MDRT recently conducted a study called the Generational Financial Confidence Study. I found the results of the study quite interesting and thought you insurance pros would find value in it as well.

In 2009 MDRT asked financial advisors to share a few effective strategies for closing the sale. The highest ranked response was “build long-term relationships.”

Next, they surveyed different generations to learn what sales strategies might encourage them to take action.

Two primary audiences identified in the study were Boomers and Generation X. Both indicated the same top three sales practices: “offer straightforward advice,” “create sample financial plan” and “goals-based planning”. However, ranked further down the list was “build long-term relationships.”

Insurance professionals and other financial services representatives take heed. Each generation responds differently to a variety of techniques, so make sure you’re engaging your insurance prospects based on what’s most important to them.

To learn more about this survey and also learn how you can better understand generational differences, visit the MDRT Generational Financial Confidence Study conducted by the Boomer Project.

One of my favorite insurance agent blogs to follow is Confessions of an Insurance Goddess. If you’re not following this feed, you’re missing some valuable insurance agency insight. Throughout this blog, Carrie (aka The Insurance Goddess) chronicles the day-to-day happenings and unique experiences she encounters while working with clients at the Alan Galvez Insurance Agency.

One of her more recent posts is titled “Our customer tweeted a claim & we responded!” Thank to Twitter, Carrie was able to quickly respond to a claim situation and expedite the whole claims process for an insured.

How is your insurance business connecting with customers? While many think social media is “just for fun”, Carrie and her team are putting online tools to good use for business. Read more about the Insurance Goddess over at her blog.

As technology and communications have evolved, there are a number of ways you can connect with insurance prospects and customers.

If you’re an insurance professional who purchases our insurance leads, you may have the notion that, because the consumer was connected with you via an online medium that he or she wants to be communicated with via an online medium.

While this makes sense and is probably accurate for a percentage of the population, it’s likely the prospect completed the form online simply because it was easy and s/he wanted to be catered to. Do not underestimate the importance of picking up the phone and calling the prospect.

While phone and email are the two most effective ways to reach a prospect, it’s also important to make sure you and your insurance agency have a website and that you’re searchable among online networks such as LinkedIn, Facebook, Twitter and so forth.

Read Ryan Hanley’s overview about why he’s established a robust online presence to ensure he’s accommodating to customer’s and prospect’s uniquely varying communication styles.

Greetings! We hope 2010 has been a bountiful year for your insurance business.
As we move toward this holiday season, we want to say thank you to our customers and for your continued input for how we can better serve you.

Please note that our offices will be closed on Thursday, November 25 & Friday, November 26 in observance of the Thanksgiving holidays.

“Being Thankful” – author unknown

Be thankful that you don’t already have everything you desire. If you did, what would there be to look forward to?

Be thankful when you don’t know something, for it gives you the opportunity to learn.

Be thankful for the difficult times. During those times you grow.

Be thankful for your limitations, because they give you opportunities for improvement.

Be thankful for each new challenge, because it will build your strength and character.

Be thankful for your mistakes. They will teach you valuable lessons.

Be thankful when you’re tired and weary, because it means you’ve made an effort.

It’s easy to be thankful for the good things. A life of rich fulfillment comes to those who are also thankful for the setbacks.

Gratitude can turn a negative into a positive.

Find a way to be thankful for your troubles, and they will become your blessings.

Your friends at HometownQuotes

Throughout our past few posts, we’ve shared how you and your insurance business can generate more leads and connect with more customers through LinkedIn.

This post is going to share how LinkedIn Groups can maximize your online networking potential.

Participating in LinkedIn Groups is a great way to expand your profile’s network. Here are a few key reasons you should be participating in LinkedIn Groups:

1) You can branch out beyond your network. While you may have 150 personal LinkedIn connections, when you connect with a LinkedIn Group, you have access to the group’s membership. The more groups through which you actively participate, the more recognition your LinkedIn profile receives.

2) Connect with like-minded individuals. LinkedIn offers a multitude of groups across a variety of topics. From insurance and real estate to automobiles and fishing, LinkedIn has a group that fits your interests. Here are a handful of the insurance-related groups we recommend. (Note: Most of these groups are accessibly only if you’re a member. To join, simply click “join this group” and your request will be sent to the group moderator.)

Farmer’s Insurance Group

Insurance Industry Executives

Insurance Industry Professionals

Insurance Journal – Property & Casualty News & Info

Insurance Marketing Professionals

Insurance Professional Network

Insurance Professionals

Insurance Professionals of America

NAIFA Networking Group

Nationwide Insurance Alumni/Associates

Online Insurance Agents

3) Creating your own group is an even more effective way to expand your network of connections. Visit this site to learn how to create your own LinkedIn group.

Are you currently using LinkedIn for your insurance agency? Are your team members promoting your insurance business on LinkedIn? What LinkedIn groups do you find most effective for your business?

There are a number of free ways to use the Internet to showcase your insurance expertise. One tool we recommend is LinkedIn – which allows you to connect with more than 43 million professionals in more than 200 countries. Unlike Facebook (which is another great resource for entrepreneurs), LinkedIn is a business-focused environment. Properly leveraging your LinkedIn profile will help you connect with other professionals and prospects. Follow these tips to get the most out of your LinkedIn profile:

1) Complete your profile. Remember that this may be your first impression to some people, so you want to make sure your profile is complete and flawless. Focus on these important profile items -

Headline – This is the information that will appear directly under your name. As a default, your current job information will be listed here. (i.e. Insurance Agent for Farmer’s Insurance) Take this opportunity to be creative and show off your personal brand. (i.e. Nashville insurance professional protecting your assets)

Summary – This should be a brief paragraph about why you enjoy being an insurance professional. What makes you different from other insurance agents? What can customers expect from you? List any distinctions, titles, honors or awards you’ve received.

Custom URL – You can personally brand your LinkedIn profile with a unique URL. To do this, go to your profile and click “edit”. Find “public profile” and click “edit” once more. At the top of the page, find where it says “public profile URL” and click “edit” again. Type how you want your URL to appear and click “set address” (i.e. http://linkedin.com/in/yourfullname) If your name or phrase has been taken, modify it by adding a period, underscore or middle initial.

Websites – List your agency website, blog, Facebook fan page, Twitter information, etc. so your new contacts are aware of the different ways to connect with you.

Recommendations – Use the recommendations area for client testimonials. There’s nothing better for business than letting your customers speak for you!

Stay tuned for part 2 tomorrow!

If you’ve attended one of our insurance webinars, you probably know we’re an advocate of using a world-class lead management tool like Leads360. Their web-based software allows insurance pros to identify and track important metrics which ultimately leads to improving your overall sales process.

One of their recent whitepapers is titled “Six calls equals success” and it includes some vital statistics you need to keep in mind as a business owner:

After analyzing more than 15 million insurance leads, Leads360 learned that making 2 calls instead of just 1 increases the odds of reaching a lead by 87%.

Unfortunately, 50% of leads are rarely contacted that 2nd time.

They discovered that making 6 contact attempts resulted in nearly the highest possible contact rate, however, nearly 60% of sales people made less than 6 calls.

To read their full whitepaper, click here.

Have you assessed your sales process lately? Do you know the average number of calls your team is making to prospects? What is your preferred way to track calls and sales?

Everyone wants to feel appreciated – especially your insurance prospects and clients. While we should always go above and beyond to express our gratitude, making this a priority as we move toward the holiday season is especially important.

There are a number of ways to say thank you:

- Mail a personalized note
- Send a gift card
- Host a customer appreciation event
- Donate to your customer’s favorite charitable organization

And many more!

When it comes to showing your gratitude, there’s nothing too large or small. Just remember to be genuine. What’s your favorite way of saying thank you?

Whether you’re a one-person insurance shop or work as one of a handful of insurance agents in a larger insurance office, chances are good that you’ve over-committed yourself at one point or another.

Being over-committed is not a good feeling. You feel like the whole world is sitting on top of your shoulders OR like you’re drowning, but just barely keeping your head above water.

We’ve compiled this handful of tips to pull you out of the water next time you feel like you’ve put too many projects on your plate.

1) Sit down with your calendar. Are there projects or commitments you can delegate to someone else or push back the due date? Are there days you can reserve strictly for yourself or for you and your family? If you’re not keeping track of commitments and setting boundaries, it’s VERY easy to over-commit!

2) Focus on the most important task or project. When your plate is full, it’s easy to let yourself be overwhelmed trying to figure out where to start. Rank your tasks and projects from most time-sensitive to least time-sensitive, then focus on the most important. This way you’re accomplishing something versus spinning your wheels.

3) Get a good night’s sleep. There’s something about a restful night that makes it easier to accomplish things and give you the feeling that you can tackle the day. Focus on eating well and listening to your body when it’s tired so you’re more likely to be productive the next day.

4) Commit to setting boundaries for yourself. Only you can make change for the better. It’s by learning to say “no” that we begin to take control and prioritize our schedules. No one else can say “no” for you.

Hopefully next time you start to feel over-committed you’ll keep these tips in mind. We’d love to hear your tips and best practices for building a flourishing insurance business without over-committing yourself. Please share here!