Grow Your Insurance Agency From Home
By Cole Editoral
If you’re like most insurance agents social distancing has put a cramp in your selling style.
It’s hard to meet with new customers if you can’t…you know… meet with new customers.
Never fear. Working from home doesn’t have to mean losing business from home.
Capturing multi-lines is one of the easiest ways to grow your business, especially when it’s hard to reach new customers. Not only that, but it’s also an essential tool in keeping customers. If you are the go-to person for all of their policies, people are less likely to leave.
Working from home gives you time to reach out to current abut their insurance needs across auto, home, life, etc… In fact, you can save your customers some money during this time, they’ll be even more grateful.
Set a goal for yourself for the number of policies you’d ideally like to carry out for each household. Let’s say we set five as the goal.
You want to create a targeted approach to increase your likelihood of success. If you start with customers who only have renters insurance with you, your chances of selling them boat insurance probably aren’t going to be that high.
Generate early successes to create momentum. You can and should quote additional policies for renters only customers later.
Start with your home insurance only customers.
Multi-line discounts are important here, so take some time to figure out why you only carry their home and see what you can do to change that. The obvious go-to is auto, umbrella, and life. That gets you potentially to four. To hit or exceed those five goals consider flood, pet, motorcycle, and recreational vehicles.
Offering flood insurance should be a habit with all of your home insurance customers. The last several years have brought record flooding to many areas. The economic value for flood insurance for those outside of the flood plain cannot be overstated.
During Houston’s Hurricane Harvey in 2017, nearly 75% of houses that flooded were outside of the 100-year flood plain.1
Next, move onto your auto only customers who live in apartments.
Adding renters insurance should be an easy win here. With the multi-line discount, you’ll almost certainly be saving them money.
You may struggle to capture five policies with renters, but pet, life and umbrella insurance for these customers. Also, be sure to let renters know that you’ll be there to help if they decide to buy a house in the future.
Once you’ve gotten some of those easier wins, look to your customers who already have several policies with you. Is there anything you can add? Do they all have life and umbrella with you?
Finally, look at your random one policy customers.
You know which ones. Do you only carry their boat insurance? See if you can bring their home and auto. You’ll probably find that these customers either have had additional policies with you previously, or they found one policy cheaper with you. Either way, there’s room for a bigger relationship with them.
You have many options for capturing multi-lines with your existing customers. Once you’ve worked all of those, move onto your leads. They might have only reached out for auto, but you can do more for them.
Growing your agency from home is not only possible, but it might just give you the time and space to pick up more policies from current customers.
Looking for more ways to improve the health of your business while working from home? Download the business plan health check.
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