Leverage the Changing Housing Market for Quality P&C Insurance Leads

Are you a P&C insurance agent trying to find successful ways to pivot in today’s housing market? If so, this post is for you!

 

Here we talk about the struggle to generate quality insurance leads and how to tap into referral marketing for P&C insurance agents to address that challenge.

 

Generating quality p&c insurance leads can be a real challenge for insurance agents, especially when the housing market is unstable.

 

Every agent wants to have strong relationships with referral partners – but how do you make that happen?

 

I used to struggle with this too, when I was just starting my career as an insurance agent. Until I learned to leverage referral marketing for p&c insurance agents. Let me share my story and insights on acquiring quality p&c insurance leads through referral marketing.

My sad past as a “loser” insurance agent

On January 14th, 2016 I posted THIS meme on Facebook…

 

 

With the caption:

“My morning 😑 #whyyoulying”

 

I posted this publicly!

 

…as if struggling to sell more insurance policies was something to show off 🤦‍♂️

 

But the truth is…

 

This is the sad reality for the huge majority of agency owners.

 

And it was the same for me too.

 

I was skipping dinner with the family on an almost nightly basis…

(The number of times I must’ve called up my then-girlfriend Angela saying “sorry babe, I won’t be home till late again tonight” is seriously depressing)

 

I was always heading into the office on Saturdays too…

 

Frankly I got sick of watching my 9-5 friends (who worked half as hard as I did) get to take vacations to Mexico and Europe…

 

Toss on top of that all the cold calling.. networking events.. wasted money on garbage internet leads…

 

And I got so close to total burnout that I even considered going back to IT.

…just to have a steady income and a fixed 40 hours.

 

But instead I smartened up and made one small “pivot” inside my agency.

 

Specifically on HOW I went about attracting new business.

(notice I said attracting, not chasing)

 

…and it was this one pivot that launched me to Agency Owner Millionaire

 

Wanna know what it is?

It’s called “The Referral Partner Attraction Strategy”

 

Inside I’ll be showing you:

 

– What the pivot I made inside my agency was.

 

– How it can add an extra 25-30 P&C deals a month to your bottom line.. potentially inside the next 90 days.

 

– And how to replicate this strategy yourself – including costs, how much time does it take, what kind of results to expect, etc.

Referral Marketing for P&C Insurance Agents

THIS is going to save the housing market yet no one’s talking about it…

 

It’s no secret referral marketing is one of the easiest ways to grow and scale your business as a property and casualty insurance agent…

 

The only problem..

 

Is that referrals aren’t the easiest thing to come by.

 

And this is made even WORSE by the state of the housing market for the past year or so.

 

But listen…

 

I’m here to tell you some good news.

 

Because while many insurance agencies have put “relationship building” on the back-burner, waiting for the market to tick back up again…

 

Homes are still getting sold thanks to ONE demographic.

 

Millennials.

 

 

Here, see for yourself…

 

 

 

 

 

 

So while sure, it’s true that less homes are getting sold overall.

 

There’s still more than enough millennial buyers to go around.

 

…and slap an extra 20-25+ new homeowner’s insurance policies a month onto your book.

 

And how I recommend you do that…

 

Is the same strategy that’s at the core of Fully Covered, just tweaked a bit.

 

Which to remind you – is all about generating New Home Buyer Leads.

 

…then passing them over as “bait” for top loan officers and real estate agents in your area.

 

And using that as the basis to build a sound referral relationship.

 

You pass them the leads…

 

They pass you back the ones that close.

 

Except now, I’d go all in on targeting millennial buyers with your paid ads.

 

OR at a bare minimum…

 

Scout out the loan officers in your area that already do a lot to market to millennials.

(and are doing it successfully)

 

And targeting millennials in your lead generation efforts is also key for success in this age group.

 

Since they’re now the core demographic of homeowners, it’s important to tailor your marketing to them and focus on providing the streamlined, automated quote process they’re looking for.

 

By doing so, you can make sure that your leads are of high quality and that your success rate increases significantly.

 

Just my $0.02…

 

It sounds simple, but adapting to the market with small tweaks like this can make all the difference.

Generate Quality P&C Insurance Leads in 2023

Back when I was struggling to scale my insurance agency, the BIGGEST bottleneck I faced was…

 

Getting new leads in the door.

 

It was by far the biggest time suck outta all my day to day operations.

 

…maybe you can relate?

 

If so, the reason I’m sharing this is because it doesn’t have to be this way.

 

One because, thanks to great tools like InsuranceFunnels and AgencyZoom…

 

Toss in a few solid paid ads too…

 

And you can reach a way bigger volume of leads in 10% of the time it used to.

 

But there’s another key difference that alotta insurance agents sleep on.

 

And it’s how the consumer approach itself to buying insurance has completely changed over the past 5-6 years.

 

Potential clients WANT a streamlined, as-fast-and-automated-as-possible quote process, for example.

 

(Especially millennials – who are becoming the biggest segment of insurance buyers.)

 

So provide that for them, and not only will you win more policies…

 

But you’ll lighten your own day to day workload too.

 

…and how much of your LIFE would you get back if you weren’t spending half your waking hours chasing down barely interested leads?

 

First of all you’d get to spend more time actually selling insurance products and helping more clients.

 

But then if you’re anything like me…

 

The real win is getting to spend more time with the family.

 

Having the flexibility to drive my daughter to school.

 

 

And being able to hit the links once or twice a week too.

(or however much you want)

 

And all this stemmed directly from cleaning up the one area of my agency that was sucking up 80% of my time.

 

…Generating leads

 

Before I go on rambling any longer, here’s the bottom line:

 

Alotta old school agents pride themselves on 10 hour days, powering through lead-getting tactics that just don’t work anymore.

 

But the good news for smart agents like you and me is…

 

The tools to get more high quality leads coming to YOU are already out there.

 

So if you’re feeling burnt out, or like you’re not getting any closer to the lifestyle you wanted when you first got started in the insurance industry…

 

Just know that a little creativity in how you attract new clients and business goes a long way.

How do you get quality leads for insurance?

The BEST leads you can get as an insurance agent is referrals.

 

They’re already warmed up. Skepticism is at a minimum. And closing rates are much higher.

 

What we teach in Fully Covered is to generate leads for New Home Buyers.

 

Collect these leads then send them over as “bait” to a few LOs.

With the kicker being…

 

I’d ask them to send those leads back my way for insurance coverage if they closed them on a new home.

What is the success rate of referred customers?

The quality of the lead from a referral program is much higher. And they usually close at around 70% and above.

 

One of the easiest ways to boost the # of leads you’re converting into new policies is to make it as painless as possible for your insurance leads to get a quote.

 

This is especially true these days, with Insurtech companies like Lemonade taking over the industry.

 

If you’re still dragging your customers through a long-winded, manual process…

 

Going back and forth with them for a decade until they finally get you the right information…

 

Chances are you’re losing out on a lot of new business.

 

The stats show that every additional minute it takes you to hit a prospect with the information they want… Your chances of eventually closing them drop by over 30%.

 

So the automation tricks I share on the Free Training should easily help you boost your cold-lead-to-new-policy rate by at least 50%.

What are the best referral partners for insurance agents?

Real estate agents and loan officers can be some of the best referral partners for insurance agents.

 

These are professionals who already have a steady flow of new homeowners in their pipelines, so they’re constantly looking for referral sources and referrals to other services.

 

This is why having them as your referral partner is so effective – you both benefit from a steady stream of new business.

 

Plus, homebuyers often need multiple services at once – so having someone who can provide them with all the information they need in one place is invaluable.