How the Best Agents Balance Business Growth Strategies & Client Needs

You wear a lot of hats: You’re an agent, an entrepreneur, and a business owner. You have passion and drive to help people protect themselves with smart insurance investments--but in order to do that successfully, you also need to think about the longevity of the business that you’re building.

How can you scale your business in a smart, sustainable way, in order to increase your profits and the number of people you serve? Here are some of our favorite business growth strategies for insurance agents:

Grow Your Insurance Agency with These Strategies

How do you approach growth strategically?

Every insurance agent should be thinking critically about how they plan to grow their business. How do you retain customers, encourage clients to become multi-line buyers, and position yourself to sell more insurance? The truth is that it’s all about how you plan for the future.

Setting the Right Growth Goals

No matter what you’re selling--whether it’s food, cars, or clothes - you need to understand your key performance indicators. When it comes to insurance, your key indicator is the moment where you meet with a client one-on-one and begin to understand their needs, fears, and desires so that you can propose solutions. The consultations are critical. No consultations means no clients. No clients means no sales (and no further introductions with other potential clients).

Seems simple, right? Not so fast: growing your business strategically means engaging in increasingly valuable activities. For an insurance agent, this means scaling up and changing the way that you think as your business grows, in order to ensure longevity in your consulting practice.

What can I do to grow my business sustainably?

Start by taking a look at the health of your book

It’s time to get honest about what state your business is currently in. You can easily begin to grow your business by looking to grow your book. This means optimizing your Policies-to-Households Ratio (P2H)--that is, how many policies an average household has. Ideally, the most successful agents have a P2H ratio of 3. This does a lot to build momentum and help you grow your business, as a high P2H means that you don’t need to rely on out-of-book prospecting and your clients are better insulated against competitors.

Turn off conveyor belts to decrease attrition rates

Some insurance agencies get into a bad habit of treating their clients like a conveyor belt. The thing about conveyor belts is that, when you put something on it, it travels the length of the belt and falls off. Agencies that run like conveyor belts overemphasize--and often overspend on--purchasing leads, and experience high attrition rates. You can work against this by balancing your lead generation activities with your client service, and ultimately retention and multi-lining efforts. Striking this balance will help you create a more profitable and sustainable business, poised to grow over time.

Invest your time in consistent review appointments

One of the most strategic things you can do is make sure that you are investing in relationships with your existing clients. You should work to schedule regular review meetings with all of your clients in order to deepen these relationships and improve client retention. Be consistent about your review process, and make sure that you are making an attempt to schedule time with every client at least once per year. Client Focus can help you with this - our team is positioned to perfectly align with yours and help you to review your book in its entirety. Consider using Client Focus to help with your outreach efforts - you'll be able to better service, and retain, your clients in the long run.


Pivot Your Insurance Agency Towards Sustainable Growth Are you an insurance agent who feels that your agency is stuck? Is your team grinding new leads each month yet your agency never seems to grow? Client Focus has worked with thousands of agents over the past 15 years just like you. Our purpose is to help your insurance agency pivot onto a path to sustainable growth.

A Practical approach to building sustainable growth for your insurance agency

By Client Focus | May 30, 2018 | |
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