Making the Sale - for Insurance Brokers

Making the SaleThings I wish Insurance Brokers knew,

Crammed into 10 minutes…

WARNING

- NO BUSINESS BACKGROUND

- NO MBA- NO FINANCE

DEGREE- NO INSURANCE

BACKGROUND

The blessings and the curses – our story

Day one:- One broker- One receptionist

Start selling insurance

Launch website - 2012

Not a Field of Dreams

SEO & SEM

1000 people a month – woohoo!

Huh?

VS

Boom

Sweet. Its working.

Crap, too many leads

Flying blind

And then…

• Add more companies• Become impartial to the market• Relentlessly tear down and improve the client experience• Change phone menu• Change website• Change quoting process• Change on board process• Change product offering• Change office environment• Never stop changing... So what happens?

Our Clients

Our Client make up

35 and under 45 and under 45-60 60+0

0.1

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OK

Growing is easier than you think

Measure Everything

Your website can be your most valuable asset

Three Purposes:1.Generate leads2.Ecommerce3.Establish credibility

Speed Matters

Every lead has a cost• Do you know that cost?• Thought about reducing that

cost?• Can you increase volume?• Adwords, hotline, marketing

list, radio, print, referrals...• This is INCREDIBLY IMPORTANT

Closing Ratio Matters

• No measure, No improvement• You’ll spend too much for client acquisition• If closing ratio is 10% x average lead cost of $20 •= $200 client acquisition cost•THIS IS VERY IMPORTANT TO KNOW

Broker growth equation• If you have a 10% closing ratio @ $20 lead cost = a $200 acquisition cost • Average commission at $300; you’re $100 in the black on year one.• This is a .66 X commission acquisition cost as opposed to market price of $1000

or 3-4 x• Acquiring business at $1000 per customer will take you at least four years to see

any profit on these.• You can pay $300 per lead if you close at 100% or $3 per lead if you

close at 1%• the math is equal and still significantly more profitable as a 1 times

acquisition cost vs 3-4 times

Gone are the days of ignoring customers

Efficiency

Some of your friends won’t make it

Lastly

Visit Us On The Webhttps://mitchellwhale.com

Mitchell & Whale Insurance Brokers Ltd.1818 Dundas Street East, Whitby, Ontario L1N 2L4

(905) 579-9701 | (800) 731-2228