Marketing Blog

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Life Insurance: The New Commodity or Passive Income Stream?

The following is a guest blog from NinjaQuoter.com

life insurance familyTens of thousands of consumers are buying life insurance online every week. According to a LIMRA study, six out of 10 consumers were happy to buy life insurance either online or over the phone.

Is your website equipped for their shopping experience?  

Offering life insurance quotes on your insurance website is important. It increases the likelihood a shopper becomes a buyer.  

Good news for ITC customers… Insurance Website Builder now integrates with NinjaQuoter.com to provide consumers online life insurance quotes. 

Long Contact Forms are No Longer Used


Offering a consumer a long contact form with a captcha at the end is a great start. But, consumers expect information in an instant. 

There is nothing instant when a consumer has to wait a few days to get a quote back.  

The more you ask of consumers online, the less they are willing to give you.  

A short form asks for minimal contact information in exchange for an online quote. This data then becomes an actionable lead for you to follow up with and sell a life insurance policy.

Consider the alternative. 

If you don’t offer live quoting on your website, you are marketing for somebody else. What does that mean? 

A prospect interested in life insurance but doesn’t see quotes on your website will go to Google. They will find your competitor’s website. Thus, you are marketing for someone else. 

Working Smarter, Not Harder


It is labor intensive selling life insurance the traditional way.  

Usually agents drive across town for the chance of making a one-time commission of $900. Then, they have to fill out long applications and deal with underwriters. Even then, the client could get declined. 

Consumers today do a ton of research online. Ideally, on your insurance agency website.  

People don’t want to buy life insurance in person. Remember, they like the convenience of buying online or by phone. Plus, they like not being pressured to buy.  

Gone are the days where you need meetings to sell life insurance. Capturing that data from an electronic inquiry should feed into a conversation by phone. So all you have to do is simply call and sell the policy.  

So, instead of taking all day to meet someone, how many phone appointments could you have in a day?  Five? Ten?  

Now, the life insurance opportunity just grew exponentially. 

The Opportunity for a P&C Agency


A personal lines agency can get 4 to 7 percent in life insurance sales a year without much experience. Just by including links in a newsletter and some information in an email footer or signature. 

So, for every 1,000 personal lines clients, you can expect  40-70 new life insurance clients yearly. That is with little effort, and just a little automation. 

How?

NinjaQuoter Steps
 
Your clients are already buying life insurance online. Let them know your website is where they can get quotes. 

Let them know you can call them to complete the documents electronically.

Turn your clients into life insurance prospects instead of trying to find new ones. It is easier to sell to an existing client someone than finding a new prospect.  

Your Bottom Line


For every 1,000 personal lines clients, you can add $130,000-$250,000 in life insurance commissions.

Revenue opportunity report chart
 
For every 100 commercial lines accounts, you can add $80,000-250,000 in life insurance commissions. You can do this by offering buy sell reviews, key employee strategies, and other succession planning strategies. 

If your agency also offers employee benefits, ask each employee about personal insurance needs.  

* For a customized opportunity assessment, email info@ninjaquoter.com.

Retention


The name of the game for any agency is retention. Maintaining a long-term renewal stream means retaining as many clients as possible.  

When a client has a single policy with your agency, he is not tied to you. These single policy clients are more apt to shop when their auto policy renews.  

Selling a policy to someone who has already bought from you is not only easy, it increases retention.

According to J.D. Power and Associates, retention rates are about 12 percent better among consumers who have more than one policy. 

Adding life insurance is easy, and it will help your auto and homeowner client renewals.

The Process


The process of quoting and writing life insurance used to be labor intensive.  


With tools like NinjaQuoter, you can easily quote top carriers in an instant. You can offer fully underwritten term and permanent insurance. You can offer simplified issue term and final expense whole life insurance.  
 
ninjaquoter process flowchart

Once a consumer has a quote, he needs to apply. Applications can be done on paper, but agents today prefer carrier or BGA drop tickets.  

With a drop ticket, agents don’t have to fumble with forms, signatures or contracting.  A drop ticket system removes you from the administrative processes. Now, you can focus more on sales and marketing.

With online quoting and automation, you can place policies in days versus weeks.

Retargeting Your Traffic


Ever notice when you see an ad for an item you viewed on a website and it seems to follow you around the internet?  

Annoying or good marketing?  

retargeting-traffic

A certain percentage of people will click that advertisement and finish their purchase.

With NinjaQuoter, users can retarget life insurance shoppers who didn’t get an online quote. 

Transform your bottom line. It’s easy with NinjaQuoter.   

Sign up for a free trial of NinjaQuoter. You can also create an account in the Insurance Website Builder administration console.


About Us

NinjaQuoter was founded in Austin, Texas, and created as a method for agents to do online lead generation, better. After years of using old technology and old ways, we had to find a better way. This better way didn't exist...so we built it. Our subscribers can easily create, design and customize online life insurance and lead generation quoters for their websites without needing a background in programming or marketing. On top of ease of use, they can easily manage their data and fine tune their campaigns by using data provided by our Ninjalytics. If you want to generate leads online, NinjaQuoter.com is your vendor of choice.






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