Best Insurance Agencies, What Makes them Successful?
It makes perfect sense not to spend time re-creating the wheel when you can simply find a wheel that best meets your needs and duplicate it. This same pattern of logic will work for insurance agency principals who want to learn why some agencies are highly successful while others never become serious contenders in the battle for success. According to those who teach business principles (after they have been successful), the small business entrepreneur should spend more time discovering what principles others have in common and duplicate them.
Best-selling author of The E-Myth Revisited, Michael E. Gerber, clearly takes this position about achievement when he writes “The problem with most failing businesses I’ve encountered is not that their owners don’t know enough about finance, marketing, management, and operations – they don’t, but those things are easy enough to learn – but that they spend their time and energy defending what they think they know.” Mr. Gerber continues throughout his book discussing what the most successful small businesses have in common, and this, without challenge, is the key to putting your agency on the path to success.
Instead of spending valuable time, energy, and resources defending what you think you know, look to those highly successful agencies and the common business practices they share.
They Create Consistent Business Systems Within the Agency
Best insurance agencies find the most effective way to put their agency on auto-pilot is by implementing effective business systems. Today’s technology allows for agency team members to accomplish everything in the most effective manner, all the time, and every time.
Using agency systems technology in conjunction with lead aggregators will create a sales funnel that remains full of prospects and helps sales personnel achieve an effective conversion rate. Agents will consistently know what level of the funnel each prospect is moving toward and allow them to continually nudge the prospect toward conversion. Agencies that automate their sales process will achieve higher conversion rates than those who do not.
Your service after the sale makes the difference between high and low attrition rates. Best insurance agencies achieve the highest renewal percentage by making certain that every client’s need and expectation is met without fail. Service issues can also be automated with business systems that assist staff members with addressing and then resolving the needs of the client. Those agents that implement automated systems assist staff members in resolving service and claim issues will develop a book of loyal, long-term client renewals that when combined with new business commissions creates an extremely profitable and successful agency.
Insurance is insurance, and changes very little over time, except for the way in which we communicate and the processes we use. Those agency principals that search for and discover the methods of highly successful insurance agencies rather than defending what they assume to be true will be included in the group of extraordinary producers that tend to exceed the everyday forecasts in the industry.
Learn the common denominators all of the best insurance agencies have in common, duplicate them, and put your agency on auto-pilot toward success.