Patrick B. McCormick
Theres no question that consumers have embraced the concept of one-stop shopping. People lead busy lives, and the ability to buy groceries, pick up a prescription, and deposit a check all under the same roof are definite time-savers.
Similarly, more insurance carriers are stocking their shelves with a diverse collection of insurance and investment products. The question is, can you translate this plethora of offerings into a one-stop, value-added shopping experience for your clients?
Here are three rock-solid ideas that can help you use the multi-line approach to stand out from the crowd, create loyal customers for life and build a stronger business:
1. Deliver best-of-class products. When you made the choice to become an independent agent or advisor, you gave yourself the freedom to shop around for best-of-class insurance and investment products for your clients. The fact that youre not beholden to any particular insurance carrier is a powerful advantage.
No company can be all things to all people. An insurance carrier that offers exceptional life insurance coverage may not have long term care products. Or, a company that leads the industry in fixed annuities may not be at the head of the class when it comes to immediate annuities.
Your clients want and expect you to sift through the various product offerings and find them the best possible value–a custom-fit product from a company with financial strength and a reputation for outstanding customer service.
Never underestimate the power of your independence. Make sure your clients understand that you have a choice in the products you offer. Your industry expertise allows you to research and evaluate companies and products so your clients dont have to.
Dont hesitate to ask your carriers to demonstrate how their products and services stack up against the competition.
2. Diversify to help reduce risk. If you offer investment products, chances are youve given your clients the “dont put your eggs all in one basket” speech. But have you taken the same precautions for your own business?
Adding a diverse line of products to your shelf creates an “insurance policy” of sorts that allows you to withstand economic volatility and adapt to an ever-changing marketplace. For example, when low interest rates decimate your annuity sales, you have the ability to continue meeting and exceeding sales goals by shifting your attention to life insurance or other lines.