With the DOL Fiduciary Rule taking shape, it is an interesting time for Independent Marketing Organizations. For some, concern is giving way to enthusiasm and for others the challenge of growing in a new world. Before you use the energetic momentum that is derived from enthusiasm of a new challenge, take time to integrate these seven essentials into your business plan and ensure steady, sometimes explosive, growth.
- Drop Some Knowledge
Your top priority in this new insurance marketplace is providing quality continuing education and training that’s accessible to every independent insurance agent. Deliver education through web-based courses and allow agents to learn at their own pace.
- Offer Competitive Compensation
Use competitive compensation to inspire persistent quality life insurance and annuity production that supports sales efforts, recruiting, and business profitability. Offer profit sharing plans to dedicated leaders and incentives for upward mobility at every agent compensation level – this includes your top insurance producers and those willing to jump in and make a career in life insurance sales.
- Utilize a Focused Product Platform
Your product platform should balance information with simplicity. Allowing you and your agents to quickly access portfolios of products offered by only the most strategic carrier partners. Use brokerage capabilities for greater access to the products you need to succeed.
- Lead with Experience
Multiply and expand knowledge through experienced business leadership. This engages long-term sales growth and provides a solid platform for a successful business.
- Position Agents Strategically
Agent retention is vital to your business. Growth is only going to materialize by activating lower producing existing agents and delivering new agents to the industry. Re-position them as needed within a commission hierarchy to optimize their growth and profitability. This new group of insurance agents will hone their skills because they will realize the significant opportunity available to them.
- Trust a Lead Program Not a Fortune Cookie
Intuition helps guide many decisions but it can only take you so far. Sometimes it’s necessary to utilize big data through lead generation technology. Choose a lead program that directly hones in on life-events and offers you the most reliable life insurance leads in the industry. Pair those leads with a solid lead management software program that will help you better track conversion rates and provide agents with solid information and reporting capabilities.
- Harness the Power of Solid Technology
A majority of agents track progress and access information through their mobile phones. Ensure you’re using an infrastructure large enough to handle a breadth of information, and is responsive to a variety of screen sizes. This way you and your agents can keep up with the most current status and trends from anywhere.
Implement these essentials into your base business plan easily by working with LifeAnswers Financial Group. We’ve done the legwork for you by integrating knowledgeable experience into a solid platform based on these seven key value propositions.
LifeAnswers keeps you on track to achieving your business goals.
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This information is intended for insurance professionals only and should not be used in soliciting sales or with the general public.
This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.