- Posted on June 19, 2017
- by John Scranton
The insurance elevator pitch is a succinct summary used to quickly describe your insurance agency or brokerage, products and services. It should include your unique value proposition, and must be delivered within the time span of an elevator ride of 30 to 60 seconds. This can be much harder than you think, and should be scripted, rehearsed, and timed. The elevator pitch is a fundamental component of your insurance marketing efforts.
Ask a variety of people in your agency or brokerage to tell you their version of the elevator pitch. Don’t be surprised if the pitch varies dramatically from person to person. Does the pitch adequately describe your value proposition? Does it highlight the products, services and solutions which best showcase your agency expertise? Did the pitches even sound remotely alike?
Your sales and marketing efforts are built upon a well articulated and easily repeatable value proposition, which should be a component of your elevator pitch. If you cannot communicate your value proposition in less than 30 seconds, or stumble when trying to express it, it’s time to write it down, rehearse it and communicate your value proposition with everyone in your agency. Once that is done, turn it into a 30 to 60 second elevator pitch. Practice makes perfect, try repeating both of these in monthly management meetings and sales meetings, and it’s important to note that your elevator pitch might vary based on your target niches (P&C versus Group Benefits for example).
Here are a few best practices when it comes to your insurance elevator pitch:
- Be succinct – 30 seconds is best
- Create empathy – For example, “We work exclusively with contractors” or “we work with trucking companies with 5 to 50 power units”
- Verticalize – a vertical pitch is easier to differentiate
- Be different – Everyone says “save money” and “great service” – what are your top 3, unique differentiators?
- Transfer enthusiasm!
- Close with a call to action – what’s the next step for your prospect
Let’s review a sample pitch, which would run 30 to 40 seconds depending upon cadence:
We’ve been helping trucking companies with insurance and risk management needs for over 50 years. Everyone at our agency is a trucking fleet expert, in areas including CSA, specialty cargo, certificate fulfillment, and owner operator services. Because of our access to extensive markets and deep industry expertise, we provide creative coverages at the best possible rates, and help protect our clients’ bottom line. We know trucking insurance is one of your biggest costs and our creative approach will help meet your unique requirements. Can we set up a 15 minute meeting to discuss your specific needs?
Your elevator pitch might be designed to include industry jargon to convince prospects of your deep expertise, it might highlight your most important products and services, your top differentiators, or your service centric approach. Regardless of what your final elevator pitch includes, practice makes perfect, it should roll off your tongue effortlessly. Remember, 30 to 60 seconds is all you get before your most important prospect walks out of the elevator, and your opportunity may be gone forever.
Originally Posted on April 14, 2015 by John Scranton
Posted in: Insurance Marketing, Sales