Gain Growth Through Insurance Renewal Reviews
For many insurance agencies the emphasis is on sales. We have to sell to grow! There is no doubt this statement is true. But growth can come from more than just new clients. In fact, you can argue that it’s more challenging to sell something to a brand new client than work to sell more to an existing client. However, all too often agencies set their sights on new, new, new rather than working the current book.
Areas to Focus on Book Growth
Let’s start by determining which strategies we need to build in our agencies to really foster growth from our current book of business:
- Generating referrals
- Targeting monoline accounts
- Improving coverage on below agency standard accounts
- Referring business between departments
Every agency should have both marketing and people strategies to tackle these areas.
Why We Avoid Book Growth vs. New Business Growth
Let’s face it: for many agencies hope is the strategy for the list above. We hope we get referrals, and we hope our team is asking for cross-sells. But we don’t know. We ask and get an answer, but we don’t know. With some time, effort and energy, we can turn this bus around. But the real reason we don’t tackle this area is that oftentimes the account manager team in charge of the book gives us the following responses:
- No one wants to spend more money.
- I’m too busy.
- People don’t want to be on the phone with us.
- I ask. People aren’t interested.
Now all of these are very broad, non-specific items. You can’t tell me every single customer doesn’t want to spend more money. Instead of addressing the challenge head on, many times the team has fear, uncertainty and doubt on how to get it done. This is where your agency needs a strategy to roll out to the team that marries good old fashioned marketing with the front line team asking.
The Opportunity to Harvest Agency Growth from Your Book of Business
For those of you already exhausted by reading this blog, thinking about all the strategies you need to start working on in your agency, don’t be! You actually only need one that will cure all of these items. Insurance renewal reviews with proactive, yearly calls. Yes, calling everyone once per year for a proactive renewal review gives you the ability to remedy all of these areas for growth!
Now people tell us all the time that it can’t be done. But the reality is it can be done, and no, your team will not go on suicide watch. After 60 days of calling everyone, your team can weather the storm and be totally ahead. Now every new call they make is a fresh opportunity with someone who does not have the rate yet in front of them. This gives your agency the opportunity to control the conversation and make recommendations…. Hint: You get to go back to being their agent, not their price-monger.
Why Don’t More Agents Make Renewal Review Calls?
Simply put, we in insurance have developed 2 bad habits:
- We believe our insureds don’t want to speak with us or don’t have time to deal with us.
- We couple that with not believing anyone has any time to call their clients.
Both are actually false. When we work with agencies to launch our renewal review program, we see a slew of positive feedback:
- Your staff hears “thank you” from the insureds.
- Remarketing drops.
- E&O issues are resolved.
- The team has better control of the day.
- You see coverage improvements.
- Cross-selling increases.
The idea of making insurance renewal review calls can seem overwhelming, but it’s worth it! For more information you can see our blog for tips and tricks on how to start this in your agency. Or you can look at our online store for scripts to use with your team. You can also reach out to us and book an appointment if you want some specific guidance on how to harvest opportunity from your current book.
Kelly Piro-Donahue is a game changer in the insurance industry. As the Founder and President of Agency Performance Partners and Co-Founder of the sister marketing company, Agency Appeal, she’s an in-demand speaker at regional and national insurance conferences and a social media and digital marketing trailblazer. In her years of consulting, marketing, training, and public speaking, she’s worked with more than 1,000 insurance agencies of all sizes, as well as with noted industry organizations throughout the U.S. and Canada, earning accolades like “insurance visionary,” “a total rock star” and “the real deal.”
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