How to seek new business: be active: it's not enough to just ask for more.
If you have ever gone hiking in one of our fantastic national parks, you have two options to find your way. You can ask for directions or you can seek a path that will allow you to maximize all of the beauty of the park. The processes may appear to be the same, but they are not. Seeking a path is more involved, more encompassing, and uses multiple sources of information. Seeking a path requires a process to inform and educate you about the park. The same is true with new business production.
As a producer, instead of asking for new business, start seeking it. Here are a few ways you can become a better seeker of new business:
1. BE AN INSURANCE EDUCATOR
A seeker shares with the prospect knowledge and ideas about coverages and enhances the prospect's insurance portfolio. On the other hand, an asker copies coverage quotes, which causes two negatives. First, you are verifying the other agent's ability and insurance program by using what was already offered. Second, by offering the same terms and conditions, you most likely will win the account based on price alone. Remember the old adage, win this year by price and lose next year to another by price.
2. GO TO NEW AREAS
Where are some areas to go to seek? Here are some places for production opportunities.
Investigate various trade associations that may be headquartered in your area or meet in your production zone. Become involved in a local, state or national association. Join as an associate member. Attend their meetings, outings and trade shows. Offer to speak on insurance topics at their meetings.
Seek prospects in your circle of success, which is an area around accounts you have written. These prospects are most likely familiar with your new account. Use that success as a point of introduction.
Seek from industry databases. There are all types of data bases available for you to access. In New Jersey for example, Workers' Compensation information is available on every risk to those who subscribe to the rating bureau. This specific database lists expiration dates, experience modification information and the current carrier.
Seek your existing client's distributors and suppliers. There are companies who frequently do business with your clients.
CONSISTENCY IN ACTION
Be consistent with your sales activities. Follow the same course of action for each opportunity regardless of size or complexity. Consistency in action comes in many forms:
* For each opportunity after the initial contact is made, follow up with a post-visitation letter.
* During the quotation process, make additional visits to the prospect's workplace or jobsite to establish rapport with the potential buyer.
* Use your own proposal that can be expanded as the account complexity increases.
* Personally deliver all new business polices. Take this opportunity to introduce the agency service team, so that you will be free to seek more and service less.
Having a consistent sales approach produces positive results. Start developing your sales activities into a consistent pattern, through which repetition becomes a habit.
James Dougherty, CIC, works at the Allwood Forlenza Agency in Clifton, N.J. For sales training or to learn more about the Dynamics of Selling, go to www.TheNationalAlliance.com.
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|Title Annotation:||STRICTLY SALES|
|Publication:||Property Casualty 360-National Underwriter|
|Date:||Aug 1, 2016|
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