For Senior Market Advisor's 2013 Industry Survey, more than 150 insiders weighed in on the most pressing challenges as well as the biggest opportunities for them as they look ahead to 2014. The respondents came from a cross-section of marketing organizations, services companies, consultants, brokers, advisors and agents.
Let's go inside the numbers and responses…
Lead generation
Getting leads is always an issue for advisors. As one respondent told us, "Leads have been a problem for the industry for a hundred years and they will continue to be an issue a hundred years from now."
So, what's an insurance professional to do to get around that problem? While there's little debate that getting good, qualified leads is the lifeblood of a practice, how those leads are acquired has some wiggle room. With that in mind, we asked insiders, "What is the number-one strategy they use to generate leads."
The top 10 answers:
- Referrals
- Provide good service to existing clients and CPAs/Attorneys
- I work from my database of prospects and clients
- Networking
- Seminars
- Adult financial education on college campuses
- Radio
- Word of mouth and a pre-approach letter
- Direct mail
- Internet and social media squid program
Business changes
From the survey: What changes in your business do you have planned for 2014?
When asked about changes they had planned for 2014, nearly 34% of respondents said they have new lead generation techniques ready to roll out. Also, almost 30% said they will increase advertising next year while only 1% will decrease their ads.
Also, respondents provided us with unique changes they have in store for the upcoming year. The following are 10 of those ideas:
- Greater protection services and fee-for-advice techniques
- Gather more assets and quality households
- Increase web traffic
- Financial Wellness Workshops
- Hire an appointment setter
- Better web presence
- Stay constant!
- More personal/face to face contact
- Hiring additional Financial Representatives
- Obamacare Alternatives
- Doing more Strategic Alliances with P & C agents & Benefit Brokers
Technology
Technology is both the present and the future of the insurance industry. Some agents like to tell us they only use a yellow legal pad or a dry erase board to communicate with clients, but, let's face it, today's consumer likes the ease and efficiency that technology provides.
From the survey: How has new technology, such as smartphones, tablets, social media and personal websites changed the way you do business? Respondents said technology has increased productivity (50%), decreased productivity (3%), complicated things (29%), taken away the personal touch 28%).
10 technology thoughts from the insurance industry:
- "It's given me more connections."
- "Technology makes people lazy and they think they know all about insurance and pricing!"
- "We're not fully there yet."
- "Since technology has decreased the personal touch we have added more touches from us to the client."
- "In the area we live, not many people have access to the Internet yet."
- "We're quicker now in looking for information."
- It's just another set of tools – no dramatic effect.
- "Technology has reduced travel expenses."
- "It's opened up new marketing/sales channels."
- "Sometimes, it's easier to reach people by email and text."
Client fears
From the survey: When you or your employees talk to clients, what are the biggest fears they are facing? The economy (56%), the government (55%), outliving their money (55%) and having to work longer than they had planned (40%) all scored high in the fear category but all took a backseat to health care (59%).
