a prospect’s current policy, the insurance agent needs access to the policy’s declaration pages.
Declaration Pages of a Policy
Now, what do these declaration pages contain? They are a separate section of the insurance policy outlining the essential details.
Some of these are the description and amount of the item covered, deductibles, policy limit, coverage dates, and a hair-splitting analysis of the premium charged. But as already mentioned accessing insurance policy information is both tedious and time-consuming.
So using the below tools can expedite the process of the insurance agents and make the task of information procurement on declaration pages easier.
Digitization has paved the way for every business to scale up. So why should the insurance agents lag?
A website is always a must-have for any business, including insurance agents. Later on, in this article are some ways customer discovery can be successful with a website.
Another must-have solution is using a secure platform to share personal information.
Before businesses adopted digital transformation, most insurance agents used traditional practices to chase down prospective clients.
While agents still need to educate them on a declaration page, going digital and using tools and platforms that make sharing information more accessible has made buying and selling insurance straightforward.
The information-gathering process is thus faster, and new insurance policies can be tailored to meet customers’ needs quickly.
The bottleneck in the sales process has been getting access to the relevant data. Using a platform designed to access insurance policy information faster, the insurance agents can operate their business more efficiently and profitably.
Improved client experience
These tools are so easy to use that even age is no barrier. The elderly population who are not used to the internet can also access these tools effortlessly and share the declaration pages through a link.
Provide greater transparency in the sales process
Data capture and storage platforms enable prospective clients can share their information quickly. There is transparency, i.e., policyholders know what they have shared with the insurance agents by clicking a simple link. Hence, there is no possibility of misunderstanding, fraud, or number fudging. In a nutshell, the tools for collecting policy information are not only simple but also transparent.
More sales and customer retention
Once the policyholders are comfortable sharing their declaration pages, it becomes easier for the insurance agents to meet their needs with more relevant insurance.
Retaining customers is critical, and insurance agents can cross-sell other insurance like homes, autos, etc., easier when both parties use the same platform to share information.
Most sales platforms also include marketing tools like email and txt so salespeople like insurance agents can manage their leads.
This also explains why insurance agents need their own website and social media profiles to join and attend in-person networking events.
Software and apps are only as good as the data captured. Insurance agents still need to do the marketing to get access to prospective customers.
Receiving half-baked information from prospective clients is a challenge most insurance agents encounter.
So resorting to digital tools is the fastest, easiest, and most productive way of converting prospects into customers and retaining them in today’s highly competitive insurance market.
Going digital expedites the information-gathering process for insurance agents by allowing them to access insurance policy information quickly.
But these tools can be used in various sales situations, too. So to increase business productivity, insurance agencies must adopt these agent policy tools and other ways to improve the uptake of customer information at the earliest. Because according to some insurance experts, accessing policies quickly can increase the chances of closing a deal by about 50 percent. Which is quite a significant number.