Selling More Umbrella Policies Can Benefit Your Agency

As an agent, you probably have several current and potential clients who could really benefit from having an umbrella policy, but do not have one. By simply spending a bit more time focusing on educating the consumer and promoting umbrella policies, your agency could begin seeing a significant increase in revenue.

There was once a widespread perception that clients didn’t need umbrella policies unless they were very affluent. However, some who we would consider middle-class could also benefit from these arrangements. Some examples include: rental property owners, parents with teenage children (those who are beginning drivers or who have terrible driving records), owners of luxury cars or those with large mortgage payments. In other words, those who are vulnerable to a loss would appreciate spending a few extra dollars for this peace of mind.

Understand that most consumers want to lower their premiums, so simply offering them another policy to pay for is not the most effective strategy. However, when you educate the consumer about what they may leave themselves exposed to by not having an umbrella,  many will find themselves very open to a cost-manageable solution. For example, an at-fault accident resulting in multi-million dollar litigation can prove itself financially devastating without appropriate coverage.

So, how do you find clients who need an umbrella policy, and how do you convince them of the need? The following are a few simple, yet effective, strategies.

  1. Ask Everybody: Ask every new client if they want an umbrella policy. This will give you an opportunity to share the reasons the policy would be beneficial, including exposing potential risks the client may not have considered before. It sounds too simple to work, but unless you start the discussion, you’ll never know whether the client is open to the idea.
  1. Target Existing Clients: Look through your book of business for every client currently carrying 250/500 limits (300 for homeowners). Reach out to these customers, explaining how an umbrella policy may benefit them. You may be able to easily identify any changes in lifestyle or need through this informal conversation.
  1. Target Rental Property Owners: Landlords are often surprised to find themselves entangled in disputes started by their tenants. For example: a tenant whose pet injures someone may find themselves in “hot water” legally; however, if they do not have insurance, the frustrated litigant may seek damages directly from the property owner. This makes landlords a great target market.
  1. Advertise in Affluent Areas: If your agency is located in or near an affluent area, you will want to educate those consumers regarding their potential need for an umbrella policy. Write an article for the local community newspaper or magazine, write about it in your agency’s monthly newsletter, publish a blog post, and don’t overlook the power of direct mail. After all, we all want the peace of mind that comes with knowing what’s dear to us, including our families, is fully protected.

 

How to Create a Winning Insurance Sales Resume

Today’s competitive job market requires anyone seeking a position (be it a promotion, career change or an initial entry into the world of work) to really set themselves apart. Here are some things you can do to stand out in the crowd.

Place Emphasis On Your Sales Ability. Place yourself in the “shoes” of a hiring manager at an insurance firm for a moment. He or she is seeking a salesperson who will fit with the culture of their office. Making anything – and we do mean anything – a greater focal point than your ability to sell is a major faux pas. While knowledge of the industry is wonderful, the ability to sell is a marketable, transferable skill… highlight yours.

Facts Tell, Stories Sell. Quantifiable numbers will always give a much richer picture – and tell your story better – than restating your job description. In other words, terms such as ‘increased profits by 15%’, ‘reduced overall budget by 20%’, ‘ranked Top Salesperson for four consecutive months,’ etc. provide a potential employer better insight into your story. When you can, place these numbers in bold.

Focus Less On Your Objectives and More On Theirs. Recruiters have so many resumes to sort through, the average time their eyes will focus on your resume is about 10 seconds. Therefore, you will always want to position your achievements on the resume so they can be easily, and quickly, noticed. Most job-seekers waste valuable space on a topic recruiters have no interest in – their objective. Instead, employers are seeking to hire someone to increase profits, improve processes, enhance the culture and assist in making the entire operation better. In other words, demonstrate on your resume how your skills, experience and achievements align with this company’s overall objective.

Cover It Well. Gone are the days when overworked and meaningless phrases, cloaked in attractive formatting, are considered acceptable cover letters. Achievers are generally interesting individuals with well-rounded lifestyles, so help the recruiter or employer get a sense of your personality, professional interests and achievements on your cover letter. Volunteer experience and hobbies (especially those demonstrating relevant and transferable skill sets, like creativity and initiative) are great to highlight in this space. Though it may take a little more time, the effort separates your cover letter easily from the generic crowd.

Short And Sweet. Your resume should be no longer than two pages, and ideally only one. Managers simply don’t have the time or interest for more verbiage than that.

Print Your Resume On Nice Stationary. When called for an interview, take the extra step of printing your resume on nice stationary. This might seem like outdated advice, but some people still notice this attention to detail the way they might appreciate well-shined shoes or a follow-up thank you note. It shows an uncommon amount of care.