August 6, 2020
3 min read
When you need to win, you want to increase your odds. Teams have playbooks. Navigators plot position and coordinates for clear routes. Competitors strategize to get through courses and overcome obstacles. One of the hardest tasks in business is figuring out how to stay proactive when your circumstances force you to feel reactive. Now, more than ever, insurance agencies need to have a strategy for the future.
What's Driving You to Reach Your Goals
Why would you not strategize for success in times like these? The future that is emerging is unknown and unpredictable. We have COVID-19, social unrest, extreme political division, businesses going under, new technology emerging, automation, acquisitions… Change is all around us on an overwhelming scale. There are arguably more distractions today than ever before, so in order to be successful, we must focus. Instead of being at the mercy of the fates, strategizing empowers us with vision and clarity. Focus on what will drive your revenue and what will direct your progress to your goals. It’s time to look for opportunities in the uncertainty and start making plans for 2021.
The fallout from COVID will be felt for the next few years. As a result, insurance companies will be forced to strategize as well. Their products, services, and appetites will change. Their rates will change regardless of whether they’re in life insurance, commercial insurance, or any other type of risk management. They will put new guidelines and requirements in place to protect their books. They will look for the best insurance partners to keep their business profitable.
Right now, insurance agents, brokers, and anyone in the insurance industry must be actively looking for ways to be a desirable partner for insurance carriers.
Now is the time to plan, make decisions, and take action. You need to have a strategy, or even better, multiple strategic plans.
How OAA Can Help Our Members
As an OAA member, you receive PMSF and Profit-Sharing from our Strategic Partner Carriers and Brokers. Review your sales pipeline. Identify specific targets for your SPC’s. Do you have business with non-SPC’s that could be moved and increase your profit-sharing? Reinforce those relationships and build that extra income with those carriers.
Strategic planning for carriers for SIAA is about to begin. Plan for growth, retention, and maximize profitability for your insurance business. You can capitalize on increased revenue opportunities by strategizing with your Agency Growth Coaches and taking advantage of large incentives, increased commissions and book consolidation offers from our Strategic Partner Carriers and Brokers. Take the time to review your current book of business. Review carrier appetites - many have changed in recent months. Stay on top of new opportunities. Carriers are rolling out new programs at a record pace. Are you giving them a look at your business? Address your loss ratios. Are there claims that can be closed? Keep your retention high through an amazon customer experience. Identify carriers that are offering you more income and build on that book. Work on new marketing strategies. Adopt helpful technology. Aggressively go after new business. Work with your Agency Growth Coaches to develop strategic partnerships to increase income.
Now is not the time to sit back and rely on comfortable, familiar methods. There’s no better time to maximize the benefits that come from being a part of SIAA and OAA. Because of this relationship, you have access to more revenue. Build books with Strategic Partner Carriers and Brokers. Take advantage of the coaching, resources, and tools available to you. Be prepared and have the confidence that you can find opportunities in any situation.
We’re here for you.
