According to RingLead, 80% of sales calls go to voicemail. When you finally get through to the client, a large excavation company, they’re up for renewal in 87 days.
Since more than three-quarters of businesses owners start planning their insurance renewal two to three months prior, according to Insurance Xdate, your timing is impeccable.
What you don’t know is that Karen has been purchasing insurance since her dad retired 15 years ago—probably longer than you’ve been selling it. So are you calling to offer a quote, or a proposal on all lines of coverage?
Or are you calling because the incumbent carrier lost 20% of their excavation companies throughout the last year, and an increased rate filing last quarter is going to directly impact her workers comp renewal?
If knowledge isn’t power, it sure is a conversation starter.
“Agency-focused market analysis has been a side project since we started in 2014,” says Rob Gifford, co-founder of Insurance Xdate. “Earlier this year, we took our first version live, and it is available to all our users within the interface.”
What does it do? “Right now, we generate a report based on the prospect’s primary class of business and incumbent workers comp carrier,” Gifford explains. “With one click, an agent can see every carrier insuring the prospect’s class, their gain or loss in number of accounts, and overall market share. The goal is to provide a relevant, knowledgeable talking point for the agent to generate interest with a prospect and secure the initial appointment.”
Insurance Xdate also makes the class report available for free in the class code reference page. Agents can use the tool to look up classes and find a cross reference to SIC codes and common alternative class codes, in addition to a bird’s-eye view of the market.
It looks like this: “In Georgia, there are approximately 1,480 excavation contractors,” Gifford says. “The largest writer has 13% of the market share and grew by 1%. The second-largest writer has lost 17% of their accounts, slipping from 8-6% of the overall market share in just one year.”
Can your prospecting data do that? If not, it might be worth checking out their free trial at insurancexdate.com.