You may get more out of independent insurance agencies if you know this!

‘If you don’t even try, you’ll fail.’ Insurance agents who want to grow their business should keep this in mind. Most agents find that expanding their book of business necessitates entering into unknown terrain to attempt new things in various areas, including staffing, marketing, and sales. We asked top agents and industry leaders John Heep, Perry Olson, Chris Robertson, and Todd McClain for their best advice on creating a profitable independent insurance agency.

Each has a track record of success (many sales awards and profitable offices) and is an expert on insurance agency expansion techniques. Take a look at the methods they suggest below and begin applying them in your own organization right away with umbrella insurance policies.

Establish objectives.

Setting goals is the first step in achieving your personal and agency growth objectives because it’s challenging to get there if you don’t know where you want to go. Set and write your daily objectives, as well as check in on your longer-term goals for a few minutes each day. Then, at the 90-day, six-month, and beyond points, you may assess your development. 

Invest in your employees.

To expand your company, you must invest in your most valuable asset: your workers. They are your agency’s lifeblood, so the significance of investing in them early on—and continuing to develop them—can not be overstated.

At the end of the day, you want your staff to be ambassadors for your company and its most assertive supporters. When you pay your employees correctly, give them bonuses, and show them how their work affects the agency’s overall performance, they’ll play an essential part in customer retention and referrals. Moreover, you need health insurance for small business owners.

While monetary incentives will drive employees, investing in employees entails much more than simply handing over money. Consider purchasing ebooks for your employees on-demand, paying for seminars and training, and bringing as many people as you can to industry/carrier-sponsored training events.

Create a winning atmosphere.

It’s time to build an atmosphere that promotes success now that you have a trained staff in place and a compensation plan in place. What methods will you use to keep your agents motivated? What will you do to keep a happy attitude and constant energy throughout the day?

Encourage honesty. Empower your team such that each agent feels comfortable asking you questions and interacting with you openly and honestly. To win everyone’s trust, assist your whole team as required and as frequently as feasible.

Create connections. Without a genuine interest in your clients and prospects, cyber liability insurance agency growth tactics may only go so far. Communication and cooperation are two critical aspects of developing successful professional connections

Make the most of your abilities. Everyone in your agency has a job to do. Create specialists who can do each position’s responsibilities better than anybody else.

Create a marketing strategy.

When it comes to insurance agency marketing, you’ll probably have to do some trial and error until you have a sales funnel that’s overflowing. One thing is sure, though: passive marketing does not work. You might be wondering what passive marketing is. Let’s name this technique “if you create it, they will come.” Alternatively, the “our products sell themselves” strategy. Unfortunately, you can’t just sit at your computer and expect the insurance business to come to you; you’ll have to put in some effort. Some business owners are hesitant to pay for marketing and leads, but here’s a secret: paid marketing is worthwhile as long as it is lucrative.

You must know who you are targeting to thrive in your neighborhood or local market. What is the profile of a typical policyholder? What are their whereabouts, and how do they communicate?

Selling insurance requires effort; you must continuously generate fresh prospects. Some famous and often used insurances include business auto insurance, personal insurance, and vehicle insurance.

Make use of a tried-and-true contact technique.

While many agents want to complete transactions on their first contact with prospects, the most successful agents understand that this seldom occurs. Therefore they have a system in place to engage prospects over time.

At Oianc , we give our agents a tried-and-true contact strategy that they can use to ensure they’re reaching out to leads in a way that’s shown to work for agents who actually use it.

Keep in mind, however, that studying the technique without putting it into practice is like reading a book on how to ride a bike. You won’t be successful unless you put yourself out there and do it!

Recognize that earning money is costly.

It’s an overused cliche, but it’s true. You’re sure to make some mistakes in your marketing; nevertheless, with time, you’ll develop a sense of what works best. Track your marketing dollars spent by employing “vanity” phone numbers, which utilize a distinct phone number for each ad or campaign. This ensures that the money you’re paying is genuinely giving a return on investment.

Integrating measuring tools into your workflow might help you pinpoint which marketing content and methods are working—and which aren’t.

Hold individuals accountable for achieving the objectives you establish.

An insurance agency that does not set objectives or keep track of its production statistics is unlikely to succeed. When you hold your employees—and yourself—accountable on a daily, weekly, monthly, and annual basis, they’ll see how their activities may lead to more sales.

Know your insurance KPIs and figures at your agency.

Invest in yourself.

Entrepreneurs that excel in a variety of sectors and throughout the world have one thing in common: they invest in themselves. Resting on one’s laurels is a huge error that even successful business people may make. Sure, you’ve been a top agent in your region for over a decade, and your stats appear to be in good shape, but what are you doing to remain ahead of the competition? Consumers evolve with the speed of thought, which means that goods, services, and salespeople must evolve as well.

Don’t stop learning; make it a priority to keep learning. Keep an eye out for carrier-sponsored events, industry seminars, and webinars. Consider what areas you’d like to improve, then look for firms that excel at it and start reading their blogs. 

Always go above and above for your customers.

It’s tempting to look at a client’s premium and conclude that they don’t deserve the same level of excellent care as your top clients. Don’t get caught in this snare! As Chris points out, delivering exceptional customer service to everyone you serve can only benefit you in the long term, as your consumers will tell others about how well you treated them and how helpful you were. Not only is it the proper thing to do, but word-of-mouth referrals are priceless, and you can only get them if you treat everyone with dignity and respect.

In Conclusion

Building an insurance agency takes a lot of time, effort, and money, but when it comes to developing tactics and sales, you don’t have to reinvent the wheel.