We all know that account rounding is a powerful way to generate new opportunities and raise up your retention rates. Most agencies have a decent sized house book of business that doesn’t have an agent working that book. In some agencies the producers handle renewals however in many the producers are focused on new business so current business can get lost by the wayside. Now your service team (as long as they are licensed, which we believe they should be) has a huge opportunity to participate in account rounding activities.
Account rounding is important for the following reasons:
- New business revenue
- Increased retention rates
- Better service to your customers by adequately protecting customers
- Account rounding generates referrals
- It’s the right thing to do as people’s lives change
To get your team started you must first identify a few things:
- Consider your current sales structure. Are producers going to be upset about the service team taking the opportunity? If so you must address this. If producers didn’t account round it, someone should!
- Provide your team training on account rounding. If they aren’t used to doing it they will need training.
- Find time in their day. Look at your workflows. Is there a way to reduce time spent on non revenue generating activities?
- Tell them the current monoline book number. If its 50%, let them know. Iit helps for the team to know how much opportunity exists
Once you launch these activities you are getting set up for success! You want to think of the process in three phases, all of which need a goal that is time bound.
- Phase 1: Seeing the opportunities. This is where your team is trained on what opportunities exist. You want your team to start asking the question, “Who has your auto insurance? Who is your life insurance agent? Have you considered cyber liability?”
- Phase 2: Converting questions into quotes. This is when you want them to take the answers to the questions and move them into quotes.
- Phase 3: Converting quotes into bound policies. This when you train your team on how to move quotes to policies.
Within the year you can start getting your team to become account rounding rockstars just by following this recipe. If you need some additional help call us, it’s what we do!