Auto insurance is easily the leader in the P&C industry – and why wouldn’t it be. In the last 8 years, the auto insurance industry has grown at a rate of 2.3 percent annually, with an increasing number of car registrations every year. For auto insurance agents, every car owner is a potential lead.
Nonetheless, the auto insurance industry is also one of the most crowded with the highest volume of insurance providers. Both individual agents and insurance agencies compete for the best auto insurance leads.
So although there may be potential leads all around you, the challenge is to offer better and more competitive rates than the competition.
Working your way through this maze doesn’t have to be difficult. In this article, we break down a few strategies to get you up to speed.
#1 Locate Dealers and Service Centers for Partnerships
Every new car or pre-owned car is required to have car insurance before it hits the road. Partnering with your local dealer will help you garner automatic leads with the sale of every car.
Auto insurance generally expires after 1 year. People who usually get their cars serviced at the end of the year will also need insurance around that time. It is a good idea to partner with your local service centres as it will help you reach more customers.
#2 Advertise in Gas Stations
There are around 130,000 gas stations in the US. On average, a car visits a gas station once a week. So if you have some kind of presence there, you are sure to catch the attention of car owners.
Creating marketing materials like posters, banners, flyers are easy to make and not that expensive. Remember to create some value for the buying customer so that they feel intrigued about the services you offer.
#3 Sponsor an Auto Show
This one is a little expensive but has the potential to draw in a large number of auto insurance leads. Auto shows are full of car lovers who not only enjoy driving but also love taking care of their cars.
By demonstrating (sponsoring the show) that you love cars and are just as serious as the car owners about taking care of them will ensure that you are in the good books of car lovers.
#4 Get seen in Auto Circles
Go out there and meet people from different car clubs. Become “the” person to go-to for all insurance-related issues. Answer questions whenever you can, and when you do, be as honest while keeping the owner’s best interests in mind.
Buyers generally like to do business with people whom they can trust. Participate in educational events that answer questions on pertinent issues related to car insurance. Is my car covered if it gets hit by a hail storm? Or, what happens if my car has an accident in a foreign country? These are questions that most car insurance buyers will not be aware of.
Look for listings on driving school programs or tailgating events. This is a great place where you can offer your services by educating people and answering any of their questions.
Wrapping it Up…
The car insurance market is no doubt a tough nut to crack. However, once you overcome the initial hurdles, there is going to be no one stopping you. The points mentioned here will help you overcome those hurdles and help you achieve greater leads and satisfied customers.