May 20, 2020
Insurance Agency Development while in Quarantine
3 min read
I often hear from agency managers and owners that they would like to put more effort into building and developing their insurance business, but they have trouble finding the time… Hello quarantine!
There’s no question these are uncertain times, but how we as businesses and leaders react to situations and proactively prepare for the future will set us apart. This is a great time to make a conscious effort to grow your business. Don’t let your quarantine time go to waste.
Tips to Be Proactive with Your Insurance Agency
Stay Ahead of Your Competition
Technology presents new opportunities for you to engage with your audience and insureds. If you pause your marketing and your competition doesn’t, who will be set up for success when this whole thing passes? Which insurance agents will people follow through all of this – those who stay in contact, or those who shut down?
Social Media Strategy
Work on new strategies for social media and other virtual marketing to attract and write new business. If you haven’t already come to the realization that social media is changing the way business is conducted, you’ll need to this year. According to VerticalResponse, a small business marketing company, nearly 90 percent of small businesses are on Facebook, while nearly 70 percent have a presence on Twitter. Those businesses are participating in networks with more than one billion and 140 million people respectively.
People are no longer just talking about their business experiences with customers and networking groups; they’re letting their entire social network know what they are doing.
And if your business is great at customer service, engaging consumers online could lead to some great advocates for your company.
Create timely and relevant content. What do your insureds want to hear from you right now? Take this opportunity to communicate and give branded, unique insights on the situation. Make sure you have a good mix of content that’s both “business as usual” and relevant to the crises so that you don’t look tone-deaf. And remember: there was never a better time to talk about life insurance!
Be Proactive: reach out to commercial clients and discuss their concerns. Many businesses are facing an uncertain future, worrying about survival instead of business growth. Don’t wait for them to call you; reach out to them first. Discuss their fears and concerns. Review coverage and opportunities. Utilize the technology available and host video conferences with your clients. Use this time to strengthen relationships.
Focus on Personal Growth
Position yourself for growth. Utilize your extra time to do some personal development as well through continuing education. Attend webinars about the insurance industry, how to manage systems, insurance sales, team member leadership, setting goals better. Take some online classes. Learn about new niches and coverage you aren’t as strong in. Increase your ability to write a larger range of business. Reach out to insurance companies and do training on systems and appetite guides.
Read a book. If you are not reading a few books a year, whether it’s on business, leadership, or your industry, you’re going to be left behind. Don’t let a lack of time be an excuse for you to miss out on the knowledge and opportunities that reading can provide. The leaders of some of the most successful companies today are avid readers. Expanding your knowledge base now will have you positioned for growth.
Increase Your Revenue
Increase your profitability now. Review your book of business for ways to increase revenue on your already existing business. Identify policies that can be rewritten with partner carriers to increase your profit-sharing and boost your bottom line. Review loss ratios and accounts that might be dragging down your profitability. Make decisions to move them or to get rid of them. Review partner carrier incentive offers and be sure you are capitalizing on additional income opportunities.
We need to be creative with our marketing, services, and communications. We need to send the right message: that we can carry on in the face of a crisis. OAA’s Agency Growth Coaches can help you with all these business development and growth opportunities. We have the resources and tools to help you not only weather the storm, but to come out of it stronger.
2020 is still full of opportunities and possibilities, even though the part of the world you are in has all but “shut down.” Take advantage of the time you have!
We’re here for you.