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Is It Time To Say Goodbye To Insurance Agents And Brokers?

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As technology continues to advance and the sharing of knowledge continues to improve by the day, many people are now asking whether there’s any value in going through insurance agents and brokers to get to the insurance they need from the insurance companies.

Of course, everyone should know that it’s possible for an individual to go straight to the insurance company and get the coverage he or she is looking for and eliminate the “middleman” from this transactions.

However, would going straight to the insurance company by any means, whether physically or online, be of benefit whatsoever, or would you be missing out on something when you choose this path?

By answering these five questions, we will know whether it’s time to let go of the agents or brokers, or whether we need to take them even more seriously.

How Much More Money Will I Have To Pay Agents And Brokers?

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As much as common sense would dictate that the middleman has to charge you for his or her services, it seems as if the insurance industry does not abide by this rule. Agents and brokers make commissions from the business they bring to insurance companies, so they do not charge you for their services. Furthermore, you might be surprised to find that most agents and brokers will give you better pricing compared to what the insurance companies will offer you. So for the best price, go through an insurance agent or a broker.

Which Service Provider Is Really Looking Out For My Benefit?

An agent or a broker will give you all the advantages and disadvantages of getting insurance from a range of insurance companies, something the companies will never do. Companies will only tell you what they will offer you and hope that you won’t think or even take the trouble to shop around. Therefore, the agents and brokers here are the superior customer service providers, because they’ve already done all the price and services comparisons for you and it will be up to you to choose the companies you want to buy insurance from.

Who Is The Best Option To Go To When I Want To Make A Claim?

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In the event of an accident or loss, you will need to know the best channel to use to receive your compensation, because that was the reason you got insurance in the first place. When you go through an agent or a broker, he or she knows all the requirements necessary for you to receive compensation, and he or she will act as your advocate to the insurance company. If you go directly to the insurance company, be ready for a tedious back and forth process.

Who Will Take Their Time To Help Me Understand What I Am Getting Into?

Insurance agents and brokers are highly knowledgeable insurance professionals who know that insurance is not always an easy subject. Therefore, these professionals will take the time to help you understand the policies you want to purchase, they will help you choose the ones that will fit your current financial situation, and walk with you throughout the year helping you in every way along the way. An insurance company might not take such good care of you.

Isn’t It Faster To Get Services From The Insurance Companies Directly?

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It is important to understand that the speed of getting services will largely depend on each specific service provider and the technology behind the service provider’s business. However, depending on the insurance services you are interested in; it will take you longer for a huge insurance company to give you the attention you deserve, compared to an agent or a broker. Furthermore, the insurance agents and brokers on the Lightinsure.com platform offer the best and most reliable services in record time.

Clearly, the time for insurance agents and brokers is not over, since it does not make any sense to get insurance through any other means. What do you think?

Top 5 Tips Every Insurance Agent Or Broker Needs To Implement To Be Successful

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Success in business does not come by coincidence, but by consistently learning from those ahead of you and from the mistakes you’ve made in the past.

If you’re in the Insurance business, then you know that it’s possible to achieve great success selling insurance, but you have to stick to some fundamental rules that govern this industry.

As you keep doing what you’re doing now, that which has gotten you to where you’re at today, here are a few tips you should implement in your business for you to achieve even greater success.

Focus more on your clients

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Most people often focus only on how much money they can make at the end of the month, or how many deals they can seal within a certain period.

Focusing on making money is great, but your focus should be on your client’s needs and concerns. The moment you shift your focus to your clients, you will get more quality referrals than you would have imagined.

Plan your finances

Most insurance agents and brokers treat their business’ money as if it was their personal money. Regardless of the number of staff you have in your business, you have to have strict rules on how to handle your money.

You might need to open a separate business account for your business, put yourself on a salary, hire an accountant (full-time or part-time depending on your business), and start saving. These steps might be painful at first, but they will ensure you have a business two or three years from now.

Be an insurance consultant

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This does not mean that you have to complete some written exam or achieve some certification to become the consultant, although that would also be great.

Take the time and effort to tell your clients and potential clients about the new products and services in the industry. Share information concerning legislation in insurance and how such legislation affects them. When you do this, everyone will start calling you on all matters insurance, and selling them insurance will become even easier.

Forget the ups and downs and remain committed

Selling insurance can feel like a roller-coaster ride because some days you will make record sales while other days you will feel as if you would have spent your time better staying at home watching movies.

For you to make it in insurance, commit to staying and serving your clients for the long haul. If you remain committed to doing all the things your clients and business demands of you, then your clients will remain committed to you.

Get a reliable and an affordable Insurance System

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Most insurance brokers and agents run their businesses on pen and paper, or even on excel. Even though you’ve been doing just fine for as long as you’ve been in business the future demands that you change.

If you can get a cloud-based system specially designed for insurance agents and brokers, you would be way ahead of your competition. Get an affordable insurance system that will help you sign up new clients, create policies for them, and send them invoices, emails, and receipts with speed and accuracy.

This system should also help you manage your insurance business; create comprehensive reports that you can send to the insurance companies with all the computations, and show any changes in the policies whenever such changes occurred.

A cloud-based system will help you to conduct business wherever you are and give you a picture of your entire business at the click of a button. A fine example of such a system is lightinsure.com.

 

Implement these five tips and watch your business grow to heights you only dreamed of.