Insurance agents are always interested in increasing revenue – right? And while new business is often the way to make a big splash, your current book of business likely has revenue opportunities you may be overlooking. Here are some of the ways you may be able to build more revenue with clients you already have insured.
Cross-Selling
Many times we miss opportunities simply because clients don’t know what else their agent can offer. Do your commercial clients know that you also offer personal lines coverages? Does your agency write employee benefits that could be promoted to your business insureds? These are likely obvious connections, but there are also less obvious approaches.
Segmented marketing may help you target business insureds that need cyber liability coverage, homeowners insureds that need personal umbrellas, professional insureds that need professional liability, etc. Utilize your data to find opportunities and then target those opportunities with specific marketing campaigns. Send emails, give them a call, and target them for mailings; these could be options that lead to success.
Upselling
While we don’t want to sell our insureds policies they don’t need, many don’t currently have enough coverage in place. Changes in property markets are not always reflected in insured value, replacement cost, and other policy amounts. Similarly, business policies may need higher liability limits, new equipment or vehicles could be added to coverage, and employee counts and statuses may change between workers’ compensation audits.
Discuss these potential coverage additions with your insureds during their policy periods. Renewal shouldn’t be the only time you discuss options for your clients.
Increasing Retention
Just consider for a moment how much additional revenue you could bring in if 1-2% more of your clients renewed their policies with you every year. That retention could be a major factor for your bottom line. So, how do you do it? Identify trends of those who may be shopping or considering leaving at renewal time. Then proactively change your marketing strategy to these insureds. Independent agents can discuss their available options and the ability to “shop for them” and look at other policies.
ReFocus AI can help provide a solution for your agency to improve retention. Let us show you how we can help identify these trends with automated reviews of your policyholder data. It’s a great first step to increased revenue!
