You make money when you can promptly provide competitive quotes selling workers’ comp to individuals or businesses. Since most work injury claims cost an average of $37,000, selling these policies should provide you with a constant revenue stream.
Think about it. Every business with employees needs workers’ comp protection, especially if they have occupational hazards or illnesses associated with their industry. Many states also make it mandatory, and some vendors are required to provide proof of coverage to bid on jobs.
So, selling workers’ comp sounds like a no-brainer for any insurance broker or agent to easily accomplish. Or is it?
Competition is fierce. You’re not the only insurance broker or agent selling workers’ comp that is looking to gain new clients and close deals.
Let’s face it, today’s world is a first-come, first-served marketplace. You may do all the work and lose the deal because you didn’t respond fast enough. How can you compete and win?
Here are six steps to successfully sell workers’ comp in any state.
1) Know workers’ comp requirements.
Before you start selling, get licensed for every state you’ll be selling workers’ comp in, and ensure you’re compliant with the mandated guidelines for each state. Stay on top of the mandates, as regulations can shift over time.
2) Educate yourself.
Understand class codes, laws and underwriting so you can anticipate answers to questions before they are asked. You should also learn key workplace injury statistics and claim facts – from productivity losses to recovery time to claim costs. Weave these points into your client conversations about their workers’ comp needs.
3) Sell your expertise.
Your knowledge is a commodity that can set you apart from competitors. It also positions you to give clients advice on rule, laws, and ways to save money. Go into client conversations armed with thought-provoking questions to ask your customer about their workplace potential risks. Help them focus on the reasons they need a workers’ comp policy.
4) Create a marketing plan.
Cold calling is hard. Create a marketing plan designed to help you target to the types of clients you want to reach. Marketing is a full-time job. Consider hiring a marketing consultant to set you up for success. (Ask our marketing consultant, Joy, to point you in the right direction.)
5) Develop a workflow.
Follow a three-step process that you walk through with every prospective client that Educates, Shops, Advises. Start by educating and informing business owners about workers’ comp rules. Let them know you’ll do the shopping so they can compare prices and quotes. Advise and help them with workers’ comp claims and coverages after the sale.
6) Work smartly.
Stop chasing rates and policy options as it can quickly eat up your time and diminish your productivity. Use smart tools that increase your market access and quickly gets you quotes, even for your hard-to-place clients. Don’t just sign up for these tools; actively use them. If you don’t know how to use them, ask the provider to guide you through the process.
These six steps seem easy enough to follow. But the devil is in the details, especially when it comes to quickly getting workers’ comp quotes. Remember, you’re competing with other insurance brokers or agents who may submit quote options to your prospective clients first.
Since quick response is the key to your success, you need to tap into smart options that help you quickly deliver.
Stop wasting your time navigating multiple carrier systems, dialing for quotes, and waiting for returned phone calls. Access exponential options and get quick quotes today using your free Syndicated Insurance Resources Dashboard. Save time and money by using our one-to-many approach. Upload one ACORD and receive instant indications.
Already have an account? Log in now. Need one? Sign up here. Either way, get started quickly finding quotes today. (Note: First-time users need to set up their Appulate Link.) Want someone to walk you through the process? Call or email us at 877.333.8195.
Stop leaving money on the table. Let Syndicated help you work smarter today!