John Ritenour, IOA Co-Founder, Offers Tips for Insurance Producers

Insurance can be a complex professional field. The competitiveness of selling insurance makes it difficult for producers to find and build strong books. Traditional companies, concerned about the safety of their assets, are often suspicious of entrusting the industry with new producers. An experienced insurance producer, John Ritenour, co-founder of IOA, recommends various measures to help insurance producers succeed at all levels.

Knowing about insurance and successfully selling insurance are two very different things. Understanding customer needs and leveraging long-term relationships are also essential aspects of success.

Throughout his long career in the insurance industry, John Ritenour has found ways to nurture all of these essential aspects that are required for success. Here are ten ways to build more leads and convert them into more active customers.

Stay up to date on trends

The innovation leadership at IOA looks forward to the benefits that new tools bring to insurance producers. In an industry that has traditionally shied away from modification and innovative change, leaders like John Ritenour are determined to be different.

"To be a successful insurance manufacturer, you need to have the tools and resources to serve your customers well," says Ritenour. “Using the best tools not only makes your job easier and more efficient, it also enables you to offer your customers the best options available.

Know your customer

One unwavering principle that has been with IOA from the start has been John Ritenour's commitment to understanding the needs and challenges of his customers. This was something he was trying to help his entire team. Understanding the customer differentiates the manufacturer from the search engines and insurance websites that customers use to find their policies.

A small office complex requires a completely different policy than a large sports franchise with much higher liabilities. With COVID, these unique challenges have only increased for most businesses. Understanding challenges both new and old can help you build a relationship that ages well.

Go the extra mile

Another cornerstone of IOA goes beyond the companies and their contacts. Both John Ritenour and his son, Heath Ritenour, CEO of IOA believe in taking these extra steps to make a lasting impression on their customers. Customers who are well looked after are most likely to change and stay with their new producer.

If you go the extra mile, check out a lead's current plans for free. It can mean no change is recommended if the deal is well done. The aim is to offer customers a transparent service that encourages them to become part of the environment again.

Don't take "no" hard

Any professional sales rep will come across a lot of no's. For every “no”, however, the producer is one step closer to someone else's “yes”. The no teaches producers how to rethink their strategies. It also means they don't waste time on a lead that isn't interested.

Producers need to understand that the “no” is only part of the industry. If they take it to heart, says Ritenour, they won't be in this business long. It's one thing to want to please the customer, but producers also need to be confident of the value they bring to the table.

Dress professionally

An insurance industry veteran John Riteour believes that looking at the part is important in order to gain respect. In today's workplace, workwear is not always the first choice. The attraction, however, leaves a lasting impression on potential leads, says John. Looking professional can help those who feel behind the eight ball due to inexperience or young age and create a sense of pride and professionalism in the insurance environment.

maintain relationships

Often times there will be no sale at the first meeting. John Ritenour recommends building relationships over time by connecting through similar values. Instead of focusing on sales primarily, the best producers will focus on what the customer needs and nurture that relationship. Cultivation can be done via email or through multiple meetings. This should remain so throughout the life of the working relationship that the customer feels that they are in good hands.

Find common ground

When producers work to cultivate relationships, they need to find common ground. John notes that the points at which someone might connect can be surprising. A producer might find out they are familiar with a favorite sports team, drink type, or hobby. You can identify with a specific backstory or fight. That way, they can connect with more customers and build a valuable personal connection.

Learn from knowledgeable colleagues

The IOA leaders work hard to make sure their team is the type of group ready to help others grow. The IOA structure was set up to encourage peer mentoring rather than competitiveness. Learning from your peers is an effective way to learn the ropes in the insurance business faster.

“We cannot avoid change. We will only be in the dust if we try to combat the changes in automation, AI and other technological advances, ”says CEO Heath Ritenour. “To be competitive, the insurance manufacturer must understand the industry and know how to use modern tools. We teach our agents how to bring their strength (human connection) to the table with the right technology to make them faster, more informed and more effective. Then we expect them to teach each other. "

Hear more than you talk

There is an old saying by the Greek philosopher Epictetus that carries the message; "We have two ears and a mouth so we can listen twice as much as we speak." Hear - really hear - a customer can make a huge difference in meeting their needs.

Too often a producer will speak out to the customer and stop the sale with gossip. Talking too much is usually a sign of nervousness and can indicate that the producer doesn't know what they're selling. It's far better to listen to their topics of conversation and challenges in order to respond appropriately with an offer they don't want to turn down.

Know the guidelines inside and out

Most customers can find guidelines and options online with all of today's resources. The manufacturer's ability to connect and explain is invaluable to customers. Know the policies on offer and exactly how they will affect a customer if they ever have to file a claim.

https://www.youtube.com/watch?v=ymcZwo0wNBw

About IOA

The Insurance Office of America was founded in 1988 by John Ritenour and his wife Valli. After growing the company for 30 years, he moved the company’s leadership position to his son, Heath Ritenour. The company has grown to become the 25th largest insurance company in the United States and the 11th largest private P&C company. The company has over 80,000 customers with $ 225 million in revenue and more than 60 locations with over 1,300 team members.

Published on May 2, 2021

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