<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>financial advisor tips for success Archives - LegacyShield</title> <atom:link href="https://marketing.legacyshield.com/industry-news/tag/financial-advisor-tips-for-success/feed/" rel="self" type="application/rss+xml" /> <link>https://www.legacyshield.com/industry-news/tag/financial-advisor-tips-for-success/</link> <description>Our Family Protecting Yours</description> <lastBuildDate>Wed, 30 Dec 2020 00:30:00 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.2</generator> <image> <url>https://marketing.legacyshield.com/wp-content/uploads/2020/12/emblem@2x-150x150.png</url> <title>financial advisor tips for success Archives - LegacyShield</title> <link>https://www.legacyshield.com/industry-news/tag/financial-advisor-tips-for-success/</link> <width>32</width> <height>32</height> </image> <item> <title>Our 2020 Year in Review for the Insurance Industry</title> <link>https://marketing.legacyshield.com/industry-news/our-2020-year-in-review-for-the-insurance-industry/</link> <dc:creator><![CDATA[Dan Pierson]]></dc:creator> <pubDate>Wed, 30 Dec 2020 00:30:00 +0000</pubDate> <category><![CDATA[Insurance News]]></category> <category><![CDATA[financial advisor tips for success]]></category> <guid isPermaLink="false">http://18.220.128.78/?p=7313</guid> <description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/our-2020-year-in-review-for-the-insurance-industry/" title="Our 2020 Year in Review for the Insurance Industry" rel="nofollow"><img width="300" height="250" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_1877850283.png" class="webfeedsFeaturedVisual wp-post-image" alt="Goodbye 2020" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" fetchpriority="high" /></a><p>It’s been a long year. Even remembering where we were last December seems difficult after...</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/our-2020-year-in-review-for-the-insurance-industry/">Our 2020 Year in Review for the Insurance Industry</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></description> <content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/our-2020-year-in-review-for-the-insurance-industry/" title="Our 2020 Year in Review for the Insurance Industry" rel="nofollow"><img width="300" height="250" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_1877850283.png" class="webfeedsFeaturedVisual wp-post-image" alt="Goodbye 2020" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" /></a> <p>It’s been a long year.</p> <p>Even remembering where we were last December seems difficult after we’ve experienced days that felt like weeks and weeks that felt like months.</p> <p>We started 2020 with the stock market rising, the economy strong and a positive outlook on a new decade. When the COVID-19 virus began spreading around the world, all of our lives changed. What followed was a challenging year filled with uncertainty, fear and sickness. It’s been a year where many businesses, including insurance practices, were forced to close their doors.</p> <p>Yet, necessity has again become the mother of invention. As shelter-at-home and then social distancing guidelines came into place, our society soon realized there was a “<a href="https://www.wsj.com/articles/20-ways-2020-changed-how-we-use-technology-forever-11603479962" target="_blank" rel="noreferrer noopener">tech solve</a>” for everything from family gatherings and concerts to business meetings and even insurance sales.</p> <h2 class="wp-block-heading"><strong>How the Insurance Industry Changed in 2020</strong></h2> <p>From my perspective, the insurance industry as a whole made a massive pivot toward digital transformation this year. Even life insurance, once considered a field that couldn’t adapt to the digital age or would do so at a slow pace, underwent rapid – and necessary – shifts.</p> <p>For the insurance industry, 2020 was the year when:</p> <ul class="wp-block-list"><li><strong>A digital transformation took over.</strong> Insurance agents adopted various tools, including video conferencing, e-applications, e-signatures and e-delivery, to continue providing service to their clients. Underwriting changed regarding how carriers secure records and how people receive coverage. Many practices that pivoted toward the digital arena saw great success as interest in life insurance and financial investments surged.</li></ul> <ul class="wp-block-list"><li><strong>More consumers became open to digital solutions. </strong>People of all ages turned to the internet for their business, entertainment and financial needs. A month into the outbreak, 87% of U.S. adults said the <a href="https://www.pewresearch.org/internet/2020/11/13/american-life-in-the-midst-of-crisis-how-people-are-using-technology-as-their-lives-are-upended/" target="_blank" rel="noreferrer noopener">internet was important for them</a> with 53% deeming it essential. <strong>Those numbers include 80% of people 65 and older.</strong> The myth that the insurance industry can’t move forward digitally because <a href="https://www.bloomberg.com/news/features/2020-05-06/in-lockdown-seniors-are-becoming-more-tech-savvy" target="_blank" rel="noreferrer noopener">older clients</a> won’t accept change is busted. People are more comfortable with digital services than ever with Zoom alone seeing a <a href="https://www.businessinsider.com.au/benioff-salesforce-make-370-percent-return-zoom-invested-100-million-2020-4#:~:text=More%20than%20300%20million%20people%20joined%20Zoom%20meetings%20on%20April,at%20the%20end%20of%20December." target="_blank" rel="noreferrer noopener">2,900% increase</a> in participants this year. </li></ul> <ul class="wp-block-list"><li><strong>The balance of power shifted toward consumers.</strong> Consumers firmly took the driver’s seat this year. Insurance sales are happening more and more on their time, and in the era of one-click shopping, their expectations continue to rise. They increasingly expect frictionless sales, flexible solutions, consistent communication and personalized recommendations from their insurance providers.</li></ul> <p><em>Related Articles</em></p> <ul class="wp-block-list"><li><a href="/industry-news/digital-transformation-in-life-insurance-is-here-to-stay/" target="_blank" rel="noreferrer noopener">Digital Transformation in Life Insurance is Here to Stay</a></li><li><a href="/industry-news/7-must-know-client-tips-for-insurance-advisors-during-social-distancing/" target="_blank" rel="noreferrer noopener">7 Must-Know Tips for Insurance Advisors During Social Distancing</a></li><li><a href="/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/" target="_blank" rel="noreferrer noopener">It’s About One Click: Lessons Insurance Agents Can Learn from Amazon</a></li></ul> <p>While the balance may be more in favor of insurance consumers right now, their desire to connect and communicate with advisors online also represents a significant opportunity – one that LegacyShield has been helping insurance agents achieve throughout 2020.</p> <h2 class="wp-block-heading"><strong>How LegacyShield Unlocked New Client Collaboration for Advisors</strong></h2> <p>As a life insurance technology leader, our team at LegacyShield was already on the trajectory toward advanced client collaboration before the pandemic hit. We were proud to help many advisors adjust their practices to meet the marketplace’s needs during this challenging time.</p> <p>Driven to provide best-in-class solutions for advisors, we launched our advisor-rich platform, Link, this summer. <a href="/products/link-by-legacyshield" target="_blank" rel="noreferrer noopener">Link</a> has been a lifeline for advisors in 2020, allowing them to:</p> <ul class="wp-block-list"><li>Securely share files, insurance policies, and information digitally—a crucial need in the age of social distancing;</li><li>Fluidly have conversations and collaborate with clients within the platform;</li><li>Gain next-level insights into their clients’ behavior and insurance needs so that they can contact clients at the right time; and</li><li>Build a multi-generation book of business by allowing clients to link their family and friends to their accounts, generating a new source of referrals.</li></ul> <p>As we look forward to 2021 and an eventual end to the pandemic, we are excited for a return to normal. But we know the old “normal” isn’t coming back entirely for the insurance industry. Digital technology will be an integral part of doing business from now on with <a href="/industry-news/3-challenges-insurance-brokers-face-in-2021/" target="_blank" rel="noreferrer noopener">experts predicting</a> a shift to a hybrid model where client-advisor communication happens via online channels and in-person interactions.</p> <p>The need for seamless online communication will only grow as younger, tech-savvy generations become the main insurance buyers. At LegacyShield, our goal is to continue building a platform that will simplify workflows and enhance business for advisors, both now and in the future. </p> <p>To learn more about where the insurance industry is heading next, read our blog, “<a href="/industry-news/insurance-agents-should-pay-attention-to-these-industry-trends/" target="_blank" rel="noreferrer noopener">Insurance Agents Should Pay Attention to These Industry Trends</a>.”</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/our-2020-year-in-review-for-the-insurance-industry/">Our 2020 Year in Review for the Insurance Industry</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></content:encoded> </item> <item> <title>The Advantages of Insurtech Insights</title> <link>https://marketing.legacyshield.com/industry-news/the-advantages-of-insurtech-insights/</link> <dc:creator><![CDATA[Dan Pierson]]></dc:creator> <pubDate>Wed, 23 Dec 2020 00:30:00 +0000</pubDate> <category><![CDATA[Insuretech & Technology]]></category> <category><![CDATA[financial advisor tips for success]]></category> <category><![CDATA[insurance book of business]]></category> <guid isPermaLink="false">http://18.220.128.78/?p=7304</guid> <description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/the-advantages-of-insurtech-insights/" title="The Advantages of Insurtech Insights" rel="nofollow"><img width="300" height="199" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-CDtnYi-300x199.jpeg" class="webfeedsFeaturedVisual wp-post-image" alt="client data" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-CDtnYi-300x199.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-CDtnYi-1024x678.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-CDtnYi-768x509.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-CDtnYi-1536x1017.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-CDtnYi-2048x1357.jpeg 2048w" sizes="(max-width: 300px) 100vw, 300px" /></a><p>The post <a href="https://marketing.legacyshield.com/industry-news/the-advantages-of-insurtech-insights/">The Advantages of Insurtech Insights</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></description> <content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/the-advantages-of-insurtech-insights/" title="The Advantages of Insurtech Insights" rel="nofollow"><img width="300" height="199" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-CDtnYi-300x199.jpeg" class="webfeedsFeaturedVisual wp-post-image" alt="client data" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-CDtnYi-300x199.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-CDtnYi-1024x678.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-CDtnYi-768x509.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-CDtnYi-1536x1017.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-CDtnYi-2048x1357.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a> <div id="fws_67d640fbe98e3" data-column-margin="default" data-midnight="dark" class="wpb_row vc_row-fluid vc_row top-level standard_section " style="padding-top: 0px; padding-bottom: 0px; "><div class="row-bg-wrap" data-bg-animation="none" data-bg-overlay="false"><div class="inner-wrap"><div class="row-bg" style=""></div></div><div class="row-bg-overlay" ></div></div><div class="row_col_wrap_12 col span_12 dark left"> <div class="vc_col-sm-12 wpb_column column_container vc_column_container col no-extra-padding inherit_tablet inherit_phone " data-t-w-inherits="default" data-bg-cover="" data-padding-pos="all" data-has-bg-color="false" data-bg-color="" data-bg-opacity="1" data-hover-bg="" data-hover-bg-opacity="1" data-animation="" data-delay="0" > <div class="vc_column-inner" ><div class="column-bg-overlay-wrap" data-bg-animation="none"><div class="column-bg-overlay"></div></div> <div class="wpb_wrapper"> <div class="wpb_text_column wpb_content_element " > <div class="wpb_wrapper"> <p>Data is the key to survival in the insurance industry today. Customers expect their advisors to have the insurtech solutions to deliver personalized insights via online channels, but utilizing insurtech insights is also essential to keep up with the competition.</p> <p>Data-driven organizations are 23 times more likely to acquire customers than their peers. Major insurers are already making significant investments in big data with 86% of insurance companies working on <a href="https://www.damcogroup.com/blogs/insurance-data-analytics-for-insurers/" target="_blank" rel="noopener">insurance data analytics</a> to optimize predictions.<span id="more-7304"></span></p> <p>But “big data” is not only intended for big companies. Insurance agents and advisors can also collect and convert data into useful insights that drive their business. With an advisor-rich insurtech platform that provides next-level insights, agents can drive sales, build stronger client relationships, and increase referrals.</p> <p>Here’s why an omniscient overview of clients and their financial well-being will be the key to future business.</p> <h2 class="wp-block-heading"><strong>Higher Visibility Increases Client Sales</strong></h2> <p>The vast majority of digital tools that agents use today – from CRMs to quoting software – are focused on customer acquisition. Many agents lack a technology solution that helps maintain the client-advisor relationship after the initial sale.</p> <p><strong>This represents a major gap in business for agents. Why? Because current customers are often prime prospects for future sales.</strong></p> <p>With an advisor-centric platform like <a href="/products/link-by-legacyshield/" target="_blank" rel="noopener">Link by LegacyShield</a>, advisors and clients can collaborate within the platform, securely share policies, message each other, and store files. Advisors receive notifications when clients make changes within the platform and receive comprehensive activity alerts for each client. </p> <p>Insights can include when and how clients view information, what they’re saving and what they’re not, and what items they look at after the sale is complete.</p> <p>These next-level insights allow insurance agents and financial advisors to identify gaps in coverage, know when to reach out to clients, and alert them to sales opportunities. For example, if a client logs a major life event – like buying a house or having a baby – the advisor can proactively reach out to the client to discuss increasing their coverage or to recommend solutions.</p> <p>By using software to achieve higher visibility into their clients’ activities, advisors can provide their clients with just-in-time service and personalized solutions to solve their client’s needs and maximize sales – all without a lot of leg work.</p> <h2 class="wp-block-heading"><strong>Client Insights Lead to Stronger Relationships </strong></h2> <p>Being able to predict and provide the right solutions <em>at the right time</em> has long-term benefits beyond immediate sales. It also builds a stronger client-advisor relationship.</p> <p>The majority of today’s customers want to connect, share, and conduct business online, according to a <a href="https://www.cnbc.com/2019/10/21/what-the-68-trillion-great-wealth-transfer-means-for-advisors.html" target="_blank" rel="noopener">CNBC study</a>. When advisors connect with their clients online and use data to make personalized recommendations, clients begin to see them as trusted advisors rather than just intermediaries. Brand loyalty and trust increase as a result. With that foundation of trust, clients are willing to share even more important information and life details that matter most. That can include opening up their network of family, friends, and contacts to their advisor.</p> <p>In the end, the advisor is creating a positive feedback loop where the client and advisor both benefit from increased communication and advanced insights. This relationship-focused business model reduces churn and increases customer retention, which is key to running a business in a cost-efficient way. [Read more from our blog, “<a href="/industry-news/insurance-sales-roi-are-you-doing-the-right-math/" target="_blank" rel="noopener">Insurance ROI: Are You Doing the Right Math?</a>”]</p> <h2 class="wp-block-heading"><strong>Deeper Connections Uncover New Leads</strong></h2> <p>Client insights powered by insurtech can do more than increase sales among current clients. Insurtech tools are also a powerful way to increase referrals – the most powerful source of new leads.</p> <p>For example, a platform like Link allows clients to connect their <a href="/industry-news/the-bridge-to-beneficiaries/" target="_blank" rel="noopener">family members and friends</a> to their account to be certain that their financial information and other assets get to the right people at the right time. When clients connect with these individuals, they become new referral sources for the advisor. Since the advisor already knows about the clients’ families, they can naturally reach out and connect across multiple generations.</p> <p>Retaining a clients’ family members can build generational loyalty and a strong book of business. <strong>Customer retention does not relate to just one client; instead, advisors can retain entire families as clients.</strong></p> <p>Client insights attract a multitude of opportunities and advantages that become more critical each year. With new insurtech options available, advisors can now use data-backed insights to provide the next level of customer-centricity and efficiently manage their businesses.</p> <p>To learn how consistent communication works in tandem with client insights to boost your business, check out our blog, “<a href="/industry-news/unlocking-success-for-insurance-agents/" target="_blank" rel="noopener">Unlocking Success for Insurance Agents</a>.”</p> <p> </p> </div> </div> </div> </div> </div> </div></div><p>The post <a href="https://marketing.legacyshield.com/industry-news/the-advantages-of-insurtech-insights/">The Advantages of Insurtech Insights</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></content:encoded> </item> <item> <title>Insurance Agents – Pay Attention To These Industry Trends</title> <link>https://marketing.legacyshield.com/industry-news/insurance-agents-pay-attention-to-these-industry-trends/</link> <dc:creator><![CDATA[Dan Pierson]]></dc:creator> <pubDate>Wed, 16 Dec 2020 00:30:00 +0000</pubDate> <category><![CDATA[Insurance News]]></category> <category><![CDATA[financial advisor tips for success]]></category> <guid isPermaLink="false">http://18.220.128.78/?p=7187</guid> <description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/insurance-agents-pay-attention-to-these-industry-trends/" title="Insurance Agents – Pay Attention To These Industry Trends" rel="nofollow"><img width="300" height="199" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-FEYtM4-300x199.jpeg" class="webfeedsFeaturedVisual wp-post-image" alt="" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-FEYtM4-300x199.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-FEYtM4-1024x678.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-FEYtM4-768x509.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-FEYtM4-1536x1017.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-FEYtM4-2048x1357.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a><p>The sentiment is certainly true of the insurance industry. The slow progression toward digital transformation...</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/insurance-agents-pay-attention-to-these-industry-trends/">Insurance Agents – Pay Attention To These Industry Trends</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></description> <content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/insurance-agents-pay-attention-to-these-industry-trends/" title="Insurance Agents – Pay Attention To These Industry Trends" rel="nofollow"><img width="300" height="199" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-FEYtM4-300x199.jpeg" class="webfeedsFeaturedVisual wp-post-image" alt="" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-FEYtM4-300x199.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-FEYtM4-1024x678.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-FEYtM4-768x509.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-FEYtM4-1536x1017.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-FEYtM4-2048x1357.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a> <p>The sentiment is certainly true of the insurance industry. The slow progression toward digital transformation became critical overnight with the COVID pandemic. Everyone in our industry has had to shift how they work or interact with customers in some way.</p> <p>This year has been all about response and survival, but it’s time to look forward. Digital transformation is no longer a trend – it is <em>the </em>trend. This push toward digitization is leading to several emerging developments as a result.</p> <p>Here are the top trends that insurance agents should pay attention to so that you can continue gearing your practice for success in a rapidly changing industry.<img decoding="async" src="blob:http://18.220.128.78/7b8693fb-9650-419c-9c98-909fd370dd23"></p> <h2 class="wp-block-heading"><strong>Insurers are mandating digitization</strong></h2> <p><strong>For major insurers, providing digital pathways for insurance has quickly shifted from a <em>want</em> to a <em>need</em>.</strong> Paper applications, long the industry standard, will no longer be accepted by many carriers. Instead, they’re putting major investments into new pathways for efficiently transferring data as well as technology like human API to obtain client information and health records.</p> <p>It’s critical that agents adjust their practices to meet the new speed of business set by the insurers. You must be able to execute business faster and speed up processes. That will almost certainly involve adopting new technologies and workflows. According to Marc Schwartz, Principal at <a href="https://www.windsorinsurance.com/" rel="noreferrer noopener" target="_blank">Windsor Insurance</a>, this may also mean only focusing on a few carriers and learning their platforms really well. (Read more from our Q&A with Schwartz on insurance technology <a href="http://18.220.128.78/industry-news/insurance-technology-past-present-and-future-qa-with-marc-schwartz/" target="_blank" rel="noreferrer noopener">here</a>.) </p> <p>Whatever the case, digital pathways for insurance are no longer an option or a perk to offer clients. The digital space is becoming the new hub of insurance business – where client communication, information sharing, and policy delivery will all take place.</p> <h2 class="wp-block-heading"><strong>Customer personalization growing in popularity</strong></h2> <p>Digital leaders in other industries have <a href="/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/" target="_blank" rel="noreferrer noopener">raised the expectations</a> of insurance customers, who now expect a personalized and flexible customer journey. Omnichannel interactions will be the norm moving forward with consumers using a variety of online and offline channels before buying an insurance policy.</p> <p>The good news is that personalization provides many opportunities to increase sales and improve brand loyalty. In fact, <a href="https://www.mckinsey.com/industries/financial-services/our-insights/the-future-of-life-insurance-reimagining-the-industry-for-the-decade-ahead" target="_blank" rel="noreferrer noopener">a McKinsey study</a> found engaging with potential life insurance customers through multichannel, personalized customer interactions has the ability to reduce customer acquisition costs by up to 50% and reduce customer churn by up to 30%.</p> <p>There are several reasons why. One, omnichannel interactions provide more opportunities for agents to proactively reach out to potential clients likely to lapse. Fewer customers get lost in the sales cycle with multi-channel outreach.</p> <p>Another major reason is that the life insurance sales cycle is being redesigned. Instead of a one-time purchase that is very occasionally reviewed or renewed, life insurance underwriting is being considered more a continuous process.</p> <p>Using data-driven digital tools, agents can be more connected with their clients and continue adjusting policies over time to meet clients’ changing needs. For example, with an advisor-rich insurtech platform like <a href="/products/link-by-legacyshield/" target="_blank" rel="noreferrer noopener">Link by LegacyShield</a>, advisors and clients can continuously communicate. As they collaborate in the platform, advisors gain advanced insights into clients’ important life details. They also receive notifications when clients view a file or make changes so that they can reach out to clients at the right time. The result is more sales for the advisor and better, more personalized coverage for clients.</p> <h2 class="wp-block-heading"><strong>Regulatory challenges require flexible solutions</strong></h2> <p>While digitization provides a number of benefits, like automating manual, repetitive activities and providing a superior customer experience, it does pose new challenges. Most notably, data privacy and regulatory compliance are major concerns for the industry.</p> <p>Insurers have already been the targets of some of the biggest data breaches, and 52% of insurers expect to <a href="https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-outlooks/insurance-industry-outlook.html" rel="noreferrer noopener" target="_blank">boost spending on data privacy</a> in 2021. State and national legislators are introducing and passing new insurance data security laws designed to better protect clients’ information.</p> <p><strong>Keeping up with all the changing regulations is a job in itself – and not one that insurance agents can afford to do</strong>. Again, this is where the value of an advisor-centric platform comes into play. When you use an insurtech platform designed to <a href="/industry-news/why-data-security-is-vital-a-word-from-our-chief-technology-officer/" target="_blank" rel="noreferrer noopener">protect data security</a> and meet all insurance regulations, you can spend less time making sure you’re following regulatory compliance, and more time communicating with clients and digitally sharing the information and policies they need.</p> <p>Change may be happening quickly right now in the insurance industry, but that also makes it an exciting time. Agents who remain flexible and open to new opportunities will be at the helm of positive change for their clients and their business.</p> <p>For more information on how to successfully navigate the new insurance landscape, check out our blog, “<a href="/industry-news/insurance-agents-move-into-change-or-be-left-behind/" target="_blank" rel="noreferrer noopener">Insurance Agents: Move Into Change or Be Left Behind</a>.”</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/insurance-agents-pay-attention-to-these-industry-trends/">Insurance Agents – Pay Attention To These Industry Trends</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></content:encoded> </item> <item> <title>3 CHALLENGES INSURANCE BROKERS FACE IN 2021</title> <link>https://marketing.legacyshield.com/industry-news/3-challenges-insurance-brokers-face-in-2021/</link> <dc:creator><![CDATA[Heather McKee]]></dc:creator> <pubDate>Sun, 13 Dec 2020 00:06:14 +0000</pubDate> <category><![CDATA[Insurance News]]></category> <category><![CDATA[financial advisor tips for success]]></category> <category><![CDATA[insurance book of business]]></category> <category><![CDATA[Insurtech]]></category> <guid isPermaLink="false">http://18.220.128.78/?p=6941</guid> <description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/3-challenges-insurance-brokers-face-in-2021/" title="3 CHALLENGES INSURANCE BROKERS FACE IN 2021" rel="nofollow"><img width="300" height="200" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/confused-young-african-businessman-1-scaled-1-300x200.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/confused-young-african-businessman-1-scaled-1-300x200.jpg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/confused-young-african-businessman-1-scaled-1-1024x683.jpg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/confused-young-african-businessman-1-scaled-1-768x512.jpg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/confused-young-african-businessman-1-scaled-1-1536x1024.jpg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/confused-young-african-businessman-1-scaled-1-2048x1366.jpg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a><p>This year is certainly one for the history books – and that includes the insurance...</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/3-challenges-insurance-brokers-face-in-2021/">3 CHALLENGES INSURANCE BROKERS FACE IN 2021</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></description> <content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/3-challenges-insurance-brokers-face-in-2021/" title="3 CHALLENGES INSURANCE BROKERS FACE IN 2021" rel="nofollow"><img width="300" height="200" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/confused-young-african-businessman-1-scaled-1-300x200.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/confused-young-african-businessman-1-scaled-1-300x200.jpg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/confused-young-african-businessman-1-scaled-1-1024x683.jpg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/confused-young-african-businessman-1-scaled-1-768x512.jpg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/confused-young-african-businessman-1-scaled-1-1536x1024.jpg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/confused-young-african-businessman-1-scaled-1-2048x1366.jpg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a> <p>This year is certainly one for the history books – and that includes the insurance industry. While industry analysts will likely spend years reviewing 2020 and how it transformed the insurance business, <strong>it’s time for insurance brokers, advisors </strong><strong>and professionals to look forward and start planning for 2021.</strong></p> <p>We’ve made a lot of progress this year, especially in the life insurance field. Seemingly overnight, the industry went virtual and began implementing digital tools like video conferencing, e-signatures, and accelerated underwriting. As a result, nearly half of life insurance companies reported growth in policy sales, and, <a href="https://www.limra.com/en/newsroom/news-releases/2020/limra-u.s.-life-insurance-policy-sales-increase-2-in-second-quarter-driven-by-direct-to-consumer/" rel="noreferrer noopener" target="_blank">according to LIMRA,</a> total policy count was up 1% year-to-date in the second quarter.</p> <p>While it sounds like good news for our industry, there’s a catch – and it’s a major one if you are an insurance broker or independent advisor.</p> <p>This growth has been overwhelmingly propelled by direct-to-consumer sales from major carriers and insurtech companies. However, while these channels are growing, LIMRA reports other distribution channels are experiencing declines.</p> <p>As major carriers look to further refine their direct-to-consumer sales processes in 2021, insurance brokers face new challenges that threaten their survival. But with the right solutions, it’s possible to overcome these challenges and build a successful, sustainable business for years to come.</p> <h2 class="wp-block-heading"><strong>#1: Shifting Business Models</strong></h2> <p>Change in the insurance industry may have been sparked by the pandemic, but don’t expect it to flicker out. In many ways, the pandemic sped up a digital transformation that was already underway. The days of advisors only meeting with clients in person, working through mountains of paperwork, and maneuvering through manual processes are over.</p> <p>Digital technology will be a mainstay in the insurance industry from now on. That’s not to say everything will be virtual. Post-pandemic, experts predict a shift to a <a href="https://www.limra.com/en/research/research-abstracts-public/2020/the-covid-19-effect-high-tech-with-high-touch-to-optimize-life-insurance-customer/" rel="noreferrer noopener" target="_blank">hybrid model</a> in which the sales process and client-advisor communication happens fluidly via both online channels and in-person interactions. The extent that communication happens, either online or offline, will depend on what the client wants.</p> <p>The major insurance carriers are already drastically altering their business models and taking more of the market share as a consequence. It’s important for advisors to modify their business model to succeed in this new era of digital transformation.</p> <h2 class="wp-block-heading"><strong>#2: Meeting Clients’ Changing Demands</strong></h2> <p>45% of <a href="https://www2.deloitte.com/content/dam/Deloitte/uk/Documents/financial-services/deloitte-uk-insurance-trends-new-world-new-customers-new-solutions.pdf" rel="noreferrer noopener" target="_blank">insurance professionals</a> believe living up to evolving client needs and expectations will be a major challenge over the next few years, and with good reason. <strong>Consumer demands are </strong><a href="/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon" rel="noreferrer noopener" target="_blank"><strong>now higher than ever</strong></a><strong>.</strong> Amazon and other tech leaders have set high consumer expectations when it comes to ease of use, accessibility, and speed that extend not only to other retailers but also to nearly all industries.</p> <p>Insurance customers today are looking for the best of both worlds: more convenient, streamlined processes <em>and</em> a greater relationship with their advisor. Some of the defining features of <a href="/industry-news/insurance-agents-move-into-change-or-be-left-behind" rel="noreferrer noopener" target="_blank">today’s insurance customers</a> are:</p> <ul class="wp-block-list"><li>They rate quality and ease of use as the most important factors.</li><li>They report higher satisfaction and brand loyalty when they have increased connectivity with their provider.</li><li>They value a strong relationship with their advisor and more consistent communication.</li></ul> <p>While it may seem impossible to meet all these needs, insurance brokers and advisors have a leg up on the major carriers when it comes to building relationships. The challenge will be trying to match the “Amazon-like” experience that carriers are developing. </p> <h2 class="wp-block-heading"><strong>#3: Navigating Increased Insurance Regulations</strong></h2> <p>Moving to a more digital model is vital for insurance practices, but it also comes with new privacy regulations and data security laws.</p> <p>Regulations like the NAIC’s <a href="/industry-news/what-insurance-agents-and-advisors-need-to-know-about-privacy" rel="noreferrer noopener" target="_blank">Insurance Data Security Model Law</a> are being widely implemented, and we will likely continue seeing similar regulations passed in the next decade. These laws are important in protecting clients’ privacy online, but they present roadblocks in the customer journey. You’ve probably seen this play out with encrypted emails, which often confuse or frustrate clients.</p> <p>In 2021, the ultimate challenge for insurance professionals will be to provide a high-quality digital experience that allows for open communication while staying compliant with regulations. </p> <h2 class="wp-block-heading"><strong>Overcoming Challenges with Insurtech Technology</strong></h2> <p>It should come as no surprise that the answer to these challenges involves technology. If 2020 was the year when insurance professionals scrambled to go virtual, then 2021 is the time to take a high-level, strategic approach to your digital strategy.</p> <p>The piecemeal approach many advisors used in 2020, adopting disparate tools as they needed them, won’t stand up to the major carriers’ advanced platforms in the long term. Advisors will need to adopt more comprehensive and sophisticated insurtech solutions to compete.</p> <p>The good news is that advisor-centric insurtech platforms are already available. With a platform like <a href="https://go.legacyshield.com/link" rel="noreferrer noopener" target="_blank">Link by LegacyShield</a>, for example, insurance advisors can communicate with their clients, digitally share policy documents, and build their book of business – all within a secure digital workspace designed to meet insurance regulations. Advisors using Link receive analytics on client activity that can help them better understand their clients’ needs, plus clients can connect their loved ones and secondary professionals to their account, creating a new source of organic leads.</p> <p>With each new challenge, there is opportunity. Adopting an advanced insurtech platform can unlock new opportunities to increase customer retention and build your multigenerational book of business. The future for advisors is not working in spite of technology but using technology that enables you to do your best work. </p> <p>To learn more about how insurance technology can create a new path to success for advisors, read our blog, “<a href="/industry-news/closing-the-last-mile-for-life-insurance-advisors" rel="noreferrer noopener" target="_blank">Closing the Last Mile for Life Insurance Advisors</a>.”</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/3-challenges-insurance-brokers-face-in-2021/">3 CHALLENGES INSURANCE BROKERS FACE IN 2021</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></content:encoded> </item> <item> <title>Solving The Last Mile for Life Insurance Advisors</title> <link>https://marketing.legacyshield.com/industry-news/closing-the-last-mile-for-life-insurance-advisors/</link> <comments>https://marketing.legacyshield.com/industry-news/closing-the-last-mile-for-life-insurance-advisors/#respond</comments> <dc:creator><![CDATA[Dan Pierson]]></dc:creator> <pubDate>Wed, 02 Dec 2020 05:30:00 +0000</pubDate> <category><![CDATA[Life Insurance]]></category> <category><![CDATA[financial advisor tips for success]]></category> <category><![CDATA[Insurtech]]></category> <guid isPermaLink="false">http://18.220.128.78/2020/12/solving-the-last-mile-for-life-insurance-advisors/</guid> <description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/closing-the-last-mile-for-life-insurance-advisors/" title="Solving The Last Mile for Life Insurance Advisors" rel="nofollow"><img width="300" height="200" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WEjjS9-300x200.jpeg" class="webfeedsFeaturedVisual wp-post-image" alt="" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WEjjS9-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WEjjS9-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WEjjS9-768x512.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WEjjS9-1536x1024.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WEjjS9-2048x1365.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a><p>“The last mile is the hardest one” is a well-known concept in the logistics industry....</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/closing-the-last-mile-for-life-insurance-advisors/">Solving The Last Mile for Life Insurance Advisors</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></description> <content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/closing-the-last-mile-for-life-insurance-advisors/" title="Solving The Last Mile for Life Insurance Advisors" rel="nofollow"><img width="300" height="200" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WEjjS9-300x200.jpeg" class="webfeedsFeaturedVisual wp-post-image" alt="" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WEjjS9-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WEjjS9-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WEjjS9-768x512.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WEjjS9-1536x1024.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WEjjS9-2048x1365.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a><p><img loading="lazy" decoding="async" class="size-medium wp-image-6675 alignright" src="http://18.220.128.78/wp-content/uploads/2020/12/The-Last-Mile-300x251.png" alt="The Last Mile" width="300" height="251" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/The-Last-Mile-300x251.png 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/The-Last-Mile-768x644.png 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/The-Last-Mile.png 940w" sizes="auto, (max-width: 300px) 100vw, 300px" />“The last mile is the hardest one” is a well-known concept in the logistics industry. Flying a package across the country and loading it onto a truck to travel hundreds of miles is relatively easy compared to the “last mile” of the journey <span style="font-size: 11px;">—</span> that is, delivering the package to the right apartment in a certain building on a particular street.</p> <p>The same could be said of the life insurance industry.</p> <p><span id="more-6467"></span></p> <p>There is an array of digital tools available to advisors today, from CRMs to quoting software, that assist in managing prospects and devising policies. <strong>But when it comes to the last mile – actually communicating with a client, handing off the policy, and incorporating a feedback loop between all parties – we’ve seen little innovation.</strong></p> <p><span style="font-size: inherit;">What the insurance industry has been lacking is a technology that truly connects advisors with their clients – the ultimate end-consumer of products and solutions purchased.</span></p> <p>At LegacyShield, our singular focus is to enable advisors to succeed and grow through client connectivity, collaboration, and a consistent and dynamic feedback loop. Our recently launched, advisor-rich software, <a href="https://go.legacyshield.com/link">Link</a>, is designed to close the last mile of the advisor-client relationship, empowering advisors to provide the next level of customer-centricity and efficiently manage their businesses.</p> <p>Here’s why we think the “last mile” is a critical frontier for life insurance advisors.</p> <h2><span style="font-size: 30px;">The Last Mile Challenges for Advisors </span></h2> <p>For decades, life insurance advisors have built successful businesses by taking people out to lunch and bringing paper illustrations, applications, and collateral. Even now, it’s common for advisors to ask clients to meet in person so that they can deliver or discuss policies. Despite this, agents that have embraced technology through e-applications or e-delivery still cannot close that last mile since the agent has no further connection to that client and that policy after “delivering” the product.</p> <p>This traditional way of doing business simply won’t cut it in today’s tech-driven world. Especially now, meeting in person is not the desired option. This is especially true for <a href="https://blog.legacyshield.com/insurance-advisors-what-you-need-to-know-about-millennials" target="_blank" rel="noopener">millennials, the largest generation of life insurance prospects</a>. While the new consumers of life insurance still want to be connected to their advisor and have a personalized experience, convenience is also incredibly important. In fact, the idea of long in-person meetings and mountains of paperwork can be a major deterrent to seeking life insurance at all.</p> <p>If you ask to meet with a client to give them a policy, that client is probably thinking, “Couldn’t this just be an email?” Yet even email and e-delivery of policies present challenges. Emails have to be encrypted, which can be frustrating and challenging for customers. When they do get the policy in their inbox, do they know what to do with it? Will they remember that it’s there? Can they be certain that it’s secure? Most importantly, how will others know about it?</p> <p>A more comprehensive solution, one that goes beyond in-person meetings or emails, is needed to solve the last mile problem. And while it may seem counterintuitive, the right technology will actually generate more communication and more sales than ever before.</p> <h2 style="font-size: 30px;">Solving for the Last Mile with Link</h2> <p>Research increasingly shows that <a href="https://blog.legacyshield.com/insurance-agents-your-clients-dont-see-you-as-you-do" target="_blank" rel="noopener">insurance customers are not happy</a> with minimal to no communication. A recent Nationwide survey found that, while 94% of advisors think they regularly check in with customers to ensure they’re meeting clients’ needs, only a portion of customers reported sufficient communication. This perception gap is explored in our recent blog post, <a href="https://blog.legacyshield.com/insurance-agents-your-clients-dont-see-you-as-you-do" target="_blank" rel="noopener">Insurance Agents: Your Clients Don’t See You as You Do</a>. Conversely, <a href="https://blog.legacyshield.com/insurance-advisors-what-you-need-to-know-about-millennials" target="_blank" rel="noopener">millennials, the largest generation of life insurance prospects</a><strong> with their insurance advisors are 74% more likely to rec</strong><strong>ommend their advisor to others</strong>.</p> <p>That’s why our team at LegacyShield has developed Link, a digital platform that provides robust communication and connectivity between advisors and clients at all stages of the customer journey.</p> <h3>Link acts as a secure virtual workspace where:</h3> <ul> <li>advisors can easily and securely receive and deliver client information (such as life insurance policies) and share any other information with their clients;</li> <li>clients can work within the platform, inputting important information <a href="https://blog.legacyshield.com/link-product-updates" target="_blank" rel="noopener">and directly messaging their advisor</a>; and</li> <li>advisors get alerts and advanced insights when their clients work within their account, making it easier to identify gaps in coverage and proactively recommend increased insurance coverage or financial solutions.</li> </ul> <h2 style="font-size: 30px; text-align: left;">A New Path to Success for Life Insurance Advisors</h2> <p>Link closes the last mile by providing an easy-to-use and secure platform where advisors and clients can connect and share information.</p> <p>But the benefits of a collaborative platform extend beyond that. Insurance advisors who collaborate with clients are more likely to retain clients, increase sales among current clients, and get more recommendations.</p> <p>In an era when insurance competition is increasing and direct-to-consumer insurtech companies are selling insurance without advisors in the mix, it’s critical to meet and go beyond the evolving needs of life insurance customers.</p> <p>By offering convenience, collaboration, and a relationship-oriented approach to life insurance, you will not only build trust among your current clients but also build a multigenerational book of business for years to come.</p> <p><em>To learn more about Link by LegacyShield and how it works, check out our post<a href="https://blog.legacyshield.com/lets-link-collaborate-with-clients-in-a-secure-virtual-workspace" target="_blank" rel="noopener">: Let’s Link – Collaborate with Clients in a Secure Virtual Workspace.</a></em></p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/closing-the-last-mile-for-life-insurance-advisors/">Solving The Last Mile for Life Insurance Advisors</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></content:encoded> <wfw:commentRss>https://marketing.legacyshield.com/industry-news/closing-the-last-mile-for-life-insurance-advisors/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Insurance Agents: Your Clients Don’t See You as You Do</title> <link>https://marketing.legacyshield.com/industry-news/insurance-agents-your-clients-dont-see-you-as-you-do/</link> <comments>https://marketing.legacyshield.com/industry-news/insurance-agents-your-clients-dont-see-you-as-you-do/#respond</comments> <dc:creator><![CDATA[Krystal Lockwood]]></dc:creator> <pubDate>Wed, 14 Oct 2020 04:30:00 +0000</pubDate> <category><![CDATA[Successful Insurance Agent]]></category> <category><![CDATA[client engagement]]></category> <category><![CDATA[financial advisor tips for success]]></category> <guid isPermaLink="false">http://18.220.128.78/2020/10/insurance-agents-your-clients-dont-see-you-as-you-do/</guid> <description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/insurance-agents-your-clients-dont-see-you-as-you-do/" title="Insurance Agents: Your Clients Don’t See You as You Do" rel="nofollow"><img width="300" height="250" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_1654308001.png" class="webfeedsFeaturedVisual wp-post-image" alt="Women on either side of a mirror" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" /></a><p>Insurance agents generally believe they are delivering value to their customers and meeting their needs....</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/insurance-agents-your-clients-dont-see-you-as-you-do/">Insurance Agents: Your Clients Don’t See You as You Do</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></description> <content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/insurance-agents-your-clients-dont-see-you-as-you-do/" title="Insurance Agents: Your Clients Don’t See You as You Do" rel="nofollow"><img width="300" height="250" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_1654308001.png" class="webfeedsFeaturedVisual wp-post-image" alt="Women on either side of a mirror" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" /></a> <p><span style="font-size: 12.0pt; color: #333333;">Insurance agents generally believe they are delivering value to their customers and meeting their needs. However, new research suggests that customers don’t necessarily feel the same way. </span></p> <span id="more-6481"></span> <p><span style="font-size: 12.0pt; color: #333333;">Researchers are finding a significant perception gap between insurance agents and their customers on the value, quality and character of their insurance provider. Understanding this gap and how to close it is vital to success, especially as direct-to-consumer insurtechs threaten the traditional client-advisor relationship. </span></p> <h2 class="wp-block-heading"><strong><span style="font-size: 13.0pt; color: #333333;">The Perception Gap Between Insurance Agents & Clients </span></strong></h2> <p><span style="color: #333333;">When potential clients make the decision to invest in an insurance policy, it is no small feat. Though an agent may believe that they are giving the impression of being a valuable and trusted resource, agents must also recognize that it is natural for clients to be cautious and critical. Agents must react in a way that makes clients feel secure and know they’re heard. To do this, agents must look beyond pricing to ensure that their policies fit the entire strategy. This can only be done by getting to know the client in depth.</span></p> <div class="wp-block-image"><figure class="alignright"><img loading="lazy" decoding="async" width="300" height="250" src="https://3.147.16.31/wp-content/uploads/2020/12/shutterstock_1654308001.png" alt="Women on either side of a mirror" class="wp-image-6482"/></figure></div> <p><span style="color: #333333;">These ideals apply to existing clients as well. Insurance is traditionally a low-touch industry, so, if you’re not in regular communication with clients, how you can be sure that they are happy? If you’ve ever had a client suddenly leave, it is more than likely that such a high-stakes decision was not so sudden for them. </span></p> <p><span style="color: #333333;">These aren’t just hypotheticals. A </span><a href="https://www.insurancejournal.com/news/national/2020/08/07/578196.htm" target="_blank" rel="noreferrer noopener">recent Nationwide study</a><span style="color: #333333;"> found gaps between agents and customers when it comes to how they perceive service levels. Major findings include: </span></p> <ul class="wp-block-list"><li style="color: #333333;"><span style="font-size: 12.0pt;">While 95% of agents believe they’re always there for clients, only 79% of customers felt the same way. </span></li><li style="color: #333333;"><span style="font-size: 12.0pt;">91% of agents said they can offer the best prices; 74% of customers agreed.</span></li><li style="color: #333333;"><span style="font-size: 12.0pt;">94% of agents said they regularly check in with customers to ensure they’re meeting client needs, but just 69% of customers reported sufficient communication. </span></li></ul> <p><span style="font-size: 12.0pt; color: #333333;">When customers don’t feel like they are having their needs met, you run the risk of losing their business to other agents. And some customers, especially Millennials, may decide to forego insurance agents altogether and buy from direct-to-consumer insurtechs that have competitive prices. </span></p> <p><span style="font-size: 12.0pt; color: #333333;">The key to closing this perception gap is knowing what customers want in 2020 and adjusting accordingly. </span></p> <h2 class="wp-block-heading"><strong><span style="font-size: 13.0pt; color: #333333;">What Clients Are Looking for in an Insurance Agent </span></strong></h2> <p><span style="font-size: 12.0pt; color: #333333;">Price is often a major selling point that insurance agents emphasize, but it’s no longer the “end all be all” of insurance sales. Clients who work with independent agents stated that the biggest advantages of relying on an independent agent were the expert advice, access to the agent, and time saved by allowing the agent to research carriers. </span></p> <p><span style="color: black;"><a href="https://www.chubb.com/_global-assets/documents/win-the-new-journey_research-strategy-guide.pdf" target="_blank" rel="noreferrer noopener"><span style="font-size: 12.0pt;">In the same study</span></a></span><span style="font-size: 12.0pt; color: #333333;">, 80% of customers said that agents should prioritize the right policy for a client rather than the lowest price, and 77% would buy a higher-priced policy if an agent explained the value. </span></p> <p><strong><span style="font-size: 12.0pt; color: #333333;">According to </span></strong><span style="color: black;"><a href="https://www.bain.com/insights/customers-know-what-they-want-are-insurers-listening/" target="_blank" rel="noreferrer noopener"><strong><span style="font-size: 12.0pt;">research from Bain</span></strong></a></span><strong><span style="font-size: 12.0pt; color: #333333;">, quality and ease of use are the most important factors for insurance customers, but the industry struggles to consistently provide these necessities</span></strong><span style="font-size: 12.0pt; color: #333333;">. For today’s customers, the value goes beyond price. It also includes flexible solutions, positive digital experiences, and communication with their provider.</span></p> <p><span style="color: black;"><a href="https://blog.legacyshield.com/unlocking-success-for-insurance-providers" target="_blank" rel="noreferrer noopener"><span style="font-size: 12.0pt;">Loyalty is often built through communication</span></a></span><span style="font-size: 12.0pt; color: #333333;">. Insurance providers that don’t communicate regularly are judged harshly by customers during their few interactions. One bad experience can cause customers to sour. On the other hand, providers who consistently engage with customers are more highly rated and have higher customer loyalty. </span></p> <p><span style="font-size: 12.0pt; color: #333333;">Many of these interactions happen online, so insurance agents must be able to deliver value not just in person but also in the digital arena. Becoming truly customer-centric now involves a buttoned-up digital experience where customers can easily communicate with their insurance agents, anywhere and anytime, while keeping their data secure. </span></p> <h2 class="wp-block-heading"><strong><span style="font-size: 13.0pt; color: #333333;">Bridging the Gap with Insurance Clients </span></strong></h2> <p><span style="font-size: 12.0pt; color: #333333;">Ultimately, it comes down to trust. </span></p> <div class="wp-block-image"><figure class="alignright"><img loading="lazy" decoding="async" width="300" height="200" src="http://18.220.128.78/wp-content/uploads/2020/12/qtq80-GpSNuV-300x200.jpeg" alt="Insurance consultation" class="wp-image-6829" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-GpSNuV-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-GpSNuV-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-GpSNuV-768x513.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-GpSNuV.jpeg 1254w" sizes="auto, (max-width: 300px) 100vw, 300px" /></figure></div> <p><span style="font-size: 12.0pt; color: #333333;">Clients want an insurance agent they can trust to put their interests first, provide personalized service, and keep their information secure. When clients trust their advisor, they are likely to divulge more information about their financial needs, allowing advisors to make even better recommendations and generate more business. </span></p> <p><span style="font-size: 12.0pt; color: #333333;">Take the time to think about your practice and customer-centricity. How are you putting customers first, and what can you do to boost your value to clients? Proactively reach out to your clients to see how they’re doing and if their current policy is still meeting their needs. </span></p> <p><span style="font-size: 12.0pt; color: #333333;">One of the most challenging hurdles for insurance agents is providing a high-quality and secure online experience. However, powerful insurtech platforms are now available to agents that are allowing them to bridge the digital gap. </span></p> <p><span style="font-size: 12.0pt; color: #333333;">Platforms like </span><span style="color: black;"><a href="https://go.legacyshield.com/link" target="_blank" rel="noreferrer noopener"><span style="font-size: 12.0pt;">Link by LegacyShield</span></a></span><span style="font-size: 12.0pt; color: #333333;"> allow advisors and clients to collaborate in a secure digital workspace. Advisors can easily deliver policy information to clients, and, in turn, clients are able to make changes to files, add information, and message their advisors through the platform. With a secure virtual workspace and file-sharing platform, agents can thread the needle of the services they provide and be “dressed for success” at all times. </span></p> <p><span style="font-size: 12.0pt; color: #333333;">To read more about how to build a successful online presence that benefits your clients, read our blog, “</span><span style="color: black;"><a href="https://blog.legacyshield.com/insurance-advisors-dress-for-online-success" target="_blank" rel="noreferrer noopener"><span style="font-size: 12.0pt;">Insurance Agents: Dress for (Online) Success</span></a></span><span style="font-size: 12.0pt; color: #333333;">.” </span></p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/insurance-agents-your-clients-dont-see-you-as-you-do/">Insurance Agents: Your Clients Don’t See You as You Do</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></content:encoded> <wfw:commentRss>https://marketing.legacyshield.com/industry-news/insurance-agents-your-clients-dont-see-you-as-you-do/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>It’s About One Click: Lessons Insurance Agents Can Learn From Amazon</title> <link>https://marketing.legacyshield.com/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/</link> <comments>https://marketing.legacyshield.com/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/#respond</comments> <dc:creator><![CDATA[Dan Pierson]]></dc:creator> <pubDate>Wed, 07 Oct 2020 04:30:00 +0000</pubDate> <category><![CDATA[Client Engagement]]></category> <category><![CDATA[financial advisor tips for success]]></category> <category><![CDATA[Insurtech]]></category> <guid isPermaLink="false">http://18.220.128.78/2020/10/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/</guid> <description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/" title="It’s About One Click: Lessons Insurance Agents Can Learn From Amazon" rel="nofollow"><img width="300" height="250" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/image.png" class="webfeedsFeaturedVisual wp-post-image" alt="Customer centric" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" /></a><p>Consumers are leading an e-commerce revolution, fueled by the easy and instantaneous customer experience introduced...</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/">It’s About One Click: Lessons Insurance Agents Can Learn From Amazon</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></description> <content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/" title="It’s About One Click: Lessons Insurance Agents Can Learn From Amazon" rel="nofollow"><img width="300" height="250" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/image.png" class="webfeedsFeaturedVisual wp-post-image" alt="Customer centric" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" /></a> <p><span style="font-size: 11.0pt;">Consumers are leading an </span><a href="https://www.salesforce.com/blog/2019/06/customer-engagement-trends.html" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">e-commerce revolution</span></a><span style="font-size: 11.0pt;">, fueled by the easy and instantaneous customer experience introduced by companies like Amazon and Apple. One-click purchases, mobile accessibility, and next- or same-day delivery are quickly becoming widespread expectations among consumers. </span></p> <p><span style="font-size: 11.0pt;">And if you can’t meet these rising expectations, you’re out of the game. </span></p> <p><span style="font-size: 11.0pt;">While it may seem that the tech and retail industries take the brunt of this change, industries like insurance and finance must adapt to the consumer-led digital revolution. But how can you satisfy a “want it now” attitude when it comes to something as complex as insurance underwriting? </span><wp-block data-block="core/more"></wp-block></p> <p><span style="font-size: 11.0pt;">It’s a growing concern in the insurance industry. </span><a href="https://www2.deloitte.com/content/dam/Deloitte/uk/Documents/financial-services/deloitte-uk-insurance-trends-new-world-new-customers-new-solutions.pdf" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">A survey of insurance professionals</span></a><span style="font-size: 11.0pt;"> found 45% believe evolving customer needs and expectations will be a major challenge over the next three years – the top response in the survey. </span></p> <p><span style="font-size: 11.0pt;">Delivering a personalized insurance policy will likely never be as easy as one-click buying headphones off Amazon. But there are critical lessons that insurance agents can take from the instant shopping model, lessons that will help them be successful in the digital era.</span></p> <h2 class="wp-block-heading"><strong><span style="color: black;">Lesson #1: Reducing friction increases sales<br></span></strong></h2> <p><span style="font-size: 11.0pt;"><span style="font-size: 11.0pt; color: black;">Sales friction is anything that slows down or gets in the way of a customer saying “yes.” Friction can happen at any time in the sales process, whether it’s a customer not being able to find the appropriate contact information, a webpage being too slow or unresponsive, an untrained salesperson not having the right answer, or complicated payment processes. </span></span></p> <p><span style="font-size: 11.0pt;">For big tech companies like Amazon, creating “zero-friction” experiences has been critical to their tremendous success. Hence, one-click buying, product pages that show the highest-selling products first, and an emphasis on site speed, stability, and delivery times. </span></p> <p><span style="font-size: 11.0pt;">For insurance agents, the lesson is clear: providing a personalized, convenient customer experience (CX) that minimizes friction is a powerful way to stand out. </span><a href="https://go.forrester.com/2018-cx-index-rankings/" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">Research from Forrester</span></a><span style="font-size: 11.0pt;"> has found that “brands with highly rated CX improve revenue at twice the rate of brands with poor experiences.” </span></p> <h2 class="wp-block-heading"><strong><span style="color: black;">Lesson #2: Expand your audience with flexible solutions</span></strong><strong><span style="color: black;"><br></span></strong></h2> <p><span style="font-size: 11.0pt; color: black;">Flexibility is a core desire of the modern shopper, and meeting consumers’ on-demand needs has been a major focus among major tech companies and retailers. Consumers now have more ways to shop, buy and contact customer service with features like in-store pickup, free delivery, voice-activated shopping and instant chats with customer support. </span></p> <p><span style="font-size: 11.0pt;">Omnichannel interactions are the norm with consumers often switching channels and even devices before making a purchase. The pandemic has accelerated digital interactions even further with early indicators suggesting that much of the shift from in-person interaction to digital engagement may </span><a href="https://www.mckinsey.com/industries/retail/our-insights/adapting-to-the-next-normal-in-retail-the-customer-experience-imperative" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">endure long-term</span></a><span style="font-size: 11.0pt;">.</span></p> <p><span style="font-size: 11.0pt;">Insurance agents must be able to meet consumers’ growing demands for flexibility, especially if they are going to attract the </span><a href="/industry-news/insurance-advisors-what-you-need-to-know-about-millennials" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">largest living generation – Millennials</span></a><span style="font-size: 11.0pt;">. Agents need to provide the same great service both in person and online. Offerings such as virtual appointments, videoconferencing, e-signatures, and e-delivery need to be on the table. Digital delivery will be key to overcoming one of the biggest barriers for buying insurance: consumers’ fear of a complex, protracted process that interferes with their busy schedules. </span></p> <p><span style="font-size: 11.0pt;">Another factor to keep in mind is that the “want it now” sentiment extends to customer service as well. If customers have a question or concern, they expect a prompt response or resolution. And if they don’t get it, they might start looking at the competition for better service. </span></p> <h2 class="wp-block-heading"><strong><span style="color: black;">Lesson #3: Privacy remains paramount<br></span></strong></h2> <p><span style="font-size: 11.0pt; color: black;">While consumers enjoy the conveniences of online shopping, some of their biggest concerns are about their privacy and data protection. Shoppers highly value a safe and secure shopping experience with </span><span style="font-size: 11.0pt;"><a href="https://www.business2community.com/brandviews/xsellco/customer-expectations-are-rising-how-online-sellers-can-meet-the-challenge-02262091" target="_blank" rel="noreferrer noopener"><span style="color: black;">84% of consumers</span></a></span><span style="font-size: 11.0pt; color: black;"> saying they may not shop with a retailer that has experienced a data breach. On the flipside, a Salesforce study found 84% of consumers are more loyal to companies with strong security and ethical protocols. </span></p> <p><span style="font-size: 11.0pt;">Keeping your clients’ information private is nothing new for insurance agents. <strong>But doing so in the digital era is. </strong>Major insurers have already been a prime target for data breaches, and </span><a href="/industry-news/what-insurance-agents-and-advisors-need-to-know-about-privacy" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">new insurance data security laws</span></a><span style="font-size: 11.0pt;"> are being created to better protect clients’ information. </span></p> <p><span style="font-size: 11.0pt;">Remember that, while ensuring compliance is critical, it’s also important to inform your clients of how you’re protecting their privacy. Doing so can help build brand trust and loyalty. </span></p> <h2 class="wp-block-heading"><strong><span style="color: black;">The Bottom Line for Insurance Agents<br></span></strong></h2> <p><span style="font-size: 11.0pt; color: black;">Adapting to the digital landscape is no longer a nice but unnecessary step for insurance agents. You must meet consumers in the digital arena with a high-quality, flexible and secure customer experience, or it will hit your bottom line. </span></p> <p><span style="font-size: 11.0pt;">It may seem like navigating insurance sales is more complex than ever. And when can agents find the time to digitize their processes while still meeting clients’ needs and finding new leads? That’s where insurtech plays a pivotal role for insurance agents. New insurtech platforms are designed to streamline processes for advisors and provide customers with the one-click convenience they demand. </span></p> <p><span style="font-size: 11.0pt;">With a platform like </span><a href="https://go.legacyshield.com/link" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">Link by LegacyShield</span></a><span style="font-size: 11.0pt;">, for instance, clients each have their own personalized portal that acts as a virtual workspace between the client and advisor. Everything is accessible in one place to view, share, communicate and transact. A simplified, secure digital presence is possible for insurance agents – and will be the key to unlocking new success.</span></p> <p><span style="font-size: 11.0pt;">To learn more about how to stay on top of your game as an insurance agent, read our blog, “</span><a href="/industry-news/staying-ahead-of-the-curve-for-insurance-agents" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">Staying Ahead of the Curve for Insurance Agents</span></a><span style="font-size: 11.0pt;">.” </span></p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/">It’s About One Click: Lessons Insurance Agents Can Learn From Amazon</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></content:encoded> <wfw:commentRss>https://marketing.legacyshield.com/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Insurance Sales ROI: Are you doing the right math?</title> <link>https://marketing.legacyshield.com/industry-news/insurance-sales-roi-are-you-doing-the-right-math/</link> <comments>https://marketing.legacyshield.com/industry-news/insurance-sales-roi-are-you-doing-the-right-math/#respond</comments> <dc:creator><![CDATA[Dan Pierson]]></dc:creator> <pubDate>Wed, 30 Sep 2020 04:30:00 +0000</pubDate> <category><![CDATA[Prospecting]]></category> <category><![CDATA[financial advisor tips for success]]></category> <category><![CDATA[insurance book of business]]></category> <guid isPermaLink="false">http://18.220.128.78/2020/09/insurance-sales-roi-are-you-doing-the-right-math/</guid> <description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/insurance-sales-roi-are-you-doing-the-right-math/" title="Insurance Sales ROI: Are you doing the right math?" rel="nofollow"><img width="300" height="250" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_1050136130.png" class="webfeedsFeaturedVisual wp-post-image" alt="Referral icon" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" /></a><p>As an insurance advisor, lead generation must consistently be on your mind. Having an efficient...</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/insurance-sales-roi-are-you-doing-the-right-math/">Insurance Sales ROI: Are you doing the right math?</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></description> <content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/insurance-sales-roi-are-you-doing-the-right-math/" title="Insurance Sales ROI: Are you doing the right math?" rel="nofollow"><img width="300" height="250" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_1050136130.png" class="webfeedsFeaturedVisual wp-post-image" alt="Referral icon" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" /></a> <p><span style="font-size: 18px;">As an insurance advisor, lead generation must consistently be on your mind. Having an efficient lead-generation strategy is critical to your success, but exactly how efficient <em>is</em> your process? </span></p> <p><span style="font-size: 18px;">New customer acquisition often takes center stage over retention and referral marketing strategies. <strong>Yet acquisition is far more costly than retention, especially in the insurance industry.</strong> On average, insurance agencies spend <a href="https://www.iiadallas.org/page/75?__hstc=221931271.f2dfb094ca1c0872bc62a4514617d576.1560690501080.1560690501080.1560690501080.1&__hssc=221931271.1.1561426512144&__hsfp=949798181&hsCtaTracking=3e8ecafe-8475-4e9d-aeb4-2cd23c313a5b%7Cb1845104-c751-40e2-a5d6-3f7c0976619d" target="_blank" rel="noopener noreferrer">seven to nine times</a> more to attract a new customer than to keep one. And while referral marketing has been proven as one the best ways to reduce the costs of gaining new clients, more time and investment is often still going into traditional sales strategies. </span><wp-block data-block="core/more"></wp-block></p> <p><span style="font-size: 18px;">When it comes to sales, it’s always best to look at the numbers. So, the question is: are you doing the right math to maximize the ROI of your insurance sales? </span></p> <h2 class="wp-block-heading"><strong><span style="color: black;">The ROI of Cold Prospects vs. Referrals </span></strong></h2> <p>Cold calls, lead-generation lists, sales conferences, and advertising are all traditional ways of acquiring insurance sales. But research shows that referral generation is the most reliable way to convert more prospects and get a higher return on investment.</p> <p>In <a href="https://completemarkets.com/article/article-post/2583/build-up-your-practice-and-sales-via-referrals/" target="_blank" rel="noopener noreferrer">one major study</a>, cold-call prospects had a closing ratio of 11% whereas referral prospects yielded a closing ratio of 40%. <strong>In other words, the chance of a successful sale nearly quadrupled when prospecting from referrals.</strong> Another industry statistic shows an even larger divide with cold calling resulting in about a <a href="https://ducttapemarketing.com/the-abusive-math-of-cold-calling/" target="_blank" rel="noreferrer noopener">1–3% success rate</a> for getting an initial appointment versus a 40% success rate among referrals.</p> <p>While there is some variance in the success of cold calling, the marketing math is clear – connecting with referrals results in more sales and less time making calls.</p> <p><a href="https://faculty.wharton.upenn.edu/wp-content/uploads/2013/05/Schmitt_Skiera_VandenBulte_2013_Referrral_Programs_2.pdf" target="_blank" rel="noopener noreferrer">Additional research</a> on the closely related banking industry found that referred customers are more profitable and more loyal to their agent and have a 16% higher customer lifetime value than non-referred customers.</p> <h2 class="wp-block-heading"><strong><span style="color: black;">The Value of Retaining Customers & Their Families</span></strong></h2> <p>Customer retention has a serious impact on your bottom line. According to research from Bain & Co., when <a href="https://www.insurancethoughtleadership.com/lowering-costs-customer-acquisition/" target="_blank" rel="noopener noreferrer">customer retention increases by just 5%</a>, profits increase by 25% to 95%. Why is retention so valuable? It ensures you get a return on your initial investment into the customer, reduces churn rate and often leads to more product sales with the customer over time.</p> <p>Your current clients are also your best source of referrals, particularly among their own families. It’s helpful to think of “retention” as more than just keeping your customers. You should also strive to “retain” your clients’ families as well so that you’re organically growing sales across multiple generations.</p> <p>To quickly show how connecting with families can benefit agents, let’s run a hypothetical comparison. Imagine two life insurance sales agents, both of whom have a client with a $1 million death benefit.</p> <ul class="wp-block-list"><li><strong>Agent #1</strong> met and connected with the client’s entire family, including children and grandchildren. When the client passes away and the family receives the death benefit, they keep it with the agent to invest. Since they trust the agent, they continue working with him and buy additional coverage, also worth $1 million.</li><li><strong>Agent #2</strong> doesn’t connect with the client’s family. When the client passes, the family accepts the $1 million death benefit and takes it to another advisor. The connection is severed, and family referrals are lost.</li></ul> <p>In this scenario, Agent #1 keeps the $1 million death benefit and sells $1 million in additional coverage, resulting in an easy transition for the family, revenue retention and new business revenue. In contrast, Agent #2 has now lost the client and policy and must invest time in finding new clients.</p> <p>The numbers show that referrals, especially among clients’ family network, are highly valuable for insurance agents. The challenging part is getting those referrals without seeming pushy or annoying your clients.</p> <p>That’s where the automated learning provided by an insurtech platform comes into play.</p> <h2 class="wp-block-heading"><strong><span style="color: black;">Building a Book of Business with Insurtech</span></strong></h2> <p>Insurance agents can gain client referrals more naturally and automatically using an insurtech platform. A digital file storage and sharing platform, like <a href="https://go.legacyshield.com/link" target="_blank" rel="noopener noreferrer">Link by LegacyShield</a>, acts as a secure virtual workspace where agents and clients can communicate with each other and share important policy information. Clients can also connect their family members and friends to their platform so that they can be sure the right information is shared with the right people at the right time.</p> <p>When clients connect these family members and beneficiaries, they become your new referrals – and the platform is a natural way to reach out and create direct relationships across multiple generations.</p> <p>As you uncover your best referral sources, you are creating your very own viral referral marketing engine. More clients onboard more clients leading to more clients. You get to spend more time building relationships with your clients and less time trying to convert cold leads.</p> <p>To learn more about how relationship-building increases your insurance sales, check out our blog, “<a href="/industry-news/why-insurance-agents-should-care-about-collaboration" target="_blank" rel="noopener noreferrer">Why Insurance Agents Should Care About Collaboration</a>.”</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/insurance-sales-roi-are-you-doing-the-right-math/">Insurance Sales ROI: Are you doing the right math?</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></content:encoded> <wfw:commentRss>https://marketing.legacyshield.com/industry-news/insurance-sales-roi-are-you-doing-the-right-math/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Successful Insurance Agents Love the Sandwich (Generation)</title> <link>https://marketing.legacyshield.com/industry-news/successful-insurance-agents-love-the-sandwich-generation/</link> <comments>https://marketing.legacyshield.com/industry-news/successful-insurance-agents-love-the-sandwich-generation/#respond</comments> <dc:creator><![CDATA[Dan Pierson]]></dc:creator> <pubDate>Wed, 23 Sep 2020 04:30:00 +0000</pubDate> <category><![CDATA[Prospecting]]></category> <category><![CDATA[client engagement]]></category> <category><![CDATA[financial advisor tips for success]]></category> <category><![CDATA[insurance book of business]]></category> <guid isPermaLink="false">http://18.220.128.78/2020/09/successful-insurance-agents-love-the-sandwich-generation/</guid> <description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/successful-insurance-agents-love-the-sandwich-generation/" title="Successful Insurance Agents Love the Sandwich (Generation)" rel="nofollow"><img width="300" height="240" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/Untitled-Design-Sep-21-2020-12-28-21-60-PM-300x240.png" class="webfeedsFeaturedVisual wp-post-image" alt="Sandwich" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/Untitled-Design-Sep-21-2020-12-28-21-60-PM-300x240.png 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/Untitled-Design-Sep-21-2020-12-28-21-60-PM-768x614.png 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/Untitled-Design-Sep-21-2020-12-28-21-60-PM.png 945w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a><p>Generations are a common topic of analysis in the insurance industry. From Baby Boomers to...</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/successful-insurance-agents-love-the-sandwich-generation/">Successful Insurance Agents Love the Sandwich (Generation)</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></description> <content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/successful-insurance-agents-love-the-sandwich-generation/" title="Successful Insurance Agents Love the Sandwich (Generation)" rel="nofollow"><img width="300" height="240" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/Untitled-Design-Sep-21-2020-12-28-21-60-PM-300x240.png" class="webfeedsFeaturedVisual wp-post-image" alt="Sandwich" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/Untitled-Design-Sep-21-2020-12-28-21-60-PM-300x240.png 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/Untitled-Design-Sep-21-2020-12-28-21-60-PM-768x614.png 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/Untitled-Design-Sep-21-2020-12-28-21-60-PM.png 945w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a> <p>Generations are a common topic of analysis in the insurance industry. From Baby Boomers to Gen X and Millennials, countless discussions have been had on targeting consumers with the right products and messaging.</p> <p>But one generation, and an extremely important one at that, has often been overlooked: the so-called “Sandwich Generation.” This generation encompasses middle-aged adults who are “sandwiched” between caring for their children and their elderly parents.</p> <span id="more-6487"></span> <p>Often juggling their own finances as well as their parents’ and children’s, these adults are in desperate need of financial advice and solutions. As the ultimate connectors between family members, they are also the key to unlocking multigenerational connections for insurance advisors.</p> <p>Here’s a look at the Sandwich Generation and how meeting their unique needs can help organically grow your insurance practice.</p> <h2 class="wp-block-heading"><strong><span style="color: black;">Understanding the Sandwich Generation </span></strong></h2> <p>Unlike being a Baby Boomer or Millennial, being a part of the Sandwich Generation is more life phase than moniker set for life. Today, the <a href="https://www.pewsocialtrends.org/2013/01/30/the-sandwich-generation/" target="_blank" rel="noopener noreferrer">Sandwich Generation</a> includes nearly half (47%) of adults in their 40s and 50s. These adults have a parent age 65 or older and are raising a child or financially supporting a grown child.</p> <p>While being a sandwich caregiver has long come with its unique rewards and challenges, the financial burdens are mounting. Older adults are living longer, and younger adults need more financial support as they increasingly seek higher education and struggle to establish financial independence. <strong>The “sandwich” is growing, and the result is an increasingly stressed Sandwich Generation. </strong></p> <p><a href="https://havenlife.com/blog/sandwich-generation-research/" target="_blank" rel="noopener noreferrer"><strong>Research shows</strong></a><strong>: </strong></p> <ul class="wp-block-list"><li>80% of the generation report feeling overwhelmed, often or constantly</li><li>84% say that their retirement will be negatively affected by their financial responsibilities to their children and parents</li><li>Nearly 60% expect to financially support parents as they continue to age</li></ul> <h2 class="wp-block-heading"><strong><span style="color: black;">How to Work with the Sandwich Generation</span></strong></h2> <p>The good news is the Sandwich Generation generally understands the need for expert financial advice and protection. <strong>When asked what would help reduce their stress, 57% chose a financial advisor as one of their top three choices. </strong>Additionally, two-thirds of the Sandwich Generation have life insurance. And of those who don’t have it, 66% said that their financial burdens as caregivers prevent them from getting coverage.</p> <p>So, what does that mean for insurance advisors who want to work with this important demographic? There are a few key insights that will guide your strategy:</p> <ul class="wp-block-list"><li>Efficient, on-the-go service is required to meet their busy lifestyles</li><li><a href="/industry-news/why-insurance-agents-should-care-about-collaboration" target="_blank" rel="noopener noreferrer">Collaboration & relationship-building is key</a> since they juggling the needs of multiple people</li><li>A wide range of financial solutions should be on the table because they’re handling multi-generational responsibilities</li><li>Engagement with other family members can help reduce the burden on sandwich caregivers</li></ul> <p>One of the best ways for insurance advisors to effectively work with the Sandwich Generation is by utilizing an insurtech platform that streamlines communication. Advisors now have access to platforms like <a href="https://go.legacyshield.com/link" target="_blank" rel="noopener noreferrer">Link by LegacyShield</a> that act as a secure virtual workspace between clients and advisors. Clients can message their advisor when and where they need to through the platform as well as store all their important life information in its secure file-storage system.</p> <p>With an insurtech platform, advisors can provide the Sandwich Generation with the on-demand advice, collaboration and file-storage capabilities that will make their lives easier and provide peace of mind.</p> <h2 class="wp-block-heading"><strong><span style="color: black;">How the Sandwich Generation Can Help You Grow</span></strong></h2> <p>Working with the Sandwich Generation provides an excellent opportunity for advisors as well. As the nexus of their family, they will open up their multi-generational connections if they trust you. In fact, they welcome the support of a financial advisor, especially when it comes to navigating difficult conversations with their aging parents about financial or <a href="/industry-news/long-term-care-planning-in-the-digital-age" target="_blank" rel="noopener noreferrer">long-term care planning</a>.</p> <p>This is where the benefits of a digital workspace come into play for advisors. When a Sandwich Generation client adds their family as connected members to their account, you are empowered to connect with these family members, and they become your new sales leads.</p> <p>Multi-generation connections will be key to optimizing your success in the coming years. Having them improves your chances of retaining your clients’ children as clients when they are adults, breaking the <a href="/industry-news/break-the-rule-of-66" target="_blank" rel="noopener noreferrer">Rule of 66</a>. It will also put you in a good position for the approaching $41 trillion <a href="/industry-news/insurance-financial-advisors-prepare-for-the-great-wealth-transfer" target="_blank" rel="noopener noreferrer">Great Wealth Transfer</a> from Baby Boomers to their descendants.</p> <p>For financial and insurance advisors, the Sandwich Generation are the perfect match. They need the help of an advisor to manage the financial burdens of their family, and they can connect you with a multi-generational book of business.</p> <p>To learn more about how a digital workspace benefits both advisors and clients, read our blog, “<a href="/industry-news/what-is-a-digital-workspace-for-insurance-advisors" target="_blank" rel="noopener noreferrer">What is a Digital Workspace for Insurance Advisors</a>?”</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/successful-insurance-agents-love-the-sandwich-generation/">Successful Insurance Agents Love the Sandwich (Generation)</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></content:encoded> <wfw:commentRss>https://marketing.legacyshield.com/industry-news/successful-insurance-agents-love-the-sandwich-generation/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>Staying Ahead of the Curve for Insurance Agents</title> <link>https://marketing.legacyshield.com/industry-news/staying-ahead-of-the-curve-for-insurance-agents/</link> <comments>https://marketing.legacyshield.com/industry-news/staying-ahead-of-the-curve-for-insurance-agents/#respond</comments> <dc:creator><![CDATA[Dan Pierson]]></dc:creator> <pubDate>Wed, 16 Sep 2020 04:30:00 +0000</pubDate> <category><![CDATA[Business Building]]></category> <category><![CDATA[financial advisor tips for success]]></category> <category><![CDATA[Insurtech]]></category> <guid isPermaLink="false">http://18.220.128.78/2020/09/staying-ahead-of-the-curve-for-insurance-agents/</guid> <description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/staying-ahead-of-the-curve-for-insurance-agents/" title="Staying Ahead of the Curve for Insurance Agents" rel="nofollow"><img width="300" height="169" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_145195978-scaled-1-300x169.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="Bullseye" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_145195978-scaled-1-300x169.jpg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_145195978-scaled-1-1024x576.jpg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_145195978-scaled-1-768x432.jpg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_145195978-scaled-1-1536x864.jpg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_145195978-scaled-1-2048x1152.jpg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a><p>Becoming a better insurance agent is a never-ending process. Our industry is well represented by...</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/staying-ahead-of-the-curve-for-insurance-agents/">Staying Ahead of the Curve for Insurance Agents</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></description> <content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/staying-ahead-of-the-curve-for-insurance-agents/" title="Staying Ahead of the Curve for Insurance Agents" rel="nofollow"><img width="300" height="169" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_145195978-scaled-1-300x169.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="Bullseye" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_145195978-scaled-1-300x169.jpg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_145195978-scaled-1-1024x576.jpg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_145195978-scaled-1-768x432.jpg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_145195978-scaled-1-1536x864.jpg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/shutterstock_145195978-scaled-1-2048x1152.jpg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a> <p><span style="color: #151b26; background-color: white;">Becoming a better insurance agent is a never-ending process. Our industry is well represented by the aphorism “Once you stop learning, you start dying.” Your practice can only adapt and grow as long as you are doing the same. That’s even more true with digitization firmly taking hold of the insurance industry, creating new opportunities and challenges for agents.</span></p> <p><span style="color: #151b26; background-color: white;">If you’re looking to become a better insurance agent, here are three key goals, or Rocks, you can set to up your game in 2020.</span></p> <h2 class="wp-block-heading"><strong><span style="color: black;">Rock 1: Stay educated on the industry </span><wp-block data-block="core/more"></wp-block></strong></h2> <div class="wp-block-image"><figure class="alignright"><img loading="lazy" decoding="async" width="300" height="200" src="http://18.220.128.78/wp-content/uploads/2020/12/qtq80-WrzJBW-300x200.jpeg" alt="" class="wp-image-7123" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WrzJBW-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WrzJBW-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WrzJBW-768x512.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WrzJBW-1536x1024.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-WrzJBW-2048x1365.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></figure></div> <p><span style="color: #151b26; background-color: white;">When you hear “Stay educated,” it may conjure up images of three-day conferences or late-night courses. But continuing your education doesn’t always have to mean big actions. Simply staying up to date by reading industry news sources during your morning coffee or lunch break can make a big difference. </span></p> <p><span style="color: #151b26; background-color: white;">Two critical topics to stay educated on are…</span></p> <ul class="wp-block-list"><li><strong><span style="color: #151b26; background-color: white;">Industry regulations. </span></strong><span style="color: #151b26; background-color: white;">New regulations and laws are rolling out to ensure the privacy and security of clients’ information in the digital era. Regulations like the </span><a href="/industry-news/what-insurance-agents-and-advisors-need-to-know-about-privacy" target="_blank" rel="noopener noreferrer"><span style="background-color: white;">Insurance Data Security Model Law</span></a><span style="color: #151b26; background-color: white;"> from the NAIC are being widely implemented and can have a significant impact on how you do business. It’s important to keep up with regulations, both in your state and nationally, so that you can proactively plan for changes rather than reacting to them.</span></li><li><strong><span style="color: #151b26; background-color: white;">New concepts & trends. </span></strong><span style="color: #151b26; background-color: white;">The insurance field is being flooded with tons of new product concepts, many introduced by tech companies and insurtech startups. Understanding what new ideas and products are out there will help you better understand what you’re competing against or even spark you to adopt fresh ideas or tools that will boost your business.</span></li></ul> <p><span style="color: #151b26; background-color: white;">Some sources we recommend for up-to-date information and insights include </span><a href="https://insurancenewsnet.com/" target="_blank" rel="noopener noreferrer"><span style="background-color: white;">Insurance News Net</span></a><span style="color: #151b26; background-color: white;">, </span><a href="https://www.thinkadvisor.com/" target="_blank" rel="noopener noreferrer"><span style="background-color: white;">Think Advisor</span></a><span style="color: #151b26; background-color: white;">, </span><a href="https://www.insurancejournal.com/" target="_blank" rel="noopener noreferrer"><span style="background-color: white;">Insurance Journal</span></a><span style="color: #151b26; background-color: white;">, </span><span style="background-color: white;"><a href="/industry-news/" target="_blank" rel="noopener noreferrer">The LegacyShield Blog</a>,</span><span style="color: #151b26; background-color: white;"> and </span><a href="https://belong.naifa.org/" target="_blank" rel="noopener noreferrer"><span style="background-color: white;">NAIFA</span></a><span style="color: #151b26; background-color: white;">. </span></p> <h2 class="wp-block-heading"><strong><span style="color: black;">Rock 2: </span></strong><span style="color: black; font-weight: bold;">Incorporate the right tech into your practice</span></h2> <div class="wp-block-image"><figure class="alignright"><img loading="lazy" decoding="async" width="300" height="200" src="http://18.220.128.78/wp-content/uploads/2020/12/qtq80-C1UFUC-300x200.jpeg" alt="Data insights" class="wp-image-7125" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-C1UFUC-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-C1UFUC-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-C1UFUC-768x512.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-C1UFUC-1536x1024.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-C1UFUC-2048x1365.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></figure></div> <p><span style="color: #151b26; background-color: white;">Now is also an excellent time to review what technology you’re using, what’s currently on the market, and what tools or combination of tools will work best for your business. There are digital platforms to assist with practically every facet of an insurance agent’s job, including tools for CRM, client communication, and policy management. </span></p> <p><span style="color: #151b26; background-color: white;">Many insurance agents have already incorporated sales management tools into their practice, but new digital platforms are expanding the wealth and quality of service that agents can provide to clients while also streamlining processes on the backend. Platforms like </span><a href="https://go.legacyshield.com/link"><span style="background-color: white;">Link by LegacyShield</span></a><span style="color: #151b26; background-color: white;">, for instance, are designed to empower insurance advisors through multiple functionalities. The platform acts as a secure file sharing and storage platform for policy documents and financial information, a </span><a href="/industry-news/what-is-a-digital-workspace-for-insurance-advisors" target="_blank" rel="noopener noreferrer"><span style="background-color: white;">digital workspace</span></a><span style="color: #151b26; background-color: white;"> for agents to connect and collaborate with their clients, and a lead-generation source that can grow sales. </span></p> <p><span style="color: #151b26; background-color: white;">Remember to take a bird’s-eye view of your business when considering technology. Companies often adopt tech in a piecemeal fashion. They adopt a new tool as the need arises, and, after a while, they may have a variety of disparate tools that don’t play well together. Look for a comprehensive and cohesive tech strategy to better your practice in 2020 and beyond. </span></p> <h2 class="wp-block-heading"><strong><span style="color: black;">Rock 3: Brush up your skills & knowledge </span></strong></h2> <div class="wp-block-image"><figure class="alignright"><img loading="lazy" decoding="async" width="300" height="200" src="http://18.220.128.78/wp-content/uploads/2020/12/qtq80-JryCZj-300x200.jpeg" alt="cold calling" class="wp-image-7126" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-JryCZj-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-JryCZj-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-JryCZj-768x512.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-JryCZj.jpeg 1254w" sizes="auto, (max-width: 300px) 100vw, 300px" /></figure></div> <p>While looking to the future is always important, it never hurts to refresh the classic skills and knowhow you need to successfully sell policies as an insurance agent. That includes your field underwriting skills as well as your knowledge of which risks are best for which carriers.</p> <p>Meeting with a knowledgeable general agent is a great way to accomplish this. Or you can simply do your own research on each carrier’s underwriting guides. For instance, some carriers allow positive nicotine with anything other than cigarettes as a non-smoker, and auto insurers differ on how forgiving they are on driving records. These details can help you easily find the best solutions for your clients.</p> <p>In the insurance industry, how we sell may be changing, but the core skills remain the same. Delivering the right solution to your client, and doing so with high-quality customer service, will always be the key to being a great insurance agent.</p> <p>To learn more about what you can do to better yourself as an insurance agent, check out our blog, “<a href="/industry-news/unlocking-success-for-insurance-providers" target="_blank" rel="noopener noreferrer">Unlocking Success for Insurance Agents</a>.”</p> <p>The post <a href="https://marketing.legacyshield.com/industry-news/staying-ahead-of-the-curve-for-insurance-agents/">Staying Ahead of the Curve for Insurance Agents</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p> ]]></content:encoded> <wfw:commentRss>https://marketing.legacyshield.com/industry-news/staying-ahead-of-the-curve-for-insurance-agents/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> </channel> </rss>