Selling New Policies To Make Money In Insurance
When you think about how agencies make money in insurance, it seems pretty straightforward. The perception is that someone calls in, they need coverage, you give it to them, and they give you money. Simple, right?
“When you think about how agencies grow new business, a lot of times it’s dumb luck and we don’t want dumb luck to be your strategy. Your agency needs a new business strategy in order to be successful.”
But if you’re in this industry, you know it’s not that simple or even that easy. There are a handful of ways to make your agency more profitable. You better think again! What if we told you that there are EIGHT top ways agencies make money? What if we also said to you that your agency is probably missing out on at least one of them?
Let’s talk about the first one and the biggest one.
Selling New Policies to Make Money in Insurance
This one seems like total common sense, but we have worked with a lot of agencies, and we know how much potential there is to make even more than you are. Very few agencies have a clear and defined process for handling new business, and it is such a waste. Logically, it means that the money you make from new business is more by luck than by strategy.
And a process, a business, or any organized operation needs a CRM tool. It’s a client relationship management tool. They are incredible, and every business needs one. It helps you visualize every single step of the sales process while keeping all of the information stored for you.
You’ll be able to see everything, and once you have it, you will never, ever go back.
Something else you are probably missing is salespeople. These are not people who happen to sell and hate every minute of it, but instead, they are those team members that live for this stuff. Every step of that process is exhilarating, and they were made for that role. Everyone has different skillsets, and you will lose money if you keep playing “square peg meet round hole.”
Take a look at all of these qualities (Proces, CRM tool, and Salespeople) and grade yourself on each one. If you are honestly lacking, don’t see it as a loss because it’s not. It means you have plenty of untapped potentials that will make your next fiscal year so much more fun.
Make sure to stay tuned and find out all the other ways your agency could be making more money.
Follow Us on Social Media
If you like our content, follow us on social media to get a daily dose of our 3 Minute Videos. We’d love to help you on your journey to becoming a Ridiculously Amazing agent. We share our videos on Youtube, Instagram, Facebook, Twitter, and Linkedin.
