Ways Independent Insurance Agents Can Save Money
Agents entering the busy Medicare selling season are understandably taking advantage of the different ways they can make money. We want to take a moment to remind you of some different ways you can save money! After all, the old adage is true: “A penny saved is a penny earned.” So, let’s take a look at a few ways you can boost your insurance business profits by holding onto more of the money you bring in!
Utilize Free Design Services. Many of the larger carriers provide agents with no-cost, pre-approved marketing pieces like flyers and postcards. Utilizing such design services can save significant money by sparing the expense of hiring a graphic designer whose services can average $50 per hour or more. Do you represent more than one carrier and want your marketing pieces to appear unbranded? A good FMO partner like Berwick Insurance Group is prepared to assist agents with design services that present a number of different options for marketing communications that don’t steer a prospect toward one carrier or another.
Tax Deductions. Agents who use their vehicles for business purposes usually qualify for a tax deduction. Claiming a mileage reimbursement on your taxes helps with vehicle expenses such as miles driven, oil changes, repairs, parking fees, registration fees, etc. Agents who work from home may also claim tax deductions on home office expenses and business meals.
Discounted AHIP Certification and E&O Insurance. Avoid rushing into certifications without checking what discounts may be available to you. Many major carriers extend discounts on AHIP certification, and many upline FMOs provide discounted rates on E&O insurance to directly contracted agents.
Use Vendors that Provide Performance Metrics. Not all print/mail/lead vendors are created equal. Most vendors require agents to “test the waters”, meaning we have to spend money in order to find out if a particular mail piece or lead supplier ends up being profitable. There are a few quality companies out there, however, that ensure certain performance metrics such as guaranteed response ranges on mail campaigns that consist of 1,000 or more pieces. Needless to say, agents can save significant money when they can estimate a minimum return-on-investment prior to making the marketing investment.
Quote Clients Online. Using online quoting and enrollment tools saves time, which we all know is money. Using virtual tools when possible also saves on gas, parking, eating on-the-go, and the other expenses that are part of commuting to and from in-person appointments.
Order Supplies & Marketing Materials in Bulk. Do you or your company use the same flyer or print piece consistently, year in and year out? Ordering a couple thousand in lieu of one hundred at a time on these types of- projects can save agents and agencies a lot of money over time.
Utilize a Boots-On-The-Ground Approach. Direct mail campaigns through third-party vendors usually require 1,000 pieces or more and can cost over $500. Conversely, blanketing an area with event flyers and making use of free library meeting space to host a Medicare educational event can cost $50 or less. You can read our article dedicated to the concept of ‘Time vs. Money’ here: https://marketingmedicare.com/blog/2019/10/30/time-vs-money/. Suffice to say, there are many different approaches agents can take that require more time than money.
At marketingmedicare.com, our goal is to help independent insurance agents like you achieve their financial goals. We appreciate you turning to us to explore different ways you can make money selling Medicare insurance. With that said, we’re happy to help you save money too! And if combining many—if not all—of these ideas helps you save a lot of money, then we’re fulfilling our mission and you’re using the right resource for help with marketing your Medicare services.
As a National Marketing Organization that works with thousands of independent agents, we understand you must generate leads in order to grow your business. That’s why we work diligently to provide the resources necessary for successful marketing. If this information is valuable and you want to know more about the services we provide our Medicare agent partners, please contact us at firstname.lastname@example.org or 888-745-2320.