The Insurance Agency Elevator Pitch
An insurance agency elevator pitch is a succinct summary used to quickly describe your insurance agency, products and services. It should include your unique agency value proposition, and must be delivered within the time span of an elevator ride, in about 30 to 60 seconds. This can be much harder than many agents might initially think, and should be scripted, vetted, rehearsed, and timed. The elevator pitch is a truly important and fundamental component of your insurance agency marketing and insurance agency prospecting efforts.
A great exercise for agents or agency executives is to ask a variety of people in your agency to tell you their version of the agency 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 litany of pitches even sound remotely alike?
Some years ago, I met with the executive team and senior managers of a small company, which at that time employed less than 100 people. I asked each of the dozen people I met to provide me with an elevator pitch about their organization. Some people were taken completely by surprise. Others sat and thought, and struggled to articulate an elevator pitch, or even describe their value proposition. The pitches I heard varied drastically.
Elevator pitches are an important digital asset for every agency. They should be vetted, scripted, practiced, and preached. I call it an asset, as it is a fundamental component in the marketing of any agency. And every member of an insurance agency, from agent to receptionist, to customer service representative to executive team should be able to promptly and professionally deliver their insurance agency elevator pitch.
Your sales and marketing efforts are built upon a well articulated and easily repeatable value proposition, which should be a microcosm 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 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 addressing their unique risks.”
- Be different – “save money” and “great service’ is something everyone says. What are your top 3, unique differentiators?
- Transfer enthusiasm! You have to believe it for them to believe it.
- 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 their insurance and risk related needs for over 50 years. Everyone at our agency is a trucking fleet expert, in areas including hazmat, specialty cargo, certificate fulfillment, HOS, group health, 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 most important expenditures, and our creative coverage 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.