I have spent my 30-year career studying what makes an insurance agency profitable. And in that time, I’ve found that the most successful agencies share a distinct set of characteristics.
Here are the nine characteristics of leading agencies that have been proven to be successful:
1. Offer a suite of multi-line products
Most agents offer auto and home, but successful agents offer a product spectrum from umbrella to life and beyond. The average product spectrum is around 50-plus products. This means their customers don’t have to search for another source when they are looking for any additional insurance products down the road.
2. Focus on life insurance
Selling life insurance as a specific goal in your marketing and business plan is very profitable for your agency. These goals are always precise and they include requirements for monthly, weekly and even daily appointments. Not only is it something people need, the payout is upfront and you can reinvest that money back into payroll to grow your agency. It’s good for the client, good for the company and good for your agency.
3. Focus on education, not selling
Successful agencies educate clients that need insurance that know they need insurance. Good sales people don’t sell, they educate. You should teach people what they need and then ask them for their business. Don’t waste your time trying to sell to people who don’t care.
4. Keep a short list of prospects
This list is critical for getting appointments on the calendar immediately. Successful agencies prioritize making a short list of prospects, which is constantly being refreshed from a long list of prospects.
5. Keep a long list of prospects
This list should be made up of your entire database, including the names of people who have purchased products from you in the past, clients with other lines of insurance, referrals and also a suspect list that you create and cultivate.
6. Understand the products they sell
Successful agents and their staff are constantly learning. They pride themselves on having superior knowledge of their products and they understand the value of each and every product in their portfolio in order to educate their clients.
7. Have a little fun
When you have fun and are doing something you enjoy, it makes your job that much sweeter. I have found that people who have fun every day also thrive. Contests and a spirit of competition are excellent ways to motivate people to have fun and keep selling.
8. Quantify Everything
Numbers are everything. Researching analytics and knowing the numbers behind the people that become leads and the people that become clients is crucial to your success. You have to know what works for your agency.
9. Stay Consistent
Consistency is one of the major keys to long-term success for every agency. It is not one small thing that makes your agency successful, it’s a lot of little things.
View other blog posts about Agency Support.
If you are ready to take your agency to the next level, check out our complimentary training videos and we will help you get there!