I’m a huge advocate for agents partnering together. Agents all share a similar client base, and they ultimately don’t penetrate that client base for all the products clients want or need. If you are selling Medicare and individual health, there are a lot of other insurance products your clients need that a partner can offer.
To start, dedicate maybe 10 or 20 percent of your day to prospecting for agents, not clients. Whether it’s senior life agents, annuity agents or health agents that sell products other than Medicare and individual health, you’re going to create valuable partnerships.
Go on LinkedIn, look up agents locally and start calling on them with the proposition of being part of their team, helping them provide a service to their clients, and making the client “sticky.” You can also attend local NAIFA events, and meet agents face-to-face. As you do this, remember that it is good to have a written agreement in place that states what both parties can and cannot sell to a client. If a life agent refers a health case, the health agent cannot then sell a life case to that client.
Ultimately, this partnership can take one of two routes: It can result in free referrals, in which case your partner will refer prospects to you and receive no commission on these, and, in return, you will need to be able to refer prospects to your partner and receive no commission. The alternative is that you both share in the commissions.
Partnerships take a little bit of time to develop, but if you devote a percentage of your day to reaching these partners, prospecting will become easier. Other insurance agents have the same pain points that you do: They are struggling to prospect efficiently, and they need to increase client retention. Developing partnerships that allow you to meet all or nearly all of a client’s insurance needs benefits everyone involved.
Nic West, Director, PinneyInsurance.com