Insurance agencies, like most organizations, greatly benefit from a mission statement. A mission statement is a strong declaration of why your company exists. It is often combined with a vision statement, a description of where you want your company to be in the future. When you are clear on your mission, you can more effectively develop long-term goals for your agency. Read on to learn five reasons why an insurance agency mission statement is essential for your business
1) A Mission Statement Defines Your Agency’s Values
Developing an insurance agency mission statement helps you clarify the values of your business. As a health insurance agency, your mission might be to give your customers access to the highest quality healthcare. From there, you can begin to define what your agency’s values are. You can think about values as the guiding principles your agency uses to achieve its goals.Your values express your beliefs about what is really important. For example, your values might include: putting clients first, a commitment to quality care, and expertise in designing custom benefits and HR solutions. Your agency’s values define how your employees should interact with one another as well as with clients and prospects.
2) Customers Stay Loyal to a Company Because of Their Values
Why are clearly defined values so important for your agency? A major reason is that customers often stay loyal to a company because of their values. If you forge a strong connection with your customers, many of them will remain loyal to your agency for years. Your core values can be the driving force behind this connection. Expanding on the example above, imagine that one of your values is putting your customers first. Your customers find that whenever they interact with your agency, they receive excellent service, the best benefit options for their employees, and updates about changes in the healthcare landscape that could impact them. As a result, they have an excellent experience with your agency and come away with an extremely positive opinion. These customers are likely to continue using your agency for their health insurance needs and to recommend your agency to others.
3) Mission Statement Help to Focus Your Business
Another advantage to an insurance agency mission statement is that it can help you to determine the path for your business, as well as plan future goals. When you craft a mission statement, you need to clarify exactly who your customers are, what services you provide, and how you provide them. It helps you to identify your business model and create your brand, which will serve you well in the long run. When crafting your insurance agency mission statement, you need to consider your long-term goals and define where you want your business to be in the future. If you are not clear on your mission, it is much more difficult to plan for the future. Mission and vision statements are useful to your employees as well. They guide your employees and help them understand how they should interact with one another and with customers.
4) A Mission Statement Makes Your Agency Stand Out From the Crowd
An effective mission statement clarifies how your agency is distinct from your competitors. Think about why you are in business, but also what your agency truly represents. If you’re in the health insurance business, it’s not just about selling insurance to employers. Rather, you’re helping them find health benefits that best meets their needs and their employees’ needs. You also need to consider what makes your approach distinctive. Ask yourself what prompts prospective clients to choose your agency over other agencies. It’s important to make an emotional connection with your audience by using language that resonates with them. If your insurance agency mission statement speaks directly to your readers, it can increase your appeal to prospective customers and employees alike.
5) Highly Successful Companies Use an Insurance Agency Mission Statement
Successful companies understand the value of good mission and vision statements and know how to use them effectively. Here are some examples of popular mission statements from highly successful companies:
Universal Health Services Mission Statement: “To provide superior quality health services that: PATIENTS recommend to families and friends, PHYSICIANS prefer for their patients, PURCHASERS select for their clients, EMPLOYEES are proud of, and INVESTORS seek for long-term returns.”
Universal Health Services’ mission statement is an effective example from the healthcare industry, according to Hubspot. Notice how it emphasizes patients first, and then mentions that the company also aims to please physicians, purchasers, employees, and investors. Health insurance agencies often have these same groups of people to keep in mind when crafting their mission statements. It’s important to directly mention your customers and how your agency can help them in your mission statement.
Aetna Foundation Mission Statement: “Our mission is to promote wellness, health, and access to high-quality healthcare for everyone, while supporting the communities we serve.”
Aetna’s statement declares that the insurance carrier’s priority is to increase access to quality healthcare and to provide health resources to the people they serve. It also emphasizes that the company genuinely cares about the health of its customers. This mission statement is a strong example of how health insurance agencies can effectively pitch their services. The emphasis is not on the health insurance plans they sell, but rather, how they improve the health and well-being of their customers.
Final Thoughts About Insurance Agency Mission Statement
There are many reasons why it’s important to have an insurance agency mission statement. Crafting a mission statement gives your company a sense of direction and helps you to articulate your values. It reveals what makes your agency unique and helps you create a sense of connection with your customers. Together, the mission and vision statements define your agency’s purpose and objectives and help you plan for long-term success.