Establishing an independent insurance agency is a great accomplishment. You should feel overjoyed and proud of yourself already. In order to get the most out of your agency, you are going to want to keep progressing so your company doesn’t hit a growth block.
Hitting a block can be discouraging and can prevent you from being a competitive company. You also need to keep adapting and evolving your business so that your agency seems more attractive to potential clients. If you want to take your company to the next level and remain appealing to prospects, here are some tips you can use to help you scale your independent insurance agency.
Use Data to Get Ahead
As an independent insurance agent, you should be using the data you gather about your company to your advantage. This way you can figure out what times of the year are most profitable for certain appetites, you can know more about the high renewal increases, and learn when is the best time to cross-sell or upsell.
Using data can also help you set profitable goals. For instance, you can look at your best carriers and make a goal to increase your sales with them. Another benefit of utilizing data is that you can discover more ways to increase both your client list and your profits. You can find similar clients and use that information to recommend additional insurance coverages to them. For example, if you have a lot of clients that have both auto and home insurance through a certain provider, and another set of clients who only have auto insurance through that provider, you can recommend home insurance to those that do not already have it. ASNOA agents have access to one of the most powerful data management systems, Applied Epic, which can automatically send reports on which clients only have one type of policy. Read more about how our data management system makes a reliable prospecting tool!
Upsell Your Current Clients
Selling to you existing clientele can be much easier, especially since you already have established a positive relationship with them. They are more likely to trust you and to listen to your suggestions if they already work with your company.
In order to upsell to your current clients, you need to address their specific needs and make them feel like they can trust your opinion. Explain to them what insurance coverage is best for them based on their profile and their individual needs. They will trust you more and appreciate that you are looking out for them specifically. ASNOA’s Live with Laura learning segment gave our agents great insight on cross-selling and upselling their current clients; and insurance industry experts were able to identify strategies that actually work! You can watch the episode here.
Another way to build trust and expand upon your existing clients is to always inform them when the best policies or coverages come up. If an insurance carrier just changed their rates and there is another carrier with a more cost-effective option for your client, you should let them know right away. This will strengthen your relationship with the customer and make them feel like you have their best interests at heart.
Always Increase your Market Access
Having access to insurance markets allows you to be up to date and informed about the things that different carriers have to offer. You need to know about as many products and quotes from carriers as possible in order to know the best deals for your clients. If they find that other carriers are offering better deals and you were unaware and did not inform them, they may seek a different insurance agency.
The more quotes you have from the market, the more you can offer your clients. Increasing your market access can be made easier if you work with an insurance agency alliance company.
Join an Independent Insurance Network to Help you Grow
Partnering with an insurance network can help increase your access with more carriers and set you on the right path for rapid agency growth.
A great company that helps independent insurance companies grow their companies is the Agent Support Network of America (ASNOA). Not only do we provide carrier access that suits your individual needs, we also have more than 90% of their staff specializing in serving you with accounting, licensing, systems onboarding, marketing, skills training, and continuing education.
Growing your company can be difficult, but by using these tips and working with a company like ASNOA, you can grow your agency organically and successfully in no time at all.