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The new business growth that once came easily has slowed.
You’ve created a flourishing business with wonderful employees and customers, and you’re now prepared to advance it. Yet, if you’re like many owners of independent insurance agencies, you might find that your growth has peaked.
- You are constantly drawn into the day-to-day tasks involved in running a business, even though you are aware that you need to keep selling.
- In the coming years, you will have workers retire, but you’re not certain how to handle it.
- You are aware that new insurtechs and data analytics provide a chance, but you are unsure of how to implement them in your agency.
1. Use data to your advantage
Data intelligence is essential for identifying the most profitable policy types, the areas with the highest potential for upselling or cross-selling, the carriers with the best compensation, and more.
It’s possible that you’re already making use of data in some way. You’re on the right track if you’re monitoring high renewal increases, cross-sell chances, or just looking to see when your largest traffic is during the year.
Don’t worry if you haven’t started down the data and analytics path yet. Here are two reasons to think about using data within your agency:
a. Uncover more opportunities
Using data and analytics aids in identifying opportunities that are obvious to increase your clientele and overall premium. It enables you to go in-depth and make recommendations for extra insurance policies or coverages based on what other clients with comparable needs have also bought.
b. Monitor your progress
Setting achievable yet rewarding goals for your organization is made easier by having access to clear data. To raise your sales with your top-performing carriers, for instance, you may identify them and make it your objective to do so by 10% or 20% in the upcoming quarter. From there, you can create a dashboard to monitor your progress over the course of the quarter and see how close you are to your target.
2. Upsell and expand existing clients
One of the most profitable ways to extend and grow your insurance firm is by selling to existing clients, building on the potential that data can reveal.
Finding chances to deepen the relationship now that you already have one is the difficult part. Here’s how to go about doing it:
a. Address client needs
For many purchases, the law mandates insurance. In other words, your customers require the things you sell. Nonetheless, it is a fact that consumers frequently have no interest in insurance plans. As an insurance agent, you have the opportunity to educate your clients and assist them to understand what coverage makes the most sense for them and their risk profile because, to them, there isn’t much of a difference between one policy and another.
Consider the previous discussions you’ve had with them, and align the new policies you propose with what you believe will be to their advantage.
b. Strengthen client relationships
Proactively reaching out when policies are up for renewal, when better plans or better pricing become available, or at other time is one of the finest ways to foster a strong connection with your current clients. Show them that you honestly want what’s best for them by acting as a resource for their thoughts and suggestions on new programs or services.
Go out to all of your business clients, for instance, and ask if you can develop their own insurance. Alternatively, try sending an email and direct mail campaign to all clients on your personal lines, letting them know you can assist with their business insurance if they are business owners.
3. Increase market access
An independent insurance firm can grow significantly through both client acquisition and retention, and access to the insurance market is essential to this growth.
Because you won’t be able to provide your clients as many products or quotations from as many carriers as your rivals, if you don’t have access to the relevant marketplaces, clients may decide to switch agencies in search of a better price. This is especially true for agencies trying to expand their commercial lines business while also operating sizable personal lines operations. Lack of access to commercial items can be a significant barrier to achieving the growth that growth agencies seek.
Greater market access means more quotes, which means more business for your agency.
4. Join an insurance agency network to support your growth
Further advantages of joining an agency alliance to expand your business include the following:
- Maximize sales Increasing market access, profit sharing, and commissions will help your agency generate more revenue.
- Boost the close ratio: Take advantage of the alliance’s professional placement staff and data-driven insights.
- Increase the rate of client retention, use the agency’s knowledge to design unique programs for your customers, and set up automated renewal notifications.
- Boost productivity Instead of asking your workers to spend hours on routine operational duties, direct them to alternative revenue-generating initiatives.
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