Using An Insurance Buyer Persona To Improve Prospecting & Closing

An insurance buyer persona is a composite representation of your ideal customer based upon existing client profiles, preferred prospect profiles and market research. The profile should include demographics, personal and business attributes, and behaviors that are typical of your ideal prospect. Let’s review some examples to better illustrate this definition:

Your insurance buyer personas should be a one or two paragraph written description of your ideal buyer. For example:

  • “Jerry Jones is a CEO, CFO, COO or Risk Manager who works at a distribution company with revenues between $15 million and $150 million dollars. He has at least a decade of experience and has been in his current position at least one year. His goal is to improve efficiency and refine processes within his company, which will contribute to bottom line savings. He is a consensus builder, but knows how to drive change, and has the credibility within his organization to implement a new initiative or allocate budget.”
  • “Gina Martinez is a CHRO, Vice President or Direct of Human Resources, with a manufacturer, distributor, technology company or restaurant group. Revenues can range from $5 million to $150 million dollars depending on industry. She has at least a decade of experience and has been in her current position at least one year. Her goal is to improve employee morale, increase wellness programs, ensure compliance and maintain competitive benefits programs. She is open to change, and will consider innovative approaches to this including captives, gap programs, leading edge tools and PBM alternatives.”

An insurance buyer persona can then be used in conjunction with the Prospect Scorecard. The Prospect Scorecard helps producers (insurance agency salespeople) create a simple and easy way to qualify, track and rank their best prospects. Producers often refer to prospects in vague terms such as warm, hot, cold, likely to buy, qualified, etc. These terms do little to better understand a sales pipeline or convey likelihood of purchase to other members of the team. The Prospect Scorecard resolves this issue by offering a simple qualification and quantification schema, turning vague terms into easily understandable and quantifiable results. The Prospect Scorecard integrates an insurance buyer persona with behavioral purchase criteria, which simplifies the process of tracking and ranking insurance prospects.

Creating an insurance buyer persona can help improve producer prospecting and closing, resulting in a leaner pipeline and improved close ratio. And they are also valuable when agencies outsource their appointment setting initiatives. If your agency has not yet created buyer personas, or if you haven’t updated them for a few years, it’s time for a review.