Considering that laws exist to mandate insurance coverage for homes, automobiles, and other possessions, you wouldn’t think agency owners have a hard time growing their business. However, this particular industry is highly competitive.
That’s why insurance agencies need to adopt proven strategies to help them stay ahead of the curve. If you own or operate an insurance agency, the following options work amazingly well to build a stronger client base, which equates to generating more revenue.
It’s All About Technology
Perhaps the best way to grow your agency is to update your current software. Today, you can find insurance agency management systems that help agencies run more efficiently and effectively.
As a prime example, rather than manually search for or fidget with an old program to find better and more affordable coverage for an existing policyholder, current technology performs this and many additional tasks automatically.
The right system will keep everyone in your agency organized, send alerts so that no one misses a key appointment, handle billing, and even assist with marketing efforts. Overall, updating your agency’s management system will create an opportunity to better connect with prospects and current clients.
Adopt the Right Mindset
Unfortunately, some insurance agency owners feel intimated by growth. While they want to see their agency reach a new level of success, if that means stepping outside of their comfort zone, they’re hesitant to take risks – even calculated ones. So, another proven way to grow your insurance agency is by adopting a new mindset.
Remember, there’s always someone who can answer your questions and provide guidance as you move through uncharted territory. This is also another way that updated technology can help. With almost everything you need at the push of a button, there’s nothing to fear. Instead, embrace change so that you can see your vision come to fruition.
Set a Definitive Goal
Having an idea and setting a goal are two different things. To grow your insurance agency, you need to take your ideas, turn them into a definitive goal, and tackle them head-on. Your goal can cover many different aspects of insurance, and you may even establish more than one goal.
For instance, you probably want to focus on increasing the number of policyholders that your insurance agency handles. For that, you need a definitive marketing goal, something designed specifically for the industry. Another goal might entail improving communications between your agents and clients. In that case, you can again utilize a more advanced software program and provide in-depth training.
Identify Your Client’s Pain Points
If you aren’t aware, pain points are things that cause your clients to stress. Usually, they have to do with inadequate coverage, expensive premiums, a labor-intensive claims process, and so on. Although every client has unique pain points, by doing some analysis, you’ll quickly identify several things they all experience.
By understanding the primary pain points allows you to develop a strategy to either eliminate or reduce them. Once again, with the right technology, you can enter valuable data about your clients to better understand the areas of your agency that need improvement.
Refine Your Agency’s Sales Strategies
Especially if you’ve been in the insurance industry for a long time, there’s a good chance you’re still following old guidelines that aren’t effective today. This particular industry is ever-changing. For that reason, you also need to change the way you and your agents sell policies.
For this, you can find a wealth of information online. You can also listen to podcasts hosted by respected industry leaders. Take advantage of every avenue possible so you can refine your current strategies.
Broaden Your Knowledge Base
As stated, the insurance industry constantly evolves. That means there are always new things to learn. The key is to avoid getting too comfortable with what you know so that you can broaden your knowledge base. Ultimately, this will allow you and your agents to make better and long-lasting connections with clients. In turn, you’ll begin to see substantial growth.
Don’t Overlook the Value of Content
One thing that every successful insurance agency needs is a professional website. If your agency doesn’t have one, it’s worth the investment to have one designed that perfectly showcases your business, products, and agents. As part of that, you want content that’s informative, interesting, useful, and enticing.
The goal is to draw prospects in and then offer them information that will encourage them to inquire about your agency or purchase a policy. What it comes down to is that an excellent website is a powerful marketing tool.
Remain Staff-Centric
In simple terms, that entails building a team of goal-oriented agents. Sometimes, agents come onboard with existing experience. However, if you have a novice agent who’s eager to learn, this is where training can help that individual become one of your top sellers. When hiring, look for people with a positive attitude and a lot of drive.
Don’t Shy Away From Outsourcing
Sure, you probably want to handle everything in-house. However, if you need a specific skill or have a particular task performed that’s beyond your or your agents’ capabilities, don’t feel nervous about outsourcing. As an example, you might want to hire a professional trainer rather than allow someone on your team to do the training.