If you asked 100 insurance agency owners or agents what goal they consider a priority, probably all of them would say to sell more policies. After all, that’s what the insurance industry is all about. Yes, they want to build lasting relationships with the clients they serve, but at the same time, they aim to increase their annual sales.
To accomplish that, insurance agencies try all kinds of solutions. While some of them work, others fail miserably. Rather than waste valuable time chasing something that isn’t going to help your agency achieve this goal, you’re better off choosing an option that’s proven to work. That entails leveraging your data.
What Does Leveraging Data Mean?
For the insurance industry, collected data needs to go well beyond a client’s name, address, and phone number. If you want to achieve greater success, you need information on much more. For instance, you want data on past and present policies, premiums, claims, and pain points, which they stress about.
Not only that but having some degree of personal data also helps build strong connections. Something as simple as knowing that a client has a child starting college, they recently had surgery, or they just saw their son or daughter get married will go a long way in getting more business.
From a client’s perspective, when an insurance agent asks how their child is doing while away at college or how they’re feeling after surgery, they feel as though the agent takes a personal interest in them and their family. To succeed, you do need to take a personal interest but also use that information to develop a personal yet business relationship.
What’s the Best Way to Leverage Data?
Years ago, insurance agents had to put things to memory or manually write information down in a tickler file. Today, the most successful agencies rely on a robust insurance agency management system. This alone can significantly increase sales and help you set your business apart from the competition.
While having some personal information is helpful, the ultimate goal is to demonstrate to your clients that you and your team fully understand their specific needs. The only viable way to do that is to use a system that stores as much information as you can to enter. The best system even stores data in the cloud, so you never have to worry about information disappearing.
Not only will the right insurance agency management system store client data, but it will also perform multiple tasks and streamline processes. As a result, you’ll find that your agency becomes more organized and efficient. In response, you can anticipate your team feeling more confident and motivated to close deals.
Cross-referencing information is just one feature. Say you sold a policy to John Smith. Then, another agent in your office sold a policy to Debbie Jones, who happens to live next door to John. The other agent can enter information that reveals their connection. The next time you speak with your client, you can mention that Debbie is also a valued customer. Immediately, cross-referencing became a powerful tool that allowed you to build a connection.
Don’t Stifle Your Insurance Agency’s Growth
A lack of information is one of the top reasons that insurance agencies don’t make it or fail to grow. Beyond daily tasks and relationship-building opportunities, the best software program identifies insurance trends, gives a heads-up about new insurance-related laws, and indicates pricing changes.
So, if you have a client who needs to keep premiums as low as possible and you get an alert on pricing that would save them money, you can contact that client to suggest a change. That’s what leveraging data is all about. It consists of taking advantage of the information you have, not just to sell more policies but also to provide clients with better service.
In a scenario such as this, here’s what can happen. You let your client know that you can reduce their monthly premium. That person then tells family members and friends. From there, one of those individuals asks to know the name of the insurance agency and agent. Before long, you get a phone call from a referral who wants to see what you can do for them in the way of coverage.
Staying Ahead of the Curve
Without question, the insurance industry is fiercely competitive. As a result, multiple insurance agencies vie for the same customer. The one that makes the best impression will probably get the business. It’s your mission to make an impression that attracts prospects and then converts them into customers.
The great thing about using an advanced insurance agency management system is that it gives you insights that you wouldn’t otherwise have. Another thing is that when you opt for the right software, you’ll find that it’s easy to use even with the complicated tasks it performs. With a helpful dashboard, you and your agents can get up to speed in no time.
There’s also the marketing aspect of leveraging data. A powerful system can generate reports based on set criteria. So, if you want to determine the type of policies your agency sells the most, you can generate a report in no time. Based on that data, you can modify your marketing strategies if needed.
Summing It Up
To experience insurance agency growth, you need to leverage your data. The return on this investment will astound you. Armed with an effective tool, you and your insurance agents will quickly see an increase in policy sales.