Focusing on lead generation is key to consistently filling the sales funnel with high-quality leads, however, prospecting is an incredibly time-consuming task. How can you effectively find more health insurance leads without throwing your day away? You can keep relying on referrals, diving into LinkedIn, and accessing services that don’t guarantee updated information, or you can start prospecting with miEdge. In this week’s post, we share what miEdge is and how to use it to improve your insurance prospecting strategy.
What Is miEdge?
miEdge is a software-as-a-service (SaaS) tool designed for the insurance industry to improve the prospecting process. On the miEdge platform, insurance brokers, carriers, or financial professionals, can access data to identify leads, research competitors, and understand the market trends.
Are you racing against the clock to win new business? As you know, prospecting is searching for potential clients, with an objective to find qualified leads, move them as prospects through the marketing funnel, and eventually convert them into revenue-generating clients. This journey usually consumes the most time and energy. However, implementing the right tools and processes can help you maximize your numbers.
How Does miEdge Work?
miEdge accesses public data from the Department of Labor. Based on 5500 forms, miEdge allows you access to plan renewal dates, premiums, carriers, commissions, fees, and the name of the broker. By compiling key information in one place, the platform reduces research time so you can focus on identifying potential opportunities, building client relationships, and driving business growth. The data on miEdge is updated in real-time from the Department of Labor and is available 24/7.
Protect Your Groups
This means that there is data on your 100+ lives groups available on public and private databases like miEdge. Nowadays, there are new tech-savvy brokers making space for themselves in the insurance industry. They are not lifestyle brokers, they systematically go after group accounts in specific market places and they have sales reps that will call every group they can find in that specific marketplace.
By using technology to their advantage, they are changing the way insurance prospecting is done. With miEdge, they can view accounts by line of business: medical, dental, life, disability, long-term care, or vision. They can also search by broker names, cities, industry segments, premiums, and employee ranges. Once they have applied the filters and have found a specific group or account they are interested in, a dashboard consolidates all the details about that specific group: company name, phone number, industry, employer ID number, and the number of employees.
It is imperative to introduce a technology solution in your services and start using all the tools out there to not only keep winning new business and grow your agency, but to protect your current book. Below, we share how to use miEdge to edge out your competitors.
Create A Powerful Insurance Prospecting Strategy
When you start your insurance prospecting pursuit, it’s important to identify a need or an event in a person’s life or in a company’s journey that can motivate them to listen to you. For example, when a person changes companies, the moment a company hires a new HR director, or when a business grows so fast they have trouble adjusting their benefits.
This creates the right environment for you to be able to sell insurance. HR professionals don’t want to be bothered or forced to read an email, an ad, or a flyer that doesn’t relate to their current situation. Instead, use the information out there to tailor your messaging to hit the right person at the right time. Here are the top two ways miEdge can help you with the insurance prospecting process and improve your lead generation strategy:
Discover Opportunities For Revenue
Targeting any employer at any company with the same type of message is not the most effective approach. With miEdge, you are able to filter down the list, gather commonalities, and offer greater value to the prospects you are approaching, which will help you to differentiate your insurance agency from competitors. Using miEdge, you can target the opportunities presented to you in a better way. Look at the data to find opportunities, understand who you are targeting, and how to connect with them.
For example, use miEdge to find accounts in your state or territory that are paying too much in commissions and fees for their size. Create content for this prospective group around the specific information you learned and offer extra value when you reach out to them. You can also use miEdge to identify compliance issues, such as inaccurate filings, late or overdue filings, or not filing at all. Compliance is a hot subject and employers need all the help they can get. By identifying issues, you can become the trusted advisor of that specific prospective group, which is a great strategy for engagement.
Improve Prospect Outreach
This advantage is a consequence of the previous one. If you identify the groups’ pain points using miEdge, and apply them to personalize your approach, the outreach will be more similar to a handshake than a cold call. In addition, miEdge has a LinkedIn and Google integration feature that allows you to research and find connections between you and the leads you are looking at in the system.
Asking a mutual connection for an introduction can be more effective than sending a blind email that might never be opened or returned. You can search for connections on the company level, contact level, and account level to start creating strategic partnerships.
With miEdge, the insurance prospecting process becomes easier and more effective. The system allows you to identify the needs of the prospective groups so you can tailor your solution. As a result, you will be able to maximize your prospecting activities and your closing ratio will improve.
Using miEdge, you will gain insights and a better understanding of what types of plan coverage individual companies currently have, what they are paying in premiums, commissions, and fees. This information serves as a great asset to start the conversation with prospects. In conclusion, miEdge drives away the uncertainty of who are you going to call today or how are you going to grow your agency. It helps you focus on developing targeted solutions for prospects and becoming the BOR for more groups.