Three Things to Improve During Corona
The Coronavirus has influenced each one of us. While agencies may not be feeling the same pain as the hospitality sector, it will catch up with us at some point. Every account that is out there is going to be shopping when this is over. Long-term relationships will need to weigh their options. Price will be a factor more than ever before. Do not use this time to rest. Spend this time improving! There are three key areas of focus that will allow you to emerge better than you were pre-Corona.
Every agency has a pipeline. Whether your team is working it may be an issue, but you have a pipeline. As stated in the opening paragraph, every account will be shopping when this is over. This is a great time for you to dust off the pipeline and divide it up amongst the production staff. They should be researching each of the accounts assigned to them. They should be looking at why you haven’t been able to close the account in the past. They should look at the current events surrounding the company. Then, determine a good entry point for them to rekindle the flame. They should also be looking for new opportunities to add to the pipeline going forward. Because we can’t cold call, we should be using this time to make our sales approach stronger and more effective. This will improve results when we are on the streets again.
Having a fat pipeline is great, but if you don’t have the processes to back it up, what’s the point? This is a great time to look at all your internal processes and fix what isn’t working. You wanted to add some CRM automations in the past? Do it! You wanted to streamline your renewal or onboarding processes? Do it! There are no excuses coming out of Corona. Every one of us has the time to add, fix or delete. Your processes need to be on point to bring in the new business. Your processes need to be on point to protect your current book.
There is no better time than the present to develop your team. For those of us that are “too busy to train”, our excuse is gone. Carriers, vendors, masterminds and many others are offering free information. Sign up! Get your team to sign up! Learn a product. Learn a carrier appetite. Learn a new process. Every day is an opportunity to strengthen the skillset of your team. No excuses!
Natural selection is not a new concept, but it is one that is applicable. Don’t think you can sit back on your haunches and rely on drinking beer and playing golf with your “buddy that’s a client”. You are kidding yourself. While you are putting out on 17, your buddy is getting a voicemail from another agent. That other agent has invested in themselves during the down time. What’s the message? They have a better pipeline, better processes and better prepared people. Make sure you enjoy the 19th hole with your “buddy”. It may be the last time.
David has 15 years of experience providing clients with creative solutions to more effectively manage their total cost of risk. He specializes in commercial property and casualty insurance for middle market companies and has specific expertise in under-performing workers compensation programs.
David is a CIC and CRM. He is the principal of Florida Risk Partners, Founder of Killing Commercial Insurance Training and co-host of the Power Producers Podcast.
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