Insurance agents build their book of business through referral. Referrals come from two sources: (1) Satisfied customers, and (2) Business relationships.
Satisfied customers are a great source of revenue as they refer you to friends and family. However, you need additional sources of business to build a successful insurance business.
The best way to add referral sources is by building business relationships. These relationships do not develop overnight, and they take time to cultivate. You must build trust with business associates. Sales meetings and networking opportunities allow you time to create these relationships, demonstrate your outstanding business ethics, and become the go-to expert in insurance. The following three tips will help you build your insurance book of business while getting to know people.
- Make Time for Sales Meetings
Many people lead busy lives. Business is only a small part of their lives. Therefore, many people use their sales time to run personal errands, take a much-needed break, or socialize with personal friends. Unfortunately, they are leaving money on the table.
Sales meetings, such as networking groups and one on one meetings, provide a perfect opportunity to build business relationships. These relationships lead to referrals that will grow your insurance book of business. Skipping these meetings will leave you without the referrals you need to flourish as an insurance agent.
- Become a Resource for your Referral Sources
Building relationships with business associates requires a lot of giving in the beginning. You need to show you are worthy of their referral. They are putting their reputations on the line and must know you are worth the risk. Therefore, you must be willing to give without much return at first.
Make yourself available to answer insurance-related questions for their clients. In the beginning, it may amount to nothing. However, in the long run, they will know you are an expert with fantastic customer service skills. You will build a reputation they can trust. This relationship will lead to more clients and a larger book of business.
- Be Generous with your Referral Sources
Referral relationships cannot be a one-way street. When you receive referrals, you cannot merely say “thank you” and move on. It is important to reciprocate the gesture whenever possible. While it may not be easy to refer back to your referral source, you can make genuine attempts as they become available.
You should also remember to thank referral sources whenever possible. Send holiday cards or gifts. Make sure you send a Thank You card each time a referral results in an opportunity for new business. Little gestures will go a long way to show your referral partners that you appreciate their efforts.
Building referral relationships are the backbone of building your insurance business. Follow up on your relationship-building excellent information on your website, such as an informative blog.
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