An insurance company elevator pitch is a concise summary used to quickly describe your insurance company, products and services. It should contain your unique agency’s value proposition and should be delivered within the span of an elevator ride, in about 30 to 60 seconds. This can be much more difficult than many agents initially think, and must be scripted, vetted, practiced and timed. The elevator pitch is a really important and fundamental part of your insurance agency marketing and prospecting efforts.
A great exercise for agents or agency executives is to ask several people in your agency to tell you their version of the agency’s elevator pitch. Don’t be surprised if the pitch varies greatly from person to person. Does the pitch adequately describe your value proposition? Does it highlight the products, services and solutions that best showcase your agency’s expertise? Did the litany of pitches even remotely sound the same?
Several years ago, I met the executive team and senior managers of a small company, which at the time employed less than 100 people. I asked each of the dozens of people I met to give me an elevator pitch about their organization. Some people were totally surprised. Others sat pondering, struggling to articulate an elevator pitch, or even describe their value proposition. The pitches I heard varied greatly.
Elevator pitches are an important digital asset for any agency. They need to be vetted, scripted, practiced and preached. I call it an asset, as it is a fundamental part of any agency’s marketing. And every member of an insurance firm, from agent to receptionist, to customer service representative to executive team, must be able to deliver an insurance firm elevator pitch quickly and professionally.
Your sales and marketing efforts are based on a well-articulated and easily repeatable value proposition, which should be a microcosm of your elevator pitch. If you can’t communicate your value proposition in less than 30 seconds, or stumble when trying to express it, it’s time to write it down, practice, and communicate your value proposition to everyone in your agency. Once that’s done, turn it into a 30 to 60 second elevator pitch. Practice makes perfect, try repeating both at monthly management meetings and sales meetings, and it’s important to note that your elevator pitch may vary based on your targeted niches (for example, P&C versus Group Benefits).
Here are a few best practices when it comes to your insurance elevator pitch:
- Be concise – 30 seconds is much better than 60 seconds (you may not have 60 seconds!)
- Create Empathy – For example, “We work exclusively with New York contractors” or “we work with trucking companies with 5 to 50 power units” or we specialize in groups between 50 and 150 participating employees”
- Verticalize – a vertical pitch is easier to differentiate, allowing you to better articulate your unique pitch. “We insure restaurants that address their unique risks.”
- Be different – “saving money” and “great service” is something everyone says. What are your top 3 unique differentiators?
- Convey enthusiasm! You have to believe it before they believe it.
- Close with a call to action – what’s next for your prospect
Let’s look at an example pitch, which would last 30 to 40 seconds depending on the cadence:
We have been helping transportation companies with their insurance and risk needs for over 50 years. Everyone at our agency is a fleet expert in areas such as hazmat, special freight, certificate handling, HOS, group health, and owner-operator services. Because of our access to extensive markets and deep industry expertise, we provide creative coverage at the best possible rates and help protect our clients’ bottom line. We know truck insurance is one of your most important expenses, and our creative coverage approach will help meet your unique requirements. Can we schedule a 15 minute appointment to discuss your specific needs?
Your elevator pitch can be designed with jargon to convince potential clients of your depth of expertise, it can emphasize your key products and services, your key differentiators or your service-oriented approach. Whatever your final elevator pitch entails, practice makes perfect, it should roll off your tongue effortlessly. Remember, you only get 30 to 60 seconds before your key prospect walks off the elevator, and your opportunity could be gone forever.