Four Insurance Business Building Building Keys
1) Keep Current Customers
To get a new client it takes five times the time, money, effort, and energy as to keep a customer. Your foundation is your customers. It’s important to keep that foundation in place when building a business. It is important to keep your customers happy by communicating regularly with them, providing top-notch customer services, and making sure they are satisfied with the service you provide. Customers should be surveyed on a regular basis. Customers should feel appreciated when you speak with them. Don’t take your customers for granted, or let your customer service slip.
Make every effort to establish a personal relationship with your customers. You can send thank-you cards, cards for special occasions and other special touches to show your appreciation and show that you care. People do business with people they trust and like. In fact, 97% of respondents cite that as their number one reason to do business with a company. It’s easy, before your friend leaves you to get a better deal or a perceived better service, they will at the very least pick up the telephone and call you.
Note I understand that there are customers you don’t want to keep, but it’s okay to be professional and up-to-the-mark. Do not tarnish or give away any information that could be used against you.
2 Review Coverage
A review of coverage is a good idea for customers. It can help increase coverage or add additional items, which could lead to more premium dollars. You should only recommend increasing coverage if necessary. This is not a way to increase premiums or make more money for your customer. Reviewing coverage is a great way to increase your business. It also helps you ensure that your customer is covered in case of a claim. Most complaints are caused by poor coverage or a lack thereof.
According to studies, the average policy holder holds 6-7 policies and each agency only has 1.5. You should ask about any other policies that the customer may have.
Over 20 years, I had auto policies with one agent and my home-owners policies with another. There were also policies in several other places. There were many reasons for this, but it is obvious that I am more of the norm than the exception. In the twenty-year period, I was not once asked by my agents about any other policies I have. I have never been asked about other policies. They would not be able to get rid me if they tried to. However, since I have never had to file a claim, paid my premiums in full with the first invoice and am otherwise a loyal customer, it is obvious that they are trying to get rid. There is a good chance that someone has at least one auto policy if they have a home-owners insurance policy. Simply say something like, “By and by, I might be able to help you save some money if we combine your auto-owners and home-owners.” If I may, can you give me a quote? This is just to be honest with the other guy. It’s possible to increase your business by asking a few simple questions during each review.
4) Start a New Business
This is a simple one and should be obvious. You will need to add new customers to your existing base. Sometimes you may also have to replace customers who die, those you let go or leave for other reasons.
First, determine how many customers you want to acquire. Next, decide how many prospects are necessary and how you will reach them. Then, break down your annual goals into monthly, weekly, or daily activities and get to work. It’s a great opportunity to get new and competitive business, especially with agencies and agents cutting back. Remember, sales is an numbers game. Although it is true that quality and eventual relationships are important, you must also talk to many people in order to build those relationships. It is simple: the more people you meet, the more business you’ll do. Talk to enough people throughout the day and you’ll eventually meet someone who asks “I need what your have” or “I know someone who has what you need.”