Insurance Business

Growing a Successful Life Insurance Business

Featured image by mohamed_hassan from Pixabay

Business growth is always in demand. It doesn’t matter either you have just started or you are an expert in the industry. Any business has to focus on growth to survive in the future. Life insurance is a dynamic sector of business. The market is versatile and massive. Since it is related to financial safety, almost everyone is a potential customer. 

A survey found that 57% of US citizens had life insurance in 2019 and the percentage is still growing. So, it can be predicted that the market will surely grow day by day. Though they are statistics, you also have to apply many strategies for growing your life insurance business.

There are two major types of life insurance – term and whole life – and each of them has its own peculiarities. Moreover, there are lots of differences between employer and individual life insurance and before starting an insurance business, it is important to look closely at such things as what can be covered by EPLI insurance, what are the terms of basic life insurance policy, who is the target audience of your business, etc. 

The life insurance business is dissimilar from others. Every business belongs to risk. However, the risk of the life insurance business is almost double since you are taking the financial risk of your client caused by his premature death. So, the growth strategies should be precise and proven.

Let’s explore some life insurance business growth strategies. 


Build a Brand Authority

There is no need to elucidate the advantages of building brand authority. People trust brands because they are not created overnight. It takes years to create a brand and trust among people. Brands are popular due to providing quality products and services. 

As a life insurance business owner, defining your business to clients is crucial. Let them know who you are and how you can help them. Your life insurance business should have a unique tone of voice so that it can be easily recognized. Besides, build a community that is essential for brand loyalty. 

Brand building should be applied both online and offline.

Focus On Content Marketing

Content marketing is the future of marketing. It is simply sharing resources with potential customers that encourage them to have a product and service.

There are several other benefits of this method. You can explain your life insurance service effortlessly. One of the common reasons that discourage people from buying services is confusion. For instance, the type of life insurance policies seems puzzling to clients. 

Content marketing is ideal for overcoming the issue. You can create in-depth content and explain the benefits of term life insurance, or how does whole life insurance work

This approach helps your insurance customers as well as influences them to buy your services.


Solve Pain Points

People don’t care what you offer. They care how you can help them. This is a big scope of growing your life insurance business. 

Customers prefer an insurer who can solve their pain points. So, you need to identify them and work on them accordingly. Life insurance customers usually want simple procedures, flexibility, and guaranteed death benefits with maximum coverage.

They want someone who can truly help them overcome such pain points. So, be a good listener, and take their issues seriously. This seems like a simple step, but it builds a close relationship with customers that is invaluable.

Apply the Referral Method

Several pieces of research prove that 92% of clients take a service because of someone’s recommendation. Referral marketing or word of mouth seems to be an effective approach to promoting and growing your insurance business. 

In some cases, it works better than paid advertisement. Someone will refer to your insurance policy if he is satisfied with your services. So, a satisfied client is purely an asset who can truly contribute to your business growth.

However, applying the referral method requires high-quality services. So, never compromise with the quality to build a satisfied customer base.

Nurture Your Leads

So, you have thousands of fresh leads. But, if you don’t utilize them correctly, leads remain useless. Lead nurturing is a particular prospect for any business where you can develop a relationship with your clients at every level of the sales funnel. 

Nurturing your leads is not a complex process at all. You only need to set a precise strategy. It allows you to understand your clients better. Besides, you can segment them with particular interests. 

Finally, the secret of growing your life insurance business is to differentiate it from others. When clients feel that you truly add value to their lives, you don’t have to look back anymore.