Growing Business?

Herkster

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302
Hey everyone

I'm just curious what everyone's avenue to increasing their book of business is, besides cross-selling. Do you cold call? Door knock? Referrals from existing clients?

I'm just over a year into the sales side of the insurance business, and while we have a pretty substantial existing book (most of which is already cross sold), I'm having issues expanding our area in which we write business. Just looking for insight, even though I'll probably just get flack from most on the board, but I'm okay with that!
 
i would argue, if you only been in a year, your book isnt very much cross sold, and define cross sold....
 
i would argue, if you only been in a year, your book isnt very much cross sold, and define cross sold....

I have been in the sales side for one year, the agency I work for has been in business since the the late 1920's or early 1930's, I'm not for sure on the exact date.

We have very few, if any, stand alone policies that we haven't been able to cross sell. I would bet that 85% of our customers have 2-3 policies with us, and I would bet of those 85%, 50% have 4+ with us.

The few that we can't cross sell - older residents without a driver's license - not much to cross sell on. Most are retired with a nice pension and either benefits or we write a medicare supp (I don't do health insurance, so I don't know all that lingo and what ages people are available for, so forgive me if I listed that wrong) for them.

If they don't have benefits through work, we cross sell health insurance.
Business owners, we write their business, their disability, their health insurance, their life insurance, and their personal lines
Farmers - we write their multi-peril, their hail insurance, we insure their farm, their semi's or grain trucks, their personal autos, and their toys.
Residents in our small town - home, auto, toys if they have them, umbrella if they want one, and again, life/health/ltc if needed.

Not to forget work comp when needed as well. Our main carrier allows us to place about any line of business with them, minus new ventures, which we have other markets for.
 
have you wrote everyone in your town? lol. if not go see them

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Figure out what you want to write, mapquest 40 of them, and go see them. You will quote a few and probably sell at least one of those on accident. lol
 
have you wrote everyone in your town? lol. if not go see them

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Figure out what you want to write, mapquest 40 of them, and go see them. You will quote a few and probably sell at least one of those on accident. lol

To be honest, we probably have written 80% of those that are in our town and a large percentage of the farmers in the area. If we don't write the ones in town it is because of a bad relationship somewhere down the line (a lot can happen in 90 years of business) or they are new to town and we haven't gotten to them yet.

I know exactly what I want to write, farm and crop insurance. Home and auto works too, but farm and crop is what I want to write.
 
Do the large ones have enough premium to justify gas to go see them (outside of town)? I've called myself, hired telemarketers, done mailers, used internet leads, but nothing has worked better than a handshake and a smile.
 
To be honest, we probably have written 80% of those that are in our town and a large percentage of the farmers in the area. If we don't write the ones in town it is because of a bad relationship somewhere down the line (a lot can happen in 90 years of business) or they are new to town and we haven't gotten to them yet.

I know exactly what I want to write, farm and crop insurance. Home and auto works too, but farm and crop is what I want to write.

Another Way you can grow fast is buy another agency BOB :goofy::swoon:;):biggrin:
 
Do the large ones have enough premium to justify gas to go see them (outside of town)? I've called myself, hired telemarketers, done mailers, used internet leads, but nothing has worked better than a handshake and a smile.

Absolutely. I spend a lot of my time delivering and reviewing farm renewals with our larger customers outside of the office, and prospecting. However, we had a wet spring, so some planting took a bit longer, and then after the crop was in the ground, it took the guys quite awhile to get it sprayed. And since I help a farmer in the spring and fall, I know not to try and stop someone while they are working on getting something accomplished in the spring or fall.

We've looked into buying a BoB recently, a large crop based book, but I'm not exactly sure what has come of that lately. I should probably follow up with my boss on that...the owner is well into his 70's, only sells health/life/crop insurance. No longer has a P & C book, but the crop customers would be cross-sell heaven!
 
You have 80% of the market share in your town? Sounds like Mayberry?

If you've got 80%...sounds like it's time to move on and conquer the next town.
 
You have 80% of the market share in your town? Sounds like Mayberry? If you've got 80%...sounds like it's time to move on and conquer the next town.

HA!

Herkster, for better understanding, what is your region like..state/city (if you don't mind asking)? Sounds very rural...how much competition is out there? Sounds like you need to join some local organizations to network a bit.

I don't know that this advice applies to personal lines, but for writing business insurance (and farms for that matter) my highest success rate was the second or third time around. My first year in the business, at 21, I killed myself to break even on my commission draw. Year 2 was equally a grind for writing accounts on the first try but I had a small gold mine of "dead files" to rekindle and, having a better understanding of the particular accounts, was much more successful.

I'm a firm believer in cold-calling, especially for business insurance and especially for the first couple years.

You could look through your agency's dead files/lost accounts to see if there are any gems worth contacting. Your business clients should also be getting COI's from any business they obtain goods or services from. We required our insured's to send us those cert's to make sure the coverage was adequate (good for the insured) and to identify prospects (good for you). It's a good route to go if it's available, you have the xdate of coverage, you know the competition and potentially can get a warm referral from your client. You can also recommend this to your HO clients. Anyone having contracted work done to their house should obtain a COI from the contractor and send it to the agent for the file and to verify coverage requirements are met.
 
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