Could You Please Put a Number on Your Insurance Agency Value Proposition?

6thSep. × ’10

I have noted with interest how consistently consumer-marketing savvy insurance companies use numbers to substantiate their sales propositions.  Independent insurance agents will sometimes do so as well, sometimes citing combined years of insurance experience, for example.  It turns out that those numeric citations are all important to maximizing on-page web conversions.

No One Pays More When They Switch Their Insurance?  Insurance Agencies Need to Quantify Value Propositions

Well, almost nobody pays more.  We’ve all seen the ads touting how much money some insurance company has saved their customers.  For instance:

Progressive:  You could save over $500 on car insurance.
Nationwide:  Save up to $43 every month.
State Farm:  …save $489 on your car insurance.

Independent insurance agents can make the same kind of claims as the large companies with the large advertising budgets for the same reason the large insurance companies make claims of savings – few people switch insurance unless savings are involved.  And agents do make claims of savings –  just not in the same way.  Agents more often make claims in qualitative terms.  Consider these excerpts from some otherwise attractive insurance agency websites:

Independent Agency #1:  Our agents work hard to provide you with the best protection at the best price.

Independent Agency #2:  Our goal is to make sure your family has the best protection at the lowest price.

Independent Agency #3:  We’ve got you covered — at a price you can afford!

Quantitative assertions are far more compelling.  As Marketing Experiments pointed out during their recent home page optimization clinic, people tend to be more skeptical about qualitative assertions.  In a sense, using quantitative statements to back up your value claim ‘proves’ that proposition – at least to a skeptical, page-skimming website visitor.  And that credibility increases web conversions.

Value Statements Aren’t Just About Lower Insurance Premiums

Quantitative support for value propositions, can and should extend to every facet of your agency’s value proposition – especially on the web.  Again, here’s a few more examples from the insurance companies with consumer-marketing chops.

So…you say you are ‘experienced’…how experienced?

GMAC:  …our experience.  More than 60 years of it…

Allstate:  …the support of 75+ years of experience.

You want me to believe that the insurance purchase process is easy?  Tell me *exactly* how easy.

Progressive:  Get rate and coverage options in about 6 minutes.

Here are a few opportunities missed, gleaned from independent insurance agency websites:

Independent Agency #1:  …finding insurance has never been easier.

If you are like me, you probably find yourself asking ‘easier than what?’  Here’s an alternative:  ‘In less time than it takes to make a grilled cheese sandwich, you could save $439 on your car insurance.’  Even though this statement doesn’t provide an explicit quantification of *easier*, we all have an idea that making a grilled cheese sandwich doesn’t take very long.  And given the option of whipping up a gooey cheese delight or saving $439…well, I know what I would pick.

Independent Agency #2:  …we can search more insurance carriers than your typical Agency.

How many companies can your *typical* insurance agency search?  How many companies can your agency search?  The numbers that answer these questions substantiate the claim that Agency #2 can actually save a consumer money.  Without some values illustrating the difference, any claims the agency might make based on superior carrier choice seem thin.

Independent Agency #3:  We value the business of all of our clients; you are not just a number.

Of course you value all your clients, but how do I know your clients feel valued?  It wouldn’t take much effort to implement a survey and quantify how valued your clients feel.  It would be a lot more compelling to be able to say that ‘95% of our clients rate their service experience as excellent.’  Confluency Solutions includes a survey tool (and a default insurance service survey form) as part of insurance agency website admin so agents can quantify client happiness.  But there are plenty of free or inexpensive survey tools available, like Survey Monkey, so that any agency can quantify the satisfaction of clients.

web page screen capture of insurance agency service survey

Here are some other ideas to help quantify agency value propositions:

  • Expertise – the percentage of agency staff with advanced designations like CPCU or CIC.
  • Community Involvement – Number of times staff volunteered for community or charitable events.
  • Superior Protection  – percent of occasions when the agency was able to increase liability limits while reducing or keeping premiums level.

Arriving at numbers like these for your agency may involve some extra work, but not much.  And the improvement in website conversions and sales will be well worth the effort.

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