Bringing in new clients – especially during a pandemic – is a growing challenge for insurance agencies of all sizes and product lines, including for the typical life insurance agency.
Insurance of all types is increasingly perceived as a low-value commodity product. And with the availability of online purchasing options ever greater due to the pandemic, the traditional life insurance agency is also increasingly being seen as a non-essential intermediary.
This has increased pressure on revenues and lowered margins for traditional life insurance agencies.
This means that focusing only on traditional insurance products, services and lead generation activities is no longer enough – as summarized, with an alternative approach, in this brief video…..
Stop chasing poor quality life insurance leads…
Time to Reposition Your Life Insurance Agency?
Business owners are insurance agents’ ideal prospects because they generally have more complex insurance needs and greater financial ability to fund them.
But business clients and prospects are looking for more in-depth business help than just insurance. If your agency can get beyond its insurance “box”, offering business clients and prospects a broader bundle of financial services that add real cash flow value for them answers their most pressing problem while increasing their ability to afford more of your current insurance offerings.
Getting their attention requires a big differentiator, not another “me too” insurance pitch – especially when so many insurance products are now available online.
Now more than ever it’s imperative to differentiate your life insurance agency – to become what Seth Godin has called a “purple cow” standing out from the herd.
If only there were a proven successful, highly ethical back-end system you could partner with to do just that…something your bigger competitors can’t offer.
Well, now there is…and it’s better than even your biggest competitors can offer. Not every agency, however, is a good candidate for this. What follows will help you determine if yours is one of them.
Find Clients Savings — Find More Clients
Add a Tax Recovery & Expense Reduction Division to Your Agency
If business growth for your life insurance agency has stalled – or worse – maybe it’s time to think about repositioning your agency for a more rewarding future.
Of course, it would be nice to be able to do so without without disrupting or compromising your existing business. The idea, after all, is to enhance your current income, not trade it for something else. The point is to add services that are synergistic and amplify what you currently do while making your current offerings more affordable for clients and prospects.
You can do this if you’re able to…
Stop Clients From Being Overcharged
Nobody likes being overcharged. Broadening what you offer from traditional life insurance to include tax and vendor savings via Stryde Solutions for clients’ and prospects’ routine business expenses – many of which they know they’re being overcharged for – is one way, and the single best way, to do that. Think of it as adding a “Business Savings Division” to your business – if, that is, your agency is a good fit.
And there’s literally no other alternative that includes Stryde’s breadth and depth of cash flow generating services under one roof, which makes it extremely user-friendly for both clients and prospects and for your agents as well – with the best training and support in the industry.
You can think of Stryde’s engineering, intellectual property and other specialized experts conducting the back-end work for you as bridging the gap between life insurance and specialized tax and audit services in order to generate new cash flow for your business clients and prospects.
These are synergistic services that nicely complement what you currently offer, reposition your business clients with newfound working capital and able to afford more of your agency’s current offerings and – due to the rule of reciprocity – feeling obligated to do so since it was your agency, via Stryde, that found them their new capital.
In addition, offering businesses savings as a trusted advisor outperforms traditional selling by ten-to-one, especially when you’re able to offer them via a company with almost two decade’s experience generating billions in client savings to date.
And here’s the best part…all of these tax-saving and expense reduction services are provided on a completely risk-free basis.
In plain English, this means…
“No Savings, No Fee”
If the audits and studies required to document your clients’ and prospects’ eligibility for refunds or tax credits fail to produce savings for them, no payment will be due. This further removes this process from traditional selling and eliminates a major source of buying objections.
You’re not asking your clients and prospects to “buy” anything – you’re empowering them to collect repayments of previous overcharges and reduce their costs going forward.
You won’t need to be masters of selling for that to prove persuasive for new client prospects – or for existing clients either.
And you won’t have to worry about recruiting qualified professionals to do this additional work for you. All of the back-end work is done by trained professionals with extensive experience and success in securing refunds and credits for both tax and vendor overpayments and reducing these future expenses.
We find that about 7 in 10 small and midsize businesses in America are routinely overcharged for these business taxes and expenses – and they know it, or at least highly suspect it. They just don’t have the resources to prove it.
With Stryde at your side, your agency can be that resource.
Here are some businesses that have benefitted from these services…
Tax Incentive and Expense Reduction Services
These risk-free tax and expense reduction services currently include:
- Income Tax Refunds – IRS-sanctioned engineering-based Cost Segregation studies that reallocate clients’ building components to properly accelerate depreciation yield rapid P&L and cash flow benefit for 70% of clients (for more, see this in the Journal of Accountancy);
- Property Tax Refunds – Appeals to local and state assessing authorities produce average recurring savings of 15-20% in local property taxes;
- R&D Tax Credits – Even better than tax deductions with a full 100 cents per dollar falling to the bottom line. Vastly more businesses are eligible for credits that have been liberalized over the years. The average manufacturer, for example, receives $270,000 in tax credits and other savings and the commission on that would exceed $7,000 – while overrides on those on your team with such a client would exceed $2,400;
- Hiring and Retention Tax Credits – Federal, state and local hiring incentives include Work Opportunity Tax Credits (WOTC) and Employee Retention Tax Credits extended and expanded under the American Rescue Program Act to counter COVID’s effects on the economy.
- Credit Card Merchant Fees – Businesses relying largely on credit cards to collect payments incur costly hidden overcharges due to routine errors and misclassifications. Commissions and overrides earned here persist for 3 years – compound quickly for labor-free income growth; and
- Workers Comp Insurance – Another area where clients routinely significantly overpay due to misclassifications and clerical errors.
Open More Doors for Your Life Insurance Agency
Property tax and credit card overpayments have proven the easiest door openers because so many businesses already realize they overpay for both. You’re then able to offer them the other cost savings they’re also eligible for, along with – after they’ve realized their increase in working capital – your own insurance products and services.
It’s important to note that none of the expense reduction services require clients or prospects to change their current vendors – a major advantage over “switch-and-save” competitors.
And there’s nothing unethical about any of this. Indeed, these tax-related savings are encouraged by the government while eliminating overpayments for your clients is obviously very much in their interest and consistent with maintaining your integrity with clients and prospects.
You can take comfort knowing Stryde’s tax incentive services have never been denied by the IRS in its almost 20 years of providing these services for clients. This is why Stryde has walked away from prospects that weren’t the right fit for its services – a level of integrity that should help you and your clients sleep well at night.
Expand Your Pool of Prospects
On average, almost seven out of ten businesses qualify for some kind of savings – and credit card processing audits find savings 100% of the time. Virtually every business in America can benefit from these services. And having no up-front cost for them to find out how much in new cash flow they qualify for makes this a much easier proposition than selling traditional insurance products and services.
This may be the best business opportunity available today for small and mid-sized insurance agencies and agents with the right mindset and ability to adopt the requisite business consultant approach in their sales and marketing activities. In addition to the obvious increased income potential, it affords the opportunity to turn yourself from another expense for your prospects into an income-generator for them.
You know your prospects are hard-wired to avoid added expenses. But they’re also hard-wired to be on the lookout for more revenue. The former they avoid like the plague, the latter they’re eager to explore.
Which would you rather be?
Then let’s talk about whether your agency is a fit for this opportunity.