FOUR KEYS TO BUILDING YOUR INSURANCE BUSINESS You are insurance professionals and successful in your own right. I know you have your own methods for conducting business but allow me the opportunity to review four activities that can spur business growth. FOUR BUSINESS BUILDING KEYS
experts.
Trust the
SFM–The Work Comp Experts Claims, legal and medical expertise. Optimal results in preventing injuries and controlling costs. Highest levels of customer satisfaction and retention. A leading regional insurer, specializing in workers’ compensation.
Let SFM quote your workers’ compensation business. Call (800) 937-1181 or visit www.sfmic.com
1) RETAIN CURRENT CUSTOMERS It takes five times as much time, money, effort and energy to get a new customer as it does to retain a current one. Your current customers are your foundation. To keep that foundation in place, you should be regularly communicating with them, delivering topnotch customer service, and making sure they are extremely happy with you and the service you are providing. On a regular basis, you should be asking your customers what they like and what they think you can improve upon. When you do speak with customers, let them know you appreciate their business. Never take customers for granted or let your service slip. Do what you can to build a personal connection with customers. Send thank you notes and cards on special occasions to add that personal touch and let customers know you care. We know that people do business with people they know, like and trust. In fact, studies show that 97 percent of people list that as the number one reason for doing business with a particular company. 2) REVIEW COVERAGE Not only is reviewing coverage on an annual basis the right thing to do for your customer, it can also provide the opportunity to increase coverage and, accordingly, more premium dollars. Of course, only suggest increasing coverage if it is the right thing to do for your valued customer. In addition to opportunities for more business, reviewing coverage helps
6
WISCONSIN INDEPENDENT AGENT
OCTOBER 2012
OCTOBER 2012
ensure that both the customer and you are covered in the case of a claim, as most complaints come from inadequate coverage and a lack of communication. 3) INQUIRE Studies show that the average policyholder has six to seven policies while each agency has only 1.5 of those policies. During your annual review and other conversations with the customer, inquire about other
other guy honest?” With one or two simple questions during each review, it’s entirely possible to double your business. 4) PURSUE NEW BUSINESS This one is pretty self-explanatory and should go without saying. In addition to adding new customers to your current base, you will occasionally have to replace customers that die, ones you decide to let go, or ones that leave for some other reason.
Start by deciding how many new customers that the ave you would like and rage policyholder then determine how has six to se ve n many prospects you policies whil e each agenc need and how you will y has only 1.5 of th get those prospects. Break ose policies. your annual goals down to monthly, weekly and daily activity and then get to work. These days, with the average agent and agency cutting back, it’s a great time to go get new, policies the customer might have competitive business. And remember, you’re that you can get. in sales and sales is a numbers game. While For over 20 years I had my auto policies with it’s true that you one agent, my homeowners with another, and need quality behind several other policies in other locations. This the numbers and the was due to several reasons, but it is clear that eventual relationships, I am more the rule than the exception. Not in order to get the once in that 20 year time frame was I asked relationships, you by any of my agents about other policies I need to talk to lots of had elsewhere. Not once. If they were trying people. It’s simple, the > John Chapin’s specialty to get rid of me, I would understand that. more people you talk is helping salespeople and sales teams double However, due to the fact that I have never had to the more business sales in 12 months. He a claim, pay my above-average premiums in you will do. If you is an award-winning full with the first invoice, and am otherwise talk to enough people sales speaker, trainer and a good customer, I can only assume that during the day, you coach, a number one sales rep in three industries, they are missing the boat. If someone has will eventually run and the primary author of a homeowners policy, there is a very good into someone who the gold-medal winning chance they at least have an auto policy or says, “I need what “Sales Encyclopedia”. two. It’s as simple as saying something along you have” or “I know In his 24 years of sales, the lines of, “By the way, if we bundle your someone who needs customer service and management experience, auto and homeowners I may be able to save what you have.” he has sold in some of you some money. Can I simply give you a the toughest markets and quote if for no other reason than to keep the Here’s to your success. economies.
Studies show
WISCONSIN INDEPENDENT AGENT
7