Selling Your Book of Business – What You Need to Know
Increasing The Value of Your Book of Business
While you might be curious to know your book’s value, increasing the value might surely be your priority. Here are a few ways through which you can increase the value of your book:
The entire world embraces digitization, and the insurance industry is no different. There are several ways through which you can take advantage of digitization and increase your value:
Create an online presence: Today’s younger generation is looking to purchase everything online, including insurance policies. Many commercial buyers also want to compare and manage their policies from their computers. It’s easy, convenient, and efficient. Using digital platforms to sell your insurance will help attract more customers. Ultimately, it will lead to more revenue and increase the value of your book of business. Enhancing the user experience for all your online prospects and leads is also something you should consider.
Use social media: Use social media to learn more about your clients and what is going on with their lives. If they post about getting a new car or buying a new home, you can check with them if they require any insurance. Social networking sites like Facebook are a great way to stay updated on your client’s needs. You can also use social media to wish your current clients on their birthdays, anniversaries or keep in touch with them.
Promoting your business to clients through social media is also very smart. Keeping your social media handles up-to-date and active, adding your contact information on social media platforms can help clients see what you offer and make it easy for them to reach you.
Digitize your client information: Having all your client information in a CRM (Customer Relationship Management) system will make everyday operations easy for you and attract good buyers. When you have all your client information digitized, there will be one less thing for the buyers to handle.
Many agency owners believe it is a huge hassle to go digital. But it’s just a myth. Going digital is now easier than ever, or you can outsource the services.
Focus on your USP
What makes you unique? What sets you apart from the competition? Why should prospects choose you over any other agency? May you be better at serving a particular niche better. Maybe your resources make you have most relevant for providing commercial policies. Whatever it is, your USP can define the strengths that can help you grow. Use those strengths to attract more clients, and market yourself.
You can also include your unique selling points in your communication with your clients, your website, and your campaigns.
Retain your clients
Gaining new revenue from existing clients is a cheap tactic to earn more profit. After all, you won’t be spending tons of money to reach out and enroll new customers.
Here are some of the suggestions that might help you retain more:
Optimize your onboarding process. Make customers feel welcome, pleasant, and comfortable from the very start. Give them reasons to come back from the first interaction itself.
Provide customized services when you can. Research well to find out how to match your products to their needs.
Use technology to help your customers through the process of purchasing an insurance policy. Wherever you can, insert automation.
Show appreciation to your loyal customers. Whenever they decide to renew their policy, send them gifts, incentives, or rewards that they might enjoy.
Learn to be a good communicator. Don’t just focus on sales pitches. Listen more, stay in touch and get to know your customers well.
Research your prospects
It can be tempting to spend very little time on a prospect before contacting them. However, suppose the deal may bring in serious commissions or long-term cooperation. In that case, it is worth investing some effort into learning about your client’s company and industry knowledge firsthand so that you will get optimal results from any future interactions with them.
Build a robust referral system
A robust referral system is one of the most powerful ways to grow your book of business. 88% of people trust their friends or family to buy an insurance policy. But how can you build a robust referral system?
Here are a few tips that can come in handy:
Provide fantastic customer service to all your customers, prospects, and leads. Give them excellent experience of interacting with you. Answer their questions respectfully, follow up diligently, and respond quickly. The quality of your service might help secure that sale and encourage them to speak positively about you with others.
Maintain a good relationship with other agents. If a customer comes to them requesting policies they don’t provide, they will consider recommending you.
Keep in touch with your current clients. Don’t forget about them once you seal the deal. Follow up with them to see if they have any questions or require help. Show appreciation if they decide to renew.
Work hard on improving the quality of your products. Offer exceptional products to customers that truly satisfy their needs and exceed their expectations. When you continually make your products better, your customers will see the effort and will not shy away from recommending your products to anyone who might need it.
Reward referrals. Let your current and prospective customers know you will reward the referrals. If people know you appreciate their efforts and receive a little something from them, they will be motivated to refer more.
It’s cross-selling when you sell additional products to your existing clients based on their needs. It is a great way to gain extra profit using your current customer base.
If you have all your client’s information on your CRM, cross-selling will be a lot easier. You can study the available information and look for coverage gaps.
In case you don’t have a CRM, you can also try asking relevant questions during a current sale to understand your clients’ needs. Providing information about all the policies you offer (without being pushy) can also help you cross-sell.
Cross-selling will add policies to your book of business and attract more revenue and profit.