With the Global Insurance Market estimated to witness major growth in 2022 and 2023, insurance companies are leveling up their business strategies against a challenging market shadowed by inflation, low-interest rates, and a slowing global economy.
Harnessing pristine solutions amidst such challenging situations, many insurance companies have come out to be successful and on the thriving end of the spectrum. It’s been estimated in a survey by the Swiss Re that the value of total premiums would exceed the 7 trillion USD mark by the end of 2022.
This article will share five growth strategies to help you level up your insurance business and earn more in 2023.
1.Personalized experiences
With 58% of insurance consumers willing to pay more and switch to an insurer that provides a personalized and trustworthy experience, the days of generalizing insurance are long gone! Customers constantly seek providers who understand and meet their needs through beneficial insurance policies.
Insurance premiums' lucrative and tangible nature makes it all the more important for insurers to provide tailor-made policies for their customers. Research by Accenture estimated that 77% of customers are willing to trade their consumer trends and behavior data for a lower-cost policy with personalized recommendations.
This shows the urgency for insurers to adopt intelligent data methods and CRM tools to derive customer data and improvise their policies. With Artificial Intelligence and advanced data analytics tools, your company can leverage the wealth of customer data that accrues yearly and develop individual policies for different customer segments.
Placing customers at the center, this customer-centric approach will keep you ahead of the competitive edge and ensure your growth in the coming years in the industry.
2.Cross-selling strategies
Cross-selling is second nature to seasoned insurance agents. If you wish to focus on customer retention and increase the value of your customers, then cross-selling is a technique that can take your insurance business to newer heights. The secret is in knowing when and how to cross-sell.
The best cross-selling strategy is to meet the client's immediate needs and then time the cross-selling offer you can forward to the customer. This involves understanding the customer's different requirements, the kinds of insurance he might require, insurance premiums he already has with other companies, and the time of their renewals. Once you have the relevant information, you can time your cross-selling pitch and score higher transactions from existing clients.
Here are a few cross-selling strategies to help you earn more and acquire more profits:
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Personalizing your cross-selling strategies
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Asking the right questions
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Educating your clients regarding your products and services
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Help clients see the benefits by discussing saving opportunities and client discounts that your agency is giving for policy bundles. Your client must see what is in it for them.
It’s advisable to cross-sell to existing clients in the insurance industry as they’re more likely to stick to one provider once you’ve earned their trust and reliability. Selling to newer clients also costs more as compared to existing ones. You have wider chances of pitching your sales strategy at a lower investment when you’re cross-selling to customers who've been with you for some time and have benefitted from your company.
3.Focus on value, not on price
Insurance is nothing like selling a commodity; hence your sales pitch cannot be too salesy, but! When you’re offering an insurance policy to a customer, you need to help them understand the value that the policy is offering and how it can help them in the long run!
Most customers are worried about the interest rates and the huge amount they might have to invest when they go for a policy, and eventually back out from a deal or take longer to arrive at an informed decision. This can be done away with as you represent the value that a particular policy is holding for the customer instead of putting a budget outright. This gives your prospect a clearer picture of what they can expect from your company and how they will be benefitted from the policy.
As an agent, if you put forward lower cost policies with hopes that you’ll get more sales, sooner or later, your strategy will be demolished by a competitor offering cheaper rates, and your customer might start shopping around as they reach the time of renewal! However, if you leverage the policy's value and how it differs from the ones offered by the big sharks, you get yourself a potential customer you can later cross-sell or upsell policies.
Hence, the secret to scaling your business and earning more is by focusing on value and not the price!
4.Harness the power of social media
If you're looking forward to scaling in the fiercely competitive insurance industry in the upcoming years, you must make the most of social media to rein the market.
With platforms like Facebook and Instagram bringing in 80% of traffic flows to big company websites, social media has taken the digital marketing world by storm. Social media platforms establish a seamless connection between the client and the agent. It makes you accessible to potential clients, prospective leads, valuable networks, and assets you might not have foreseen yet! What's more interesting is that you can advertise your policies and company through Facebook and Instagram ads to reach out to millions of people at an affordable price.
Insurance companies that are lagging client-wise or haven't seen a growth curve in a long time need to look into their marketing strategies and make the most of social media platforms to create a robust brand presence. Your customer will be more likely to acknowledge you when they’ve come across your posts or ads that showcasee a potential value proposition. It's that simple in today's digitized world. Hence, by promoting your USP and customer reviews through social media, you can attract huge prospects and maximize your revenue quickly.
5.Using Asteya+
A comprehensive solution to your insurance business growth, Asteya Plus provides multiple services that your agency can benefit from largely. From email marketing automation to client engagement tools, Asteya understands the latest trends in the industry and has come up with relevant features to assist your agency in staying ahead of the competition. What's even more interesting? Asteya Plus is available to insurers at $0, which means no initial investment.
If you're still wondering what's in it for you and your agency, here's a list of services that Asteya Plus is offering to insurance agencies looking forward to earning more in 2023:
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Email marketing automation
Did you know that 80% of customers would rather receive business communications through email than any other mode of communication? Email Marketing has dynamically transformed businesses and is currently an indispensable marketing tool to drive revenue and conversions.
Asteya Plus offers email marketing automation services that will help you automate your marketing campaigns and personalize your emails for different customers. This also eliminates the need for manually sending emails and heightens the customer experience through visual templates and quality content. You can choose from a galore of templates and designs and schedule your marketing campaigns to engage your customers.
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Client engagement tools
With client engagement tools such as chatbots, feedback forms, push notifications, and customer dashboards, agents can respond to clients much faster and keep them engaged. While chatbots can offer 24/7 services to customers, feedback forms go a long way in helping your clients feel valued and that you care for their opinions.
Customers are at the core of insurance businesses; keeping them engaged is primary to increasing revenue and profits. Through the optimized client engagement tools by Asteya Plus, your agents can make the most of your customer data and deliver personalized experiences.
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Insurance management system
Increase your business efficiency and deliver the best-in-class customer experience with the Asteya Plus insurance management system. With reports on customer trends and sales processes, you can monitor your business performance and strategize your operations effectively. This tool will help you nurture your leads and convert prospects into clients, optimize cross-selling strategies, and understand each customer's unique needs.
Let's look into some of the significant features of the insurance management system to understand how it can benefit your agency:
1-It includes the core functionality of CRM to nurture leads and suggest personalized business strategies.
2-Contact management services organize your client data effectively to help you access your client data right away.
3-Streamlines workflow.
4-Produces analytics and data reports for improved business performance.
Earn more with effective strategies!
To acquire newer leads and create an astounding brand presence, it’s important to think outside the box and look into dynamic business operations that can help your company grow! With the right strategy and the latest technology, your company can achieve new heights and see revenue flowing within a short period. Asteya Plus offers the best income insurance solutions at zero cost for companies that want to grow in value and profitability.
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