Close Close

Financial Planning > UHNW Client Services > Family Office News

Efficiency tips to help insurance agents boost their bottom line

Your article was successfully shared with the contacts you provided.

Efficiency is a major key to the success of each and every insurance agency. But while it seems like an obvious factor to consider, it’s often largely overlooked. The challenge for agents begins with setting priorities and determining the best ways to meet goals. At the end of the day, efficiency is really about improving performance and maximizing time and effort. And it’s something that every agency needs to consciously address.

Here are the top three tips to make your practice run much more efficiently and, in turn, boost your bottom line.

1. Know your client’s motivation

First and foremost, you’ll be more likely to land the sale when you understand the buyer’s reasoning. All too often, agents spend too much time and effort on the hard sell, ignoring what makes each sales opportunity a bit different from the one before.

Learn to maximize your time. Become a better listener, and figure out what makes each client unique. Make sure you’re in command of the situation by quickly educating the client on how the product fits their specific needs. That means approaching the sale from the buyer’s perspective. Break it down and avoid complicated insurance terminology whenever possible. Instead, you should serve as the financial educator.

2. Vet your prospects

To identify better prospects, rely on past experiences to learn how to quickly and effectively identify a prospective client’s intent to buy. Focus on building relationships that generate quality leads, and learn from your mistakes. Make the effort to really understand the value of satisfied clients. They’re your bread and butter — a follow-up sale, your best marketing tool and a bridge to new client opportunities.

While cold-calling is still a good way to grow your customer base, you should approach it a bit differently. Attitude is everything, and few people appreciate the hard sell. Hone your sales pitch and offer a superior product to fit their specific need, and you’ll have a better chance at landing the sale.

3. Encourage agency camaraderie

Whether meeting face-to-face with new clients or resolving customer service issues, insurance is, by its nature, a very social business – and office camaraderie matters, too. Your agents should operate as a team. Aside from simply fostering a pleasing environment, teamwork can grow efficiency, too.  

When it comes time to quickly solve workflow issues or speed up a new tech implementation, it helps to have open lines of communication within the office. In the end, this keeps office spirits high and your agents talking. Conversations will inevitably lead to agents sharing notes and comparing sales performance. Working with driven agents can be a good thing. It can spark healthy competition — a great way to increase efficiency. 


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.