What makes one agency grow while others stay in place or even struggle? The fastest-growing independent insurance agencies have a few key things in common. Factors like use of technology, tracking the right metrics, and an efficient staff all contribute to growth. Here are 4 traits that lead to success:
Develop A Productive Staff
The fastest-growing insurance agencies have unique plans that focus on production. The top agencies are able to complete important tasks on time because they have highly efficient service teams. These companies tend to employ agents who have good communication skills, also attracting agents with charisma. This naturally leads to repeat clients.
Maximize Technology, Marketing And Sales
Many agencies experiencing rapid growth use new technologies so that they can scale easier. After the systems are in place, new procedures can be implemented immediately. And insurance agencies that grow quickly often use social media, targeted email marketing campaigns, and a well-made website to boost sales. And while big agencies tend to buy leads, their staff also works to develop strategies for gaining new prospects.
Watch Key Lead Metrics
Growing agencies have employees who closely monitor the quotes that are requested by clients and study the number of sales that were converted throughout the year. Because fast-growing agencies rely on data, they can make changes quickly whenever issues occur. Agencies like this tend to convert more leads as the leads can be distributed to specific agents who have the highest chance of completing sales.
Typically, insurance companies that have scaled rapidly have made several key changes along the way. Some agencies change by recruiting new talent. Others design highly effective digital campaigns that target consumers in new communities. Due to ongoing changes in areas like technology and regulations, agencies that are agile and adaptable can thrive.