3 Ways to Improve Agency Revenue with Risk Management and Vision

3 Ways to Improve Agency Revenue with Risk Management and Vision

September 6, 2018/ 0 Comments / in Insider / by Jim Gardner

59 Ways To Get All The Clients You Want is a great article.  59 Insurance Marketing Ideas Tips, & Strategies To Get All The Clients You Need!  However, of the nearly sixty ideas, only 10 percent even came close to speaking about risk management for the policyholder.  But even these ideas were not specifically risk focused:

  • What extra service do you provide? Give them more than they expect
  • Don’t just “sell” a client, see what is causing them pain and fix it. You’ll have a client for life.
  • Be an expert. Know your products inside and out. 
  • Remember, people don’t want to understand insurance. They want to trust that you’ll take care of it for them. 
  • Do an annual review for all clients to review their coverage and look for discounts. These are a great opportunity to multi-line a client.
  • Host a free seminar for your clients. Choose a topic like retirement planning, buying a new home or financial planning for new parents, etc.


Lowering Risk and Increasing Revenue

Let’s talk about reducing risk and raising revenue.  Let’s engage on exposures and enhance retention.

Easier said than done.  From a Chris Burand presentation I attended, he proposes that agents who focus on risk are “required to put more thought into” their sales process.  Burand’s definition of a professional agent is one “that identifies and knows their coverages.  They marry the two at a high level.” 

In his article, Michael Rose, from the Forbes Agency Council speaks to shifting from marketing to change leadership.  Change leadership is needed to bring a risk managed focus into an agency.

“A team steps into its full potential when guided by the vision of a company. How a leader guides the vision has a deep impact on the team and how it performs.”

Some leaders are more successful at leadership than others.  As Chris Burand shared, driving your team towards a risk focused agency sales approach requires more engagement.

The Forbes article outlines these steps to make that happen:

  • Tone: Channel passion through a positive tone. You can attract, recruit and retain great people with a positive tone, but they quit over a bad one. Everyone has a certain level of workplace anxiety -- don’t make it worse with a negative tone.
  • Patience: Rome was not built in a day. Great work and building a great agency takes time.
  • Perfectionism: Implementation will become your blind spot -- learn to be OK with that. Get comfortable with blind spots -- allow the implementation to be led by the team you’ve built.
  • Vulnerability: At one point you had to have all the answers. Learn to say, “I don’t know, what do you think?” Newsflash: You never had all the answers to begin with. Vulnerability can be very difficult because, as a leader, you can feel the pressure to always be the one with an answer, but your crew will appreciate it.
  • FOMO: You might experience a fear of missing out on the details of the business. Create a positive feedback loop to stay engaged and look for healthy opportunities to share your experiences.


Be Different!


Circling back to the 59 Ways article, one line that stuck with me was,“Be different and break the 

rules.”  Sure, I agree with that.  Their suggestions included things like “be open at different times than other insurance agencies. Give out your cell phone number.” A good place to start.  

What about virtually visiting each and every one of your policyholders’ homes and businesses?  Tour the inside and outside of the property and let your client be your guide with their smart phone.  Be different, get the inspection done yourself.  Engage with your policyholder and let them do the walk thru.

If you got 30-60 images back from your policyholder within a day of your quote, what could you do with that info?  Of course, you would be doing something different than the agency down the road.  Not only would you have a more detailed understanding of the client’s risk, more often than not, you will find sales opportunities.  At a minimum, you are going to be providing more value to the relationship and that will result in better retention.


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