How long does a personal lines insurance quote take in your office?
Do you know?
Well you may be surprised. I personally have been to many offices where quotes are sometimes delayed 2 weeks.
One big challenge we have to face as an industry is how do we balance the choice of multiple markets with the consumer demand for instant gratification?
The answer isn’t simple but we are going to break it down for you.
First Quote Wins
Did you know if you are the first agency to provide a quote, statistically you will win the business 44% of the time?
It’s a pretty great stat.
So how do you compete with the online captives, a team that seems buried alive as it is and technology that doesn’t seem to be making it much easier? You have to come prepared with a strong plan of attack.
For many decades agencies had personal lines producers. (Just an FYI – they are making a come back to work inbound leads!)
When the market shifted the agency had the service team servicing and selling.
This sounds great from an overhead perspective but from a closing perspective I wouldn’t bet the ranch on it.
For many account managers the choice to sell or service is easy.
They will take endorsements all day long.
In a world where there is never enough hours in the day, taking the gamble on a policy that may sell vs. completing more taks, the choice is simple.
Everyone Should Sell
Now, every account manager should be selling but they can account round, increase coverage and ask for referrals (trust me there is plenty of that opportunity in your book).
So if you want to compete and actually grow personal lines you have to have a diligent and consistent strategy that focuses on driving a great customer experience.
You have the cards stacked against you a bit. You have the luxury of multiple markets but also the handcuffs of technology that isn’t supporting you.
In order to compete you need to train and outline a winning sales process for your team.
It all starts with your team being trained in how to build rapport, multilines quotes, work efficiently and ask for the business.
Here are some shocking stats:
- A lead contacted in under 1 minute has a 391% better chance of closing (Velocify)
- It takes 6 follow up calls (three the first day) to drive the highest closing ratio (Velocify)
- Geico spent over $1 billion in advertising in 2013 (Columbus Dispatch)
- 57% of people will get 2-3 quotes on their auto insurance
Keep Them On The Line
So when a lead comes into your agency we need to rise to the occasion and challenge. It should go right into the hands of a trained professional (no voicemail or leaving messages).
Then that person should build value in themselves, the agency and their relationship.
We advocate for personal lines agents to quote over the phone!
You can use your rater to give a preliminary rate to get buy in and then educate the customer that you have to run reports, keep them on the phone!
Even a 30 minute sales call may seem like a lot but it’s a winning ticket to yes.