Despite the rise in popularity of online insurance companies, personal lines continue to be profitable business for independent agents. Remember that your customers count on you to advise them on how best to protect their families and their assets. If you’d like to write more profitable personal lines business in 2020, here are 20 tips for you.
1. Use a Rater
The easiest way to provide competitive quotes to your clients is to use a rater. Simply add your client’s details into the system, and the rater will provide your carriers’ best quotes for you to present to your clients. With Smart Choice®, you get a discount on the EZLynx Rater.
2. Take Advantage of Smart Start™ Personal Line
New to insurance or want access to the nation’s top carriers without the hassle of getting directly appointed? Take advantage of Smart Start™ Personal Lines, the Smart Choice® internal brokerage. Quote through EZLynx, select the best quote for your client, and our underwriters will bind the policy for you.
3. Follow-Up with Your Current Clients
It’s easier and more cost-effective to retain a current client than to onboard a new one. While new clients are important to your agency, treating your current clients well will help you write more personal lines business, too. Schedule annual reviews with them and always ask for referrals.
4. Hire a New CSR
If your agency is struggling to keep up with growth, take the plunge and hire an additional customer service representative. This will help you and your team focus on selling without sacrificing your outstanding customer experience.
5. Add a New Carrier
Carrier competitiveness can change year to year for a number of factors. Consider changing it up this year and adding a new carrier to your list. Smart Choice® can help you get appointed and integrate the carrier into your current product offerings.
6. Know Your Carriers’ Products
It’s not enough to have a long list of carriers. To write more personal lines business, you need to know what those carriers offer. From rideshare coverage to telematics to pet insurance, take the time to know your carriers. It helps to build relationships with their representatives, too.
7. Know Your State Laws
Get to know an insurance attorney or two. They’ll appreciate learning about the agent experience, and you’ll benefit by staying up-to-date on your state’s changing insurance and personal injury laws. Don’t know an attorney? Ask your State Director for a recommendation.
8. Add a New Producer
Add a producer to your team to increase your agency’s capabilities. Look for new producers at college career fairs, at downsizing agencies, and at your own agency.
9. Understand Your Carriers’ Commission Structures
You may be able to make more money selling personal lines business by simply understanding your carriers’ commission structures better. Work with your State Director to uncover the carriers that are most profitable for you, taking advantage of all incentives, bonuses, and the boost in income you receive by aggregating your book of business with Smart Choice®.
10. Use an Agency Management System
Like raters, agency management systems help you work faster, not harder. An agency management system streamlines many tasks, such as keeping track of renewals and making policy updates. It can also reduce errors and redundancy.
11. Encourage Reviews
Encourage your clients to review you on Google and social media. Reviews are powerful marketing tools, especially for the younger generation of insurance buyers.
12. Go Digital
You can’t ask for reviews online if your agency does not have a digital presence. If you still do not have an agency website, make it your priority this year to invest in one. Same goes for an agency Facebook page. Without them, you’ll be outclassed not only by the big national carriers, but by your hometown competition, too.
13. Ask for Referrals
Asking for referrals is free; all it takes is a little planning and perseverance. Most successful agents ask for referrals as part of their sales and review processes. Don’t end a meeting or phone call without asking your clients for a referral.
14. Cross-Sell Umbrella and Life
Umbrella and life policies are natural additions to auto and home coverage. During your meetings with clients, don’t forget to ask if they have additional coverage needs.
15. Be the Expert
Clients may always choose to shop their policies on cost. Make it difficult for them to leave your agency by becoming a trusted expert in all things insurance. Stay up-to-date on industry changes and keep your clients informed. They’ll stay because they find their relationship with you valuable.
16. Take Advantage of Carrier Incentives
Smart Choice® has several personal lines carriers running incentives through 2020. Ask your State Director for help identifying the ones that motivate you most.
17. Be Easy to Find
Be where your clients are. If they’re on Facebook, be active on Facebook. If they’re enjoying a cup of coffee at the local shop, sponsor a lunch n’ learn at the cafe. If they’re cheering at their kids’ hockey game, get your agency on a board at the rink.
18. Show off Your Staff
People do business with people. Be proud of your staff and sing their praises to your clients and prospects. An attractive agency culture appeals to clients, not just staff and new hires.
19. Be More Than an Agent
Be the person who always sends a birthday card. Be the professional who lets them know when coverage is changing or when a renewal is due. Be the community member who sponsors Little League or is active in Rotary. All of these things help build your reputation with current and prospective clients.
20. Work with Your State Director
Not sure how to start building your personal lines book of business in 2020? We love helping agencies make the most out of their Smart Choice® partnerships.
- Personal Lines
- Smart Start
Topics
Personal Lines: Identifying Unique Touchpoints for Every Policy
As a bridge between carrier and client, independent agents are in a unique position to provide mutually beneficial solutions and services to both parties, which will elevate your worth and your business. For more on how agents can improve relationships with clients and grow their business as independent agents, check out the 2020 Issue 1 of Smart Choice Magazine.