During this challenging time, Agency Transformation is concerned for the health and well-being of both our agency partners and their employees. We know that in California, and throughout the country, many businesses, including your own, have been disrupted and have had to establish protocols to ensure that employees work remotely.
In this uncertainty, we fully realize that communication with your clients is a key factor. We have been contacted by many of our agency partners asking about the ability to send bulk emails to their clients to update them on the agency status and availability.
HawkSoft issued a very helpful email on ‘Resources to help your staff work remote and access HawkSoft’. We wanted to reiterate that HawkSoft CMS has the capability to send ‘Batch’ emails to your clients very easily. See below link to HawkSoft's 'Resources for embracing Work From Home'.
If you are not familiar with the process of Batch emails, the full instructions can be found in HawkSoft CMS Help Center > Using CMS > Correspondence > Batch Emailing. With that said, we are here to help you as well. If you need help in running a report of your clients and/or Batch emailing, we urge you to give us a call…again, we are here to help.
We offer our best wishes to you and your agency as you continue to provide your clients with the service they need. We hope that you and your families are safe during these challenging times.
https://go.hawksoft.com/en/workfromhome?utm_campaign=Customer%20Campaigns%202020&utm_source=hs_email&utm_medium=email&utm_content=85002825&_hsenc=p2ANqtz--mxgOJA4Cs6KZan1z03BzKd63ZGxEk1Ea9NmmgmEuuHFJ76_SM-OBvVV-xCVvlhWg0JE9ya3vbW0a8K4tpZwkqFqDubrcIcgPX8vGbqm0sQYyaOWY&_hsmi=85002825Written on March 20, 2020 by Peggy Corbett
Have you taken the necessary steps to close out 2019 and welcome 2020 with the fresh start that it deserves? Closing out last year is a Must-Do step in any agency.
Get your accounts in order. One of the most important tasks at year-end is to accurately and timely close your books. Close out your account payables and receivables and balance operating and trust accounts. If you have good accounting, the process should be a pretty easy task. Closing out of your accounts and starting the year with organized and accurate balances allows you to understand your previous year’s financial activity as well as awareness to any balances that will carry forward to the new year.
Some tips from Hawksoft CMS to help you with your Year End accounting:
Understand the KPIs of your book of business from last year. By understanding the trend of your book of business from last year, you know how to move forward, what to avoid and where you gained the new business. Although you cannot change the past, it can provide insight to promote your future.
Really look at your Customer KPIs (Key Performance Indicators)
Move forward with Clean Data. This has been a hot topic in the industry. The data that you depend on in your CMS is only as good as data that YOU have put in to it. You cannot depend on your KPIs if your data is not accurate
Now, what are you going to do to Ramp-Up new sales for 2020?
Statistics tell us that the probability of selling to an existing customer is 60 – 70%, while the probability of selling to a new prospect is just 5-20%. Yet, almost every agency that I work with has an average of 1.5 policies per customer. Your own customers are the best source of new business and referrals.
Run the following reports for your agency:
Start a Cross Sell campaign that fits your agency’s book of business and offer an incentive plan or a competition among your sales team members.
Studies have proved that personal lines retention rates average 95% with clients that bundle their auto and home. Whereas, retention rates are only 83% for monoline clients. Also, the same client with only one product will stay for 18 months on average. The clients with three products have an increased longevity of the 6.8 years on average. The more invested a customer is in your agency, the better your retention and longevity of clients.
Happy Holidays to you and your team. We wish you every happiness and success in the New Year!
Written on December 20, 2019 by Peggy Corbett
You work hard to bring in that perfect new client. You study their needs, you provide solutions and you write the policy that provides them the perfect protection. You send them a Welcome Letter gushing about your agency’s amazing customer service. Everything is textbook, right?
Wrong! You started out strong but like most agents, you set it and you forgot it.
Every client has specific needs in the beginning of the sales cycle but like all things in life…they change. The product and the associated coverage that you sold them today will not meet their needs of tomorrow.
You cannot sit back and wait for the client to think that the events that impact their everyday life will have an effect on their insurance coverage. This is the job of their insurance professional. The person that have entrusted and depend upon to make sure that they have the coverage when they need it for the exposures that they face today.
The first thought of the client that renovates and adds square footage to their home is not to call their insurance agent but to throw a party, inviting all of their friends, to show off the new home.
The family that has their first child does not think to call their insurance agent with an announcement of this new bundle of joy. However, their life insurance needs just drastically changed.
Ensuring your clients have adequate coverage is not the only reason to offer insurance policy reviews. For example, your client may have just put on a new roof or installed an alarm system which would qualify for a possible discount. They might have graduated college or landed their dream job which qualifies them for a new professional discount. The next agent that they talk to will surely discover the additional discounts for which they qualify. This will not only make the new agent’s premium more attractive but it will emphasize that you did not expertly do your job.
I know…you are thinking that we don’t have time! Did you know that it costs five times as much to attract a new customer than retain your existing customer? Whether you have 100 clients or 10,000 clients, every client must have an annual review.
As already highlighted, the annual review provides the much-needed review of the clients ever changing needs. It also, just as importantly, proves your agency’s value. It is crucial for building and strengthening the Agent/Client relationship and puts your agency’s ‘face with a name’ so to speak. It also increases loyalty from your clients and provides you with the perfect opportunity to offer needed advice for higher limits of coverage or additional policies.
As an agent, have you ever had a client upset with you because they had too much coverage at the time of a disastrous claim? On the flip side, I bet that you have had a client blame you for not enough or inappropriate coverage.
Systematic insurance reviews must be a part of your agency’s business model. The occurrence of these reviews and looking out for your clients’ best interest is the differentiator of your agency versus your competition. It’s up to your agency to determine if the reviews are done annually on renewal, by a systematic breakdown of the clients by alphabet or working your way through your client base by individual client premium volume. Whatever works for your agency, just remember to set it and don’t forget it.
Written on August 8, 2018 by Peggy Corbett
We all talk about retention and we know how important it is to realize growth. However, I have found that many agency owners have no real insight on their actual retention. Many agents that I talk to will guess and say “95%” without any real sense of how they arrived at that number.
If an agency sets a goal to grow their book of business by 10%, they need to know their retention ratio. Using simple math, an agency with a one million book of business with 100% retention only needs to add $100,000 in premium to meet their goal. While the agency down the street with 85% retention rate needs to work much harder by adding $250,000 to realize the same goal. Knowing your true retention rate is crucial to measuring growth.
Fortunately, many agency management systems can give agencies a snapshot of their retention. However, like anything else, the information that you pull from your agency management system is only as good as the information that you put in to it.
Another simple way to calculate your customer retention rate is to locate a few key numbers:
Retention Rate = ((CE-CN)/CS)) X 100
CE = number of customers at end of period
CN = number of new customers acquired during period
CS = number of customers at start of period
Once you understand your retention rate, you can accurately measure your growth and proactively plan your strategies to grow your agency.
Agency owners need to look at retention as a sales strategy. It is equally (if not more) important than your new business acquisition strategy for every boost in retention will increase bottom line profits. Studies have shown that $1 paid towards customer retention increases profits by more than $5 spent on new customer acquisition.
Now…how do you improve your retention?
Retaining your customers is based on a variety of procedures that should be set up in your agency. I recommend that you initiate as many of the below strategies to effectively boost your retention. Also remember that a retained customer is a strong source of referrals.
Written on May 3, 2018 by Peggy Corbett
Sales is the name of the game and actively prospecting is the key to generating new business for your agency. The utilization of an agency management system or CRM software is the foundation of great customer relationships and should be a major component to your agency’s prospecting plan. It is the platform that stores customer and prospect contact information, accounts, leads and sales opportunities.
For the majority of salespeople, finding new customers is one of the most daunting aspects of their job and typically spending 35.9% of their time soliciting new business (Best Practices).
The application of the tools provided by an agency management system or CRM software needs to be second nature and used daily. It is critical to enter, scan, record, etc. all data regarding potential clients at the time of contact. It will produce positive results if you do it routinely. It will also provide everyone in the agency, including sales, customer service, and business development, a better way to manage the customer relationships and interactions that drive success. The easy-to-use, customizable dashboard, can deliver a 360-degree view of your customers and prospects, all in one place.
Setting up reminders for yourself will create an automated sales pipeline that will keep you on track for each important ‘touch’ to your prospective clients. Automated email and text messages will keep your agency’s name in front of the potential client even if they are not a buyer yet.
Don’t forget to use it to also nurture your existing book of business, create cross sell opportunities and re-visit past clients and lost opportunities.
Prospecting is partially a numbers game but largely based on effort. By utilizing your agency management or CRM tools, you are sure to keep the pipeline full and always have someone that you can talk to regarding your products/services.
Use your tools and practice every day and you will be amazed at the results!Written on January 24, 2018 by Peggy Corbett