Life Insurance, Marketing

How to Generate a Referral Pipeline

Episode Summary

This podcast episode focuses on tips for insurance agents on generating referrals, specifically for life insurance sales. The guest is Chris Newberry, a veteran in the insurance industry with over 35 years of experience. He emphasizes that referrals are critical for life insurance, even more so than for Medicare and health insurance since it requires active selling and prospecting.

Chris explains that when he first started, career insurance companies would teach agents to directly ask for referrals by saying they get paid both by commissions and referrals. However, he notes most people feel blindsided when asked on the spot, so it's better to take a more strategic approach.

For Medicare and health insurance agents looking to expand into life insurance, Chris suggests first pivoting to ask existing clients about their life insurance needs after selling them other products. Offer to review any policies they have or provide quotes if they don't have coverage currently. This protects the agent's book of business by filling gaps before competitors can come in.

Another key referral opportunity is asking clients if they know anyone who has had recent major life changes - such as marriage, divorce, new baby, etc. Most people are happy to make connections to others going through similar situations. Retirees, small business owners, and people reviewing their overall insurance needs are other good targets.

Chris emphasizes agents should explain how referrals benefit both parties. The agent gets new business and the client can help family and friends by connecting them to someone trustworthy for insurance advice.

He notes that getting contracted and appointed with life insurance carriers is much easier nowadays, often just requiring a few clicks. Online tools also simplify illustrations, quotes, and drop ticket submissions. FMOs provide invaluable marketing help, case management, and overall support to agents just getting started with life insurance.

In summary, Chris encourages health and Medicare agents not to fear getting into life insurance. The pandemic has increased consumer awareness of the need for coverage. Carriers have responded with easier underwriting and online products like Bestow that provide instant term life insurance. His key message is that now is the time to start offering life insurance to both serve clients fully and grow your book of business through referrals. His team is ready to help every step of the way.


(0:00:05) - Broker Link helps insurance agents generate referrals for their business
(0:01:01) - There are many opportunities for Medicare and health insurance agents to pivot into life insurance
(0:03:13) - Chris, where do we find referrals for life insurance and Medicare
(0:07:27) - People need life insurance. Sometimes they need to be explained why they need it
(0:09:08) - The pivot for Medicare and healthcare agents is to focus on life insurance
(0:11:22) - A lot of agents get nervous about enrolling someone in Medicare Advantage
(0:12:06) - Talk to us about how the life team helps. We're really what's known as a full-service life brokerage team
(0:14:49) - Chris, how do we get referrals for life insurance through our brokerage
(0:15:48) - Broker Link helps insurance agents sell more, earn more, and stay independent

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