22 Sep 3 Consumer Insurance Shopping Myths
The insurance industry is constantly evolving and so are customer expectations and needs. As an insurance agent, you have likely developed some beliefs regarding consumer insurance shopping behaviors. With so many changes, the insurance industry is no stranger to myths. Misconceptions often become so widely accepted, professionals can confuse them with facts; which can be a disadvantage to agents. For agents to stay ahead of the competition, it is important to dispel myths. Agents should have a firm understanding of the ever-changing needs of the insurance industry among consumers. Here are three myths about the insurance customer shopping journey that could be keeping you from closing more deals.
Insurance Shopping Myth #1
Only penny-pinching consumers are interested in insurance cost savings.
Many consumers are attracted to and enticed by savings opportunities. The urge to spend less in an effort to save more is not exclusive to traditionally frugal consumers. The global pandemic has caused many consumers to evaluate their spending habits and scrutinize their budgets. Don’t assume that your current clients earn enough income that they can’t be lured away by a savings offer. Make sure you are consistently connecting with current clients via their preferred method of communication. You should educate them on savings opportunities and present them with a chance to discuss any new needs or concerns.
Insurance Shopping Myth #2
Consumers believe they can only shop for a new insurance provider during the renewal period.
Consumers are becoming savvier. Access to online resources, tips and guides is helping to educate consumers about more aspects of shopping for insurance. More consumers are becoming aware that they are not locked into a relationship with a carrier permanently. Consumers want more and will change their carrier if their needs are not being met. If you are only connecting with your current clients when their renewal is approaching, you may be hurting your retention strategy. Make sure your marketing process includes a holistic digital and traditional communication strategy for regularly connecting with current clients.
Insurance Shopping Myth #3
Satisfied customers will never change their insurance provider.
High levels of product satisfaction are may not be enough to prevent a current customer from leaving you for a new provider. Insurance customers expect more from their insurance carrier than just an acceptable experience. Consider whether your sales and retention process is allowing you to build and maintain relationships with your customers. To stand out, agents need to supply solutions for various consumer demands. A current client might leave for better pricing or a more attractive insurance package. Also, they may leave because they have developed a strong relationship and trust with another agent. Make sure you are not ignoring your “happy” customers.
ZipQuote Empowers Agents To Respond To An Ever-changing Market
Consumer behaviors will continue to shift. COVID-19 has increased consumer expectations as customers are demanding more options, transparency, attentiveness and recognition from insurance carriers. To attract and retain customers, insurance agents must stay on top of the latest market needs and trends. To maximize pipeline management and maintain strong conversion rates, agents should be considering marketing strategies that best connect them to the consumer at the moment when they are most ready to take action.
As more consumers express interest in insurance products and submit inquiries and quote requests online, insurance agents have an opportunity to capitalize on the benefits of internet leads. ZipQuote can help you target premium consumer traffic anywhere in the country. Click here to learn more about how ZipQuote can help you grow your business. Contact us!