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Insurance Promotions: Why Providers Should be Considering Incentives

Laura Broman | March 30, 2021

insurance promotion
Photo by Charles Forerunner on Unslpash

Let’s say you’re a key decision-maker at an insurance carrier who’s feeling some of the woes of the modern market. Maybe you’re worried about market saturation and how your agents are selling your policies versus those of your competitors. Or maybe you’re thinking about how your agents or CSRs could be communicating your policies better. Or even still, maybe you’re looking for an insurance promotion to make a splash in your market. It’s a lot of plates to keep spinning.

If any those concerns sound familiar, it might be time for you to consider an incentive program. Whether you’re hoping to build loyalty for your brand, help your agents develop their skills, or just reward your number-one customers, an incentive program can help you get there.

We’ve broken down some of the different options for how insurance carriers can utilize incentives to meet their short- or long-term business goals. You might want to consider…

Going Short-term

A short-term insurance promotion is a great, fast way to meet some of the goals you might have for your CSRs or agents. Hoping to capture mindshare or grow revenue? Try a sweepstakes where participants can earn entries by selling more of your policy. The winner might get a piece of luxury merchandise, a pair of VIP event tickets, or even a travel package.

Or maybe you’ve been thinking how you’d like these groups to be more educated on your company and your policies – we’ve got you covered there too. Set up an e-learning platform that participants can enroll in to learn more about selling your policy. If they complete every module, they might earn a small reward, spin codes in a Spin2Win game, or entries to win something bigger.

E-learning and enablement strategies are especially crucial to establishing long-lasting bonds with your agents and CSRs. These types of programs aren’t just about getting participants to bring you more business: they help develop their own skills as salespeople. It’s a win-win for everyone involved.

Going Long-term

If you’ve got the long game in mind and a somewhat larger budget, you might consider implementing a longer-term points program for your agents or CSRs. A long-term insurance promotion or program may be more of an investment, but it consistently increases revenue year after year. And, maybe even more important than that, it’s a great way to build brand loyalty among these groups, who may be selling your policy alongside those of other companies.

At its core, a long-term points program is simple: for a certain number of your policies sold, the participant earns a certain amount of points. They can then spend those points on an online catalogue filled with merchandise and experiential opportunities like concert or sporting event tickets.

Simple, yes – but incredibly effective. And there are ample opportunities to weave complexity into it. Rather than just having your participants earn points for selling policy, you might assign them a specific earnings goal to meet that’s personalized to them based on their previous year’s numbers. Or you could build short-term promotions into your long-term structure, offering those opportunities for e-learning and enablement. The possibilities are endless.

Going Traveling

Travel programs are basically our bread and butter at HMI. We love them. An incentive travel program is a great way to say thank-you to your best channel partners for their continuous partnership year after year.

An incentive travel program can be relatively simple: set a personalized earnings goal for your top-performing agent principals to reach, pick a destination they’ll love, and you’re off to the races. International travel is the fan favorite, but don’t count out domestic travel: you might be surprised at how much there is to see and do in your very own region. Or you might consider stoking a bit of competition in your principals: start a “President’s Club” contest that offers a luxury all-inclusive travel package to the winner or winners.

Whatever you choose, the point is to make your top partners feel appreciated for all the business they’ve done with you over the years. And take it from us: it works.

I know, I know, for most of us the idea of distant travel, especially vacation, hasn’t been something we’ve done recently, it’s more something we’ve made plans for but had to put off. But as the world gradually opens back up in the aftermath of the COVID-19 pandemic, travel will bounce back – and hey, maybe offering your agent principals the chance to jet off to somewhere amazing after being cooped up for so long will be extra-motivating in these times.

Conclusion

Loyalty and appreciation: these are two incredibly important things to cultivate, and never more so than in a saturated market during times of economic downturn. If you’re a carrier in the insurance industry, you basically know this better than anyone.

But we’re not in the business of doom and gloom here at HMI: we believe that insurance promotions are the best way forward to positively build relationships with your partners and cultivate a sense of community and loyalty.

Want to talk about why incentives are taking the insurance industry by storm? Book a meeting with us!

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