5 Ways to Bring Young Talent into Commercial Insurance

Whether you’re an insurance carrier with a retiring workforce or a broker thinking about succession planning, the fact is that new talent needs to come into the industry.

We’ve all seen the statistics that say “the number of employees older than age 55 in P&C insurance is 30% higher than any other industry” and “the industry needs to fill nearly 400,000 positions by 2020.”

Here are five ways to bring top young talent into commercial insurance–and keep them.

1. Provide Strong Mentorship

One driving force for today’s young talent is an open relationship with their parents, which informs their expectations around mentoring relationships in the workplace. Younger generations tend to talk about everything under the sun and no topic is off limits. Because of this, they expect a transparent and candid workplace environment. They’re also looking for guidance, feedback, and growth opportunities. Show them how they can perform better and give them someone to aspire to be. The old adage is true, “people don’t leave bad companies — they leave bad managers.” Give them your strongest leaders to develop their skills and they’ll give you their best.

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Discover New Relationships to Grow Your Business

Commercial insurance professionals rely on their network of connections on a daily basis. New risks come along and, most likely, those risks can be serviced by their trusty partners. That’s why veteran brokers and underwriters have their counterparts on speed dial, helping them to become efficient and well-oiled policy generating machines.

However, new risks emerge, appetites change, and inevitably brokers and underwriters will have to expand their network. In these situations, finding new contacts becomes quite a task, especially when a customer is in need of a response.

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Stay on Top of the 25% of Your Address Book that Goes Out-of-Date

Underwriters and brokers achieve success through the relationships they cultivate. Many of those relationships are close-knit, but the majority are second-tier acquaintances. Career moves and other changes are constant, resulting in contact information data that decays at a rate of 2% per month.* Within one year, 25% of your personal contacts’ information could be out-of-date. Even if the phone numbers and email addresses haven’t changed, it’s likely that many of your contacts have changed roles inside of their own companies. All of this change creates a significant problem for brokers and underwriters trying to manage their relationships: there is simply not enough time in the day to keep up with everyone’s current position.

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Email Marketing is Not Dead, It Has Evolved

Think email marketing is dead? Well think again. Email as a marketing tactic has simply evolved. While it is true that the old blanket email style of marketing has gone the way of the dinosaurs, a new wave is replacing it.

Today businesses know how easy it is for customers to opt out of email lists, so the messages sent need to be interesting, pertinent and useful for your readers. Send them discounts, personalized messages and information that they can use.

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Ignore Your Email Marketing Open Rates

It often surprises me when I ask email marketers, “How is your campaign going?” and they answer with something similar to “Very well! Our open rate is 30%, which is above the industry average by 10 percentage points.” I cringe. Not because the open rate isn’t important, but because using it as your key primary indicator (KPI) often misleads your email marketing campaigns.

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Being Busy is Not Being Productive

One of the most misleading but commonly held beliefs is being “busy” means that you’re being productive and accomplishing a lot. The problem is that the busy work for most people isn’t focused on the things that need to be done. It’s just that, busy work.

People get into a mindset that these things have to be done and there is no other way. Therefore, they get consumed by the same tasks over and over and because they are endless, the day is over and it’s time to check-out. The next day begins a new cycle of non-productivity.

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5 Reasons To Set A Monthly Marketing Budget

Allocation of your revenue to Marketing is a necessity for continuously driving new business. Plan for the unexpected by reinvesting a portion of your revenue  towards the future. Telling people who you are and what you’re about is a proven and effective way to drive new prospects through your opportunity pipeline. As the old saying goes: you have to spend money to make money. This couldn’t be truer with marketing because it’s imperative that you invest in your business. You must believe in your business and promote it through the many channels.

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5 Reasons to Outsource Your Marketing

Marketing is too important to be left to chance or inexperience. A small business owner needs to make their website work for them 24/7 in gaining exposure and drawing in more customers. Too many small business owners lack the time or resources to take care of it on their own.

Outsourcing can be an effective strategy to market your business while saving time and money. It opens the door to fresh ideas and better positions you in a crowded marketplace.

Small businesses gain many advantages from outsourcing marketing efforts:

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