Finding promotional ideas for insurance companies can be a complex and layered challenge. There are different types of insurance companies offering varied products such as auto insurance, life insurance, home insurance, mortgage insurance, health insurance and specialty insurance products. Competition is often intense and price-focused with many advertising their low-cost alternative, making it a challenge to find loyalty programs which keep customers from switching coverage.
Any performance improvement plan must take into account the fact that there are many divisions involved such as a home office, customer service center, and an agent distribution and sales force. As a leading provider of employee recognition and rewards programs that is often called on to help businesses develop workforce solutions which address these issues, Strategic Incentives is pleased to offer our insights on the top promotional ideas for insurance companies:
- Involvement Programs: One of the greatest motivators in retaining top employees at any level of the organization is letting them know that their work is appreciated and they are recognized by their peers. As described in recent media reports about the U.S. Army’s Ranger training program, participants are graded not only by their superiors for their ability to perform specific tasks, they are also judged by their peers for their leadership and team-building capabilities. In insurance companies, a strategic employee recognition program for internal employees can help companies recognize and reward people for their contributions towards advancing business objectives. It also helps to identify role models, nurture peer approval, improve employee morale, and instill a sense of accountability.
- Channel Programs: Because insurance companies so often have to deal with a wide agency, broker and agent network, it is imperative to maintain high levels of communication and employee motivation throughout these channels. A channel program can be utilized to increase sales and market share, improve the product mix or introduce new products, and improve the lines of communication while working to achieve the end goal of attracting new policy holders.
- Customer Acquisition Programs: Since the competition to attract and acquire new customers is often quite intense, it is necessary to maintain an ongoing program of sales incentives to keep a diverse sales force motivated, engaged, and enthused. Properly structured plans can help to increase market share and expand the customer base while reducing the cost of sales.
- Customer Service Programs: An existing relationship must be protected from all of the outside advertising, telephone calls, and online marketing that is working to instill a modicum of doubt and drive a wedge between the customer and the insurance company. Customer service personnel are on the front lines of this war of attrition and must be incented to positively answer customer questions, meet their needs and encourage repeat business, in order to create a strong, lifetime relationship.
- Customer Retention Programs: Good customers must be recognized and rewarded for their loyalty to the insurance company. Loyalty programs can include written and verbal communications, rate and policy upgrade considerations, and small promotional items to show gratitude and reinforce brand awareness.
- Award Programs: Many award programs are developed from a top-down approach with specific awards and incentives offered for achieving particular goals. But today’s workforce is varied, with multi-generational and cultural diversity, so that one award might not appeal to all. Younger Millennials might be more interested in digital and electronic technology, while family members might be more motivated by a travel program. A point or catalogue program allows participants to choose an award which more closely matches their lifestyle needs. At Strategic Incentives, our incentive package solutions can come with a branded prepaid debit card that utilizes the Visa, MasterCard and EFT networks. We also provide state-of-the-art technology, which includes easy to use online program administration tools.
- Spot Recognition Programs: Many supervisors are adept at catching employees in the act of doing something wrong, but it is far harder to give credit on the spot when a task is performed well or above expectations. Our programs for spot recognition can help insurance companies identify and then reward positive behavior through points, physical or interactive awards, and online redemption opportunities.
- Performance Programs: Employees always like to know that they are doing a good job. Promotional awards for meeting goals, service plateaus, or completing advanced training can highlight individual contributions on an ongoing basis.
- Wellness Programs: Employee wellness is paramount in all industries, but those companies in health insurance should be particularly concerned about promoting a healthy lifestyle within their own employee base. Strategic Incentives has programs which offer incentives that reward healthy lifestyles, reduce healthcare costs, minimize absenteeism, and sustain employee productivity.
- Welcome Programs: New employees, service personnel or agents can often feel like they are in a precarious position with the insurance company. They may not yet have the necessary technical skills, but they have a good attitude which can be nurtured into a company asset. A welcome program which greets new hires lets them know they are appreciated, so they will be motivated to try their hardest.
In one insurance industry case study, Strategic Incentives developed a program to increase sales by approximately 2000 insurance agents. We create a customized incentive web site with statistical tracking and sales reports along with an online catalog and redemption options. The web site was secured with IP filters as well as several different level password codes. The program resulted in total new policies and qualifiers that were double the expectations.
About Strategic Incentives: Strategic Incentives is a leading nationwide provider of employee incentives and sales incentive programs. It works with management, HR and marketing to develop safety incentives, sales incentives and loyalty programs to retain employees, increase sales, and strengthen customer relationships. Visit the website at https://www.strategicincentives.com/ to download a complimentary PDF of “35 Ways to Use Incentive Programs.” “Like” the Facebook page to receive regular updates on employee motivation and incentive ideas. Call 888-686-8116 for more information on promotional ideas for insurance companies.