Inbound Selling Success: 4 Proven Practices Outlier Producers Use to Win Business

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Using a 'Second-Ring Philosophy' Drives an 80% Conversion Rate Without exception, every insurance producer wants to write more business.

In today’s digital world, what sets successful ‘outlier’ producers apart is how

they turn the new wave of online insurance shoppers into revenue-

generating gold. And you can, too, with these insider tips to achieving

inbound referral success — in four simple steps.

STEP 1

Recognize the Value of Inbound Leads In a world where internet shoppers can get a package delivered on the same day they order it and banks give online mortgage applicants answers in 10 minutes or less, an online buyer’s expectations are influenced by an always-on world—and shopping for commercial or personal insurance is no exception.

Whether it’s someone looking to insure a business or home, inbound insurance referrals—those that find you or your agency via digital advertising—aren’t just casually clicking an online ad to get more information, they typically have a genuine insurance need. For the growing number of shoppers who begin their insurance buying journey online, outlier producers genuinely understand the value of the opportunity, and the buyer’s short attention span.

According to Property Casualty 360, 63% of insurance businesses report they are ready to move toward a digital practice. The balance of agencies are already maximizing digital advertising and are ahead of the curve, but simply getting found online is not enough.

If you aren’t effectively engaging prospects at first contact, your warm referral will quickly move on to the next digital competitor with the simple click of the back button.

And if you’re not yet convinced of the growing trend of online referrals, the age of the online customer is here to stay. Statista reports that by 2019, the number of online U.S. shoppers will exceed 224 million and current statistics support that of those shopping for insurance, 80% of the purchase decision is made before a person contacts an agency.

With the internet serving as the predominate research channel for buyers, today’s insurance buyer is in control. Delivering a great customer experience for digital inbound referrals gives an outlier producer a competitive edge that fuels recurring revenue success.

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STEP 2

Improve the Digital Lead Process Businesses invest both time and money to get found by online buyers. But according to Forbes, a surprising 71% of all internet leads are wasted due to poor customer service.

Be honest. Knowing that online referrals are warm inbound opportunities, how would your agency’s customer service experience stack up? In other words, how quickly do you answer the phone or respond to a prospect’s email message? And does this turnaround time really matter?

The answer is “Yes.”

According to TrustedChoice.com, 11% of callers aren’t willing to wait more than five seconds on hold (based on nearly 39,000 calls to independent agents). Unlike the traditional insurance buying cycle, selling to online referrals requires a nimbler approach.

That’s why, when it comes to answering the phone, outlier producers have a ‘second-ring philosophy.’ Can something so simple as answering the phone in a few rings really make an impact? TrustedChoice.com has been tracking an independent agent who is a subscriber to TrustedChoice.com’s inbound referral program and practices a “second-ring philosophy.” Over the last eight months, this agent has reported an 80% close rate, writing 29 new accounts with 37 individual policies placed, totaling $96,000 in premium. Proving that answering the phone not only matters, it’s everything.

While agencies who use phone trees want to disseminate incoming calls, outlier producers see

phone trees as a nuisance that keep them from making a sale. Live-chat software vendor Ruby Receptionist confirms the trend, citing that over 70% of people have reported hanging up when they hit a phone tree.

Still skeptical? To put your prospect’s customer experience to the test, audit your agency’s current process by recording and listening to your agency’s incoming calls. You’ll quickly confirm that callers don’t get past the initial phone tree, with trends showing nearly a zero-wait

tolerance. While you may be thinking that seems extreme, remember that the person doesn’t know you yet. If he or she can’t get assistance quickly, they aren’t going to wait.

To write new business from online referrals, outlier producers know that they must be highly effective at engaging and exceeding an online referral’s expectations—they are experts at owning the customer experience. In fact, by not responding to incoming referrals quickly or using an inbound phone tree just isn’t going to cut it, and it’s opening the door for another agent to steal the deal.

71% of all internet leads are wasted due to poor customer service

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STEP 3

Shift From Qualifying to Conversing In addition to speed and simplicity, today’s online insurance buyer wants transparency. Outlier producers recognize that every prospect call or email is an issue waiting to be solved, and an opportunity to win trust.

Beyond connecting with an online prospect quickly, it’s equally important to not treat the call as simply an opportunity to qualify a lead. The person on the other end of the exchange is looking to connect with a trusted expert and has a qualified need, so producers should have the person’s best interest at heart from the start.

To set themselves apart and promote their expertise, outlier producers streamline the

quoting process by knowing what questions to ask to best understand a prospect’s needs and concerns, and sharing their knowledge and expertise appropriately.

They move from building rapport and gathering information to providing a quote quickly. This filters out any price-focused ‘tire kickers’ and enables producers to move forward with prospects who value expertise provided by independent agents.

70% of people have reported hanging up when they hit a phone tree

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STEP 4

Seize the Online Opportunity Sacramento-based account executive Vicky Fardette of Mitchell & Mitchell Insurance chalks up her fast response time and industry experience to closing 80% of the inbound referrals she quotes, generated through TrustedChoice.com. “I’ve been selling insurance for 35 years and know that customers want information fast and don’t like to be overwhelmed with too many questions,” she said. Fardette responds quickly to requests to gather the basics and provide a ballpark figure. “I’ve found people who contact us are truly looking for insurance and if I’m in the ballpark and can get the prospect to answer a few more questions, I know I can write the business,” she adds.

Knowing inbound referrals are often moving fast and want to know what the premium is before moving forward, Justin Watters of Vogue Insurance Agency provides that information quickly. He notes, “The great thing about TrustedChoice.com inbound referrals is that when I get the consumer on the line, with access to an easy online rater, I can provide a quote within five minutes, without having to get every aspect and detail of the business to move the deal forward.”

Both new and veteran producers like Watters and Fardette are also finding inbound referrals are an easy way to write smaller policies that lead to bigger commission opportunities. “My first inbound lead from TrustedChoice.com was a man that called to get a quote for his home and I’ve since written eight policies for him,” said Fardette. And building his book of business for less than a year, Watters adds,

“I’m getting at least one call or one online request at least two or three days a week, so I’m constantly working on a policy. If it wasn’t for inbound leads from TrustedChoice.com, I would be cold calling.”

From first contact to quoting quickly to cross-selling, outlier producers own the online inbound

referral relationship by being consistent and persistent. As technology continues to disrupt the traditional insurance buying journey, today’s outlier producers are adept at owning the customer experience promise by employing one simple, old-school approach: to gain and retain business, outlier producers simply pick up the phone.

“I’m getting at least one call or one online request at least two or three days a week, so I’m constantly working on a policy. If it wasn’t for inbound leads from TrustedChoice.com, I would be cold calling.”

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Get Inbound Referrals Sent to Your Agency It’s never been easier to get found by online insurance buyers. Unlike any

other insurance lead source, a TrustedChoice.com Advantage Subscription

gets the exact type of customers you want to write to pick up the phone and

call your agency. This includes the ability to record and monitor inbound

referral calls to help improve your customer experience.

To discover how easy attracting inbound referrals and driving revenue can be, click here to learn more about TrustedChoice.com today