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Insights on entrepreneurship and strategy for the insurance industry.

Make the Most of COVID-19's Impact on the Insurance Industry


1 minute read

Let’s talk about harvesting low hanging fruit for just a minute. Right now COVID is making new business challenging for some agents, but that doesn't mean your agency's top and bottom lines can't grow... even if you have the same customers. 

Here are 3 easy tips to increase your sales and profits without marketing or adding new customers.

OAA Vlog_Low Hanging Fruit

1. Focus on selling more to the same customers

You may know that the average agent only sells one and a half policies for every client - I use this example a lot to show an area where any insurance agency can start making more money quickly.

My question to you is: are you average? The global insurance industry is no place for average agents and the unambitious, and insurance companies (especially life insurers) save the bonuses and profit-sharing for agencies that stand out and show long-term growth through great services to clients.

Get busy and sell more insurance to the customers you already have. Rounding those accounts will have a significant impact on your bottom line, and as a bonus, it will increase the loyalty and retention rates for those customers.

2. Focus your business on the people who pay the most

I was watching this show the other day, it's about architecture all over the world. And this woman had the biggest plum that you've ever seen in your life on this tree, and as she touched it, the plum fell into her hand. That same opportunity to have the world's biggest plum fall into your hands is right in front of you.

This year, we're celebrating over $6 million in PMSF (Portfolio Management Services Fees) and profit-sharing for our members. But we know that next year it is going to be over 8 million. And the reason is simple: many of our agents have said, “You know what? Let's focus the business this year on the people who pay us the most!”

That's right, our SPCs (strategic partner companies). So books are moving from stupid companies with insurance calculators, into carriers that are actually just writing big checks. Focus on doing business with the insurance carriers that pay YOU the most, and you will not be leaving money on the table. 

3. Work with an insurance agency coach

If you follow this simple advice, you can literally grow your agency income by 25% next year, just by grabbing a hold of that low hanging fruit. Let our agency growth coaches show you how to find and seize every opportunity, and turn 2020 into a year full of opportunity and growth for your insurance agency.

Download the free "How to Grow an Independent Insurance Agency" guide from OAA.