Now that the New Year is under way, it’s time to focus on how your agency is going to grow its book of business in 2013. I came across an interesting article on this subject on the Agents Council for Technology (“ACT”) website. In it, the author, Chuck Blondino of Safeco Insurance, discusses 12 metrics that are used by successful agencies to guide their marketing efforts. They focus on determining where an agency’s new business comes from, how much revenue is generated by that new business, and how long it is retained. By keeping track of this information, an agency or even an individual producer can determine where their marketing efforts should be focused to deliver the “biggest bang for the buck”, so to speak.
The author not only explains what an agency should be tracking, but how to do it. Click here for the complete article. If you are not familiar with the ACT website, you should become familiar with it as it has a lot of information that can be useful in running an insurance agency.
On a related note, I recently came across a website maintained by a Georgia insurance agent, Mark Rosenthal, that contains his suggestions for how to generate new business prospects. They range from the obvious, but still important, (e.g., cross sell to your existing customers) to more outside the box ideas, (e.g., reviewing the local newspaper for marriage and other announcements that indicate a need for insurance). Although Mr. Rosenthal is primarily a life insurance agent, many of his ideas can be adapted to the sale of property and casualty insurance. Click here to see his suggestions.