Many ways insurance agency automation can help improve administrative efficiency. Freeing up you and your agents for valuable face time with your...
5 Insurance agency growth strategies
Building an insurance agency can seem easy, however, it’s the growth and maintenance of the agency that will make it successful.
Building an insurance agency can seem easy, however, it’s the growth and maintenance of the agency that will make it successful. Growing your insurance agency with digital tools in the age of insurtech transformation is what will make the difference between you and your competitors.
However, leveraging modern tools is more than just combining your agency’s customer value proposition with the right digital tools. You need to find the right mix so this is the key to unleashing your full growth potential.
With innovative software and distribution through digital channels, an agency can build customer relationships faster, enhance productivity, and manage policies intuitively. We at COVU, offer you these 5 Insurance growth strategies that can help with your day-to-day flow work.
1. Set goals
This is a must-do. Goal-setting is the first step toward helping you realize your personal goals as well as your agency growth targets, and that is what we want and need. Because if you don't know where you want to go, it's going to be tough to get anywhere. Take a few minutes each day to set and write your daily goals and to check in on your longer-term goals. Then, you can evaluate your progress in a period of time, and from there you can go anywhere you set your mind to.
2. Embrace digital solutions
Insurance agencies are used to doing all the work manually. Repetitive and time-consuming administration tasks eat away at an agent’s enthusiasm. Fortunately, digital tools can automate these processes, so you have more time to focus on client relationships. Digital tools strive to enhance everyday processes. Agents are empowered to get to know their customers and match them with the services they need. Meanwhile, time spent managing backend tasks is minimized for optimal efficiency and business growth. Build your team with open communication lines so they get focused on what they are meant to do.
3. Winning environment
First rule: “breathe success”. What will you do to maintain a positive vibe and ongoing energy, day in and day out?
Empower your team so that each agent can feel free to ask you questions and interact with you in a way that is honest and genuine. Help your entire team as needed and as often as possible to earn everyone’s trust. Two key components to building strong working relationships are communication and collaboration, these are things that you need to have for a winning environment.
4. Go above and beyond for all your clients
I can understand if sometimes it can be tempting to look at clients and think that they may not deserve the same kind of exceptional service you’d offer your best customers. But that is a silly and unprofessional way of running a business. You should always provide exceptional customer service for everyone you serve, this will put you ahead in the long run, as your clients tell others about the way they were treated, and the help they were offered. Not only is this the right thing to do, but word-of-mouth referrals you may gain are also worth their weight in gold, and you can only earn these referrals if you treat everyone with the same level of dignity and respect. Always go above and beyond.
5. Train your staff
High-performing entrepreneurs across industries, and across the world, have one thing in common: They invest in themselves. Never fear investing in yourself or your staff, make continuing education a priority. Look out for carrier events, industry seminars & webinars. Consider what areas you would like to focus on improving, and find companies that do it well. When you invest in your staff, you're investing in the future of your agency. Investing in your staff can make all of the difference in their performance, and investing in your development can raise your entire agency to new heights.
All these tips can give you a bit of an upper hand when it comes to owning or growing your Insurance agency. As we all know, what worked yesterday may not work tomorrow, and a sure way to reduce your revenue and even fade away is by doing nothing. In this competitive landscape, one needs to be willing and able to adapt and change, both internally as well as in the way one does business.
Every change or a new tool you incorporate into your agency will give you valuable knowledge that your competitors will not have. At COVU we empower Agencies by leveraging AI and by digitizing your conversion journeys that seamlessly connect customers with the right offerings to make cross-selling easy for your agency.
Manages prospects and opportunities through the sales funnel to optimize conversion rates and average commission per customer. Gather necessary data from customers to quote and organize offers approved by the advisor. Completes transactions with the insurer to enforce the status