When you first started your Insurance company, you most likely had a business plan.

By June 8, 2020 June 19th, 2020 No Comments

When you first started your Insurance company, you most likely had a business plan. But have you looked at it recently? The insurance industry is extremely competitive and agencies need to learn to be able to adapt and be flexible in order to succeed. One of the main things to examine within your business is how time is being spent. It is important that time, energy and attention are going into activities that will help support the agencies growth.  Here are some areas that it may be worthwhile to invest in to benefit your business. 

Professional Sales Training. Being a successful insurance agent means that you need to accept that you are a salesperson. You are a trusted advisor who provides information to your clients that will help them make educated decisions. To be able to provide this information, you need to take advantage of sales training opportunities that are available throughout the industry and in your community. Being in sales means you need to be able to handle objections and you don’t fumble your way through a conversation. Make sure you have your responses ready so that the conversation can continue to flow. 

Set goals and monitor progress. If your agency sets clear goals that are measurable it can be easier to make sure that you are on the right track or if changes need to be made. Instead of setting yearly goals, try taking things a quarter at a time. This makes it easier to assess the progress and make changes sooner rather than later. Always aim high for your goals, but always be realistic as well. 

Spruce up your marketing. Your agency needs a strong marketing plan that will help build up your business and keep you in a position of trust with your customers. Digital Marketing is crucial in today’s world. More than 71 percent of people start their shopping for insurance online. You want to make sure your agency has a digital presence. You need to make sure that your site stands out from others and will grab the shopper’s attention. Be sure to track your marketing so you can see which type is working and what could use some improvements or changes. It isn’t beneficial to be spending money on ideas that are resulting in revenue for your business. 

The three main contributing factors for growing your agency include new clients, closing new accounts and servicing your existing accounts. This needs to be included in your business goals, how are you going to make sure that you will have success in these areas?

To put these strategies into action try keeping track of everyone’s time for one week. This will make it easy to determine what administrative tasks are can either be outsourced out or delegated to someone else. It is important to have a complete log to take into account what processes are being completed on a day to day basis. Consider streamlining processes. These can include tracking renewals, policy cancellations, tracking new business and taking payments and deposits. Once you have an idea on where time and energy are being spent, you can decide which areas need improvement or which areas are being successful as is. 

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