5 Free Ways to Grow Your Agency Today
“There’s gold in them thar files!” That’s what I read every day as a kid, spending afternoons at my parents’ insurance agency.
After a long treasure hunt and no gold, I finally asked my Dad what he meant. He told me that there were plenty of sales opportunities to be made at the agency without having to contact any new prospective clients. He talked about how everyone he’s spoken to is an opportunity for the next sale.
Now as the CEO of InsurGrid, a tech company that helps p&c agencies grow their book of business, I’ve talked to hundreds of agents who spend thousands of dollars buying leads and/or referral generation programs. I tell them what my father told me, there’s gold in your file cabinet! Here are the top five tactics we’ve seen agents use today to grow their book without spending a dollar:
- Email monoline clients and offer to save them money by bundling.
Do you drive a lot of your personal lines business through loan officers and real estate agents? How often do you write a client’s homeowners insurance with the thought of “getting their auto insurance later” and then never do it.
Studies show that monoline accounts have a 40% retention rate, while multi-line accounts have an 80%+ retention rate. There’s gold in the file cabinets when you put more focus on driving monoline accounts to multiline accounts within your existing customer base.
- Cross-sell commercial clients during an annual review.
The businesses your agency insures most likely have families with homes and cars, so leverage your next insurance review to discuss how you can take a look at their current personal lines insurance as well. The same can be said for your life insurance clients!
- Stay engaged with prospective clients on social media.
Even the best agents don’t have a 100% close rate. For one reason or another, sales fall through, and a lot of this has to do with timing on the client’s side. Besides keeping up with expiration dates and reaching out when someone is up for renewal, staying engaged with prospective clients on social media is a great way to build rapport. You can reach out about competing for their business after seeing someone get a promotion on LinkedIn (they might be looking to purchase a new vehicle) or baby photos on Facebook (they might be looking for a bigger home).
- Contact purchased leads.
Leads can be very difficult to get ahold of, let alone quote and close. You’re constantly competing for the attention from other agents, and consumers are hesitant to talk on the phone today.
- Monthly check-in calls with referral partners.
How often do you stay in touch with referral partners? We’ve seen recurring monthly check-in calls with top referral partners (mortgage brokers, loan officers, real estate agents) to be very effective. InsurGrid put together a referral partner finder tool to help you locate these people in your area. If you already have referral partnerships, here’s several ways to level-up these relationships.
Real-life examples on how agents are “mining for gold” in the 21st Century:
● Email newsletter tool – Companies like Mailchimp and Constant Contact make it really easy for agents to send our periodical newsletters updating individuals on their agency to stay top of mind with customers.
● Sales automation – AgencyZoom is a great software you can set up and create email drip campaigns to a subset of clients based on who you would like to target (monoline accounts, prospective clients you quoted in the past).
● Dec page collection – Now that you have someone’s attention, you want to make sure to get all the client’s policies so you can provide an accurate quote and consultative conversation. Agents use InsurGrid to streamline this process and make it super simple for people to share their policy info.
Today, we’re excited to announce the release of the new InsurGrid link, a tool carefully designed to help insurance agents close more business — faster.
InsurGrid currently powers over 450 agents to quickly collect declaration pages from their clients. Insurance agents across the United States use the new InsurGrid to focus more time on building relationships, closing new clients, and giving more time to what they love. Click here to get started.
Chase is the co-founder and CEO at InsurGrid. He has family roots in the insurance space dating back to 1876. He’s on a mission to make buying and selling insurance simple and easy for everyone.
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