Are you interested in starting an Financial services agency from home? Do you want to learn how to sell insurance products effectively from home? If YES, then i advice you read on. The insurance industry is a multi-billion dollar industry and it continues to grow as more people are becoming aware of the need to have insurance coverage especially in today’s business world where things are so uncertain.
Mark Williams, a 56 year old business man in Atlanta said he never believed that insurance was a necessity until he lost his business to the economic recession. In Mark’s own words “I always saw insurance brokers as a bunch of greedy scammers who were only after the commissions that they would get from the bigger scammers; the insurance companies. So, I would yell at them with obscene words when they called or slam the door in their faces when they dared visit”
It wasn’t until Mark saw his friend Sam (who equally lost his business to the recession) build his business back using some of the compensation from an insurance policy he took for his business several years ago before he could believe in the insurance industry. There are many more out there like Mark who is just beginning to have faith in the insurance industry and that is why the industry continues to grow in leaps and bounds.
Starting an insurance agency is very challenging albeit, highly rewarding. It is also a very good choice of career for people who like to work from home. Starting your insurance agency business from home helps you to cut out on huge start-up costs and helps you to reduce overhead expenses. However, to succeed as an insurance agent working from home, you would need to do some things to sell your products effectively from home. Some of the things you should do include-:
How to Sell Financial Products Effectively from Home?
1. Decide on a Niche-: The insurance industry is very wide and there are several products to be sold. There are life insurance products, health insurance, motor vehicle insurance, etc. You can choose to sell as many products as you desire but as a beginner, it is advisable to start with a few products and become in a specialist in that field so that later, you can add other insurance products to your offerings.
2. Choose insurance companies to work with-: The next step is to register under insurance companies as an agent who is licensed to sell their products. You can choose to work with only one insurance company but working with multiple insurance would make it possible for you to offer your clients different products and prices and also increase your commission.
3. Carve out a special working space in your home-: The problem with working from home is that you can easily get carried away with distractions and visits and other things that happen in the home. If you are really serious about working from home, then you must set up a home office. However, you must ensure that you carve out a space in your home which would be used as your office. In there, you can run your business, keep your documents safe and entertain visits from clients when necessary.
4. Get licensed-: As an insurance agent, it is important that you get the necessary license required by the state. So, you would have to register, take some classes and pass the required examination before you can be offered a license. You should also spend this time learning more about the insurance industry. Find out if there is a trade union for insurance agents in your area which you can join in order to increase your networking chances.
5. Create your own website-: Expand your reach by taking your business to the internet. Create your own website and invest in search engine optimization campaigns so that people can find and learn about your business easily. There’s no limit to the number of clients the internet may be able to bring you.
6. Create social media accounts-: Your social media campaign doesn’t just stop at creating a website for your business. You should also take it a step further by creating social media pages for your business on websites like Facebook, LinkedIn, Twitter and Google. Once you have created an account and you have few followers, you should start posting educative contents about the insurance industry on your page.
This would not only make people know that you are highly knowledgeable about the industry, it would also encourage them to do business with you as you would be seen as someone who is skilled and experienced in the business. You should also take advantage of the advertising opportunities on social media to promote your business. Make sure you have your business contact details on your social media pages so that interested clients would be able to reach you easily.
7. Send out regular newsletters-: Another marketing tool that works is to send out regular newsletters to your potential and existing clients as a way of keeping in touch with them and constantly reminding them of the need to start doing with you.
8. Introduce referral programs-: You should also stay a step ahead of other insurance agents by introducing a referral reward program. This means that you would offer a type of reward to people who are able to refer new clients to you. This reward program should be thrown open to both your existing clients and your colleagues in the finance industry like bankers, mortgage brokers etc.
9. Organize meetings and seminars-: As regularly as you can, try to organize meetings and seminars where you would discuss trending topics in the Insurance industry. You can also organize regular meetings with your clients. This is a good way to get new clients and equally satisfy your existing clients.
10. Telemarketing (Cold calling) -: If there are no restrictions in your country on this insurance marketing strategy, it is a very effective one. First, you should buy insurance leads from lead generation companies and then you would make cold calls to these people. This technique although effective, could easily turn out badly if handled the wrong way. You must be courteous, confident, helpful and friendly and most importantly, you have to find out what the law says about cold calling in your country before you run off to buy leads. In India if you follow IRDA guidelines of ethical selling practices you would be fine.
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About the author:
Vikram Mg is Chief Investment Adviser for High Net-Worth Individuals (HNI’s), Angel Investors & Venture capitalist at Vikrammg.com. He helps technology companies & Financial Companies enhance their performance in terms of Revenue Maximization & value additions to its Customers. His ambition is to build a portfolio of successful companies from scratch and become a rupee billionaire (Networth- 100 cr+) by 2040 & Later to focus on Non-Profit side – click here for complete details
Vikram Mg 