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Agency-Insurer Productivity
An unwavering loyalty to our primary purpose
Our most important responsibility in this industry is to save lives, prevent injuries and help our clients avoid financial hardship. This is what we all do for a living, regardless of our position or location. Successful agencies, producers, CSRs, underwriters, and all other industry professionals relinquish any self-serving motive and abide by this industry mantra, as hard is it may be at times and as tempting as it may be to wander. The long-term effect of doing the right thing, in the right way, for the right reason, with the right people is, no surprise, the right result: financial stability. Those who put short-term gain and “deal-making” ahead of this primary purpose ultimately fall victim to their lapses in integrity, ethics, and judgment. Read what the press is reporting about our industry and you’ll quickly see why your clients and prospects may have a “buyer beware” attitude. It’s because they should.
The strength and sincerity of a value proposition
Successful agency owners and producers have figured out how to “de-commoditize” insurance products and services. Rather than being reduced to policy and price peddlers, these agencies and their staffs present a completely different and often unexpected proposal to their prospective clients: “We’ll manage your insurance premiums the right way—by reducing the frequency and severity of your claims. We’ll do so by gaining a complete understanding of who you are, where you are as an individual and/or company, and your expectations and unique needs. Rather than quote a cookie-cutter policy, we’ll provide you with a custom-developed program and the most value for your premium dollar.”
Then they do it, and they keep doing it. Their proposals focus on educating clients, not selling them, and their goal is to provide their clients with enough information to make educated decisions about their insurance program. Over time, these agencies attract and retain the big fish (quality buyers) and leave the chum (pure price shoppers) for the sharks to fight over.
The ability to differentiate and communicate
Successful agencies look different, sound different, and act differently than their competition. In fact, these agencies are often so profoundly different that they have no real competition. Rather than approach their prospects during the hunting season (30 to 90 days in advance of the ex-date), they make contact mid-term or earlier when they have the prospect all to themselves. Most often, even the incumbent agent is unaware. This leaves them plenty of time to research and develop the client, prove their integrity, and build and offer a unique and value-driven program.
They retain their clients by creating a post-sale communication and education strategy that doesn’t require them to “win” the client back at each renewal but instead removes the client from the field of competition. They shun traditional and invasive marketing initiatives such as mass mailing, telemarketing, and short-term gimmicks. Instead, they build market awareness that rises far above the din, gets noticed, and attracts the right clients for the right reasons.
The willingness to truly partner with carriers and underwriters
I’ve written a lot about this trait, and I do so because it is critically important. Everyone talks about the importance of relationships and partnerships; however, few carriers and agents are fully satisfied with the commitment and accountability that their “partner” is demonstrating. Most joint business plans are shallow, and the undercurrent of too many carrier-agency relationships is still adversarial. Even the best of relationships and agreements seem to be fair-weather in nature and intact only during the best of times. Winning agents, producers, CSRs, and underwriters are able to sort through this fray, find each other, and work together in partnership. Here we find unshakable levels of trust, mutual respect, and candor that are the hallmarks of any successful relationship—personal or professional. The natural result is a universal win for the client, carrier, and agency.
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