How much of this scarcity of specialized marketing material is due to the individual agent versus the industry may be up for debate. However, as seen in Figure 8, from the product affordability section, when asked what the No. 1 way insurers could help agents be more successful, overwhelmingly, the answer was marketing materials that have been customized for the target market (57 percent). That number sticks out and magnifies the need agents have to obtain more targeted information for these underserved markets.
Agents were also asked to comment on the most effective ways they prospect to multicultural clients versus the way they prospect to non-multicultural clients. (Figures 11 and 12) It’s in these breakouts that similarities and differences arise. The biggest number that stands out is in reference to referrals, one of the drivers of prospecting. For the multicultural groups, 51 percent of respondents listed referrals as one of the most effective prospecting tools. That number is OK, but when compared to clients who do not fit a multicultural group (80 percent), the different outlooks advisors approach diverse groups become clear.
Or does it? One factor that could be throwing off the numbers is the fact that 49 percent of the respondents said they do not market specifically to multicultural clients. In any event, lead generation, prospecting and referrals drive new business and respondents in this study continue to look for new inroads to the multicultural markets.