Insurance Coverage Improvements
All agencies love making money, which is why we’re spending two weeks discussing eight different ways to make money in insurance. Today’s topic might only add incremental amounts of money to your bottom line, but it also adds huge value: insurance coverage improvements.
“Why I love coverage improvements so much is it’s education to the client, as much as it is making a little extra revenue, but that little extra revenue has a lot of goodwill attached to it.”
Insurance coverage improvements are the definition of little things adding up. Here’s what else you need to know about them:
Insurance coverage improvements add value
Towing rental car reimbursement, water sewer backup, and endorsements and commercial lines might only add a little bit of money into your pocket, and won’t keep the lights on. But what they really add is the value. You’ll suddenly become much more valuable and useful in the eyes of your clients.
They also help boost your other metrics
When customers find increased value in you, they’re going to become more loyal. If you work on your insurance coverage improvements, you’re going to have better retention and better premiums.
We have to stay away from transaction mode
All too often we go directly into transaction mode and do exactly what the client asks, and we don’t actually take a close look at the coverage, even if it’s below agency standard. And when that happens and a claim is made, customers get mad, and do things like leave negative reviews on Google. This will pull down your ability to grow.
So, how can you start working on improving your insurance coverage? The best way is to start by grading yourself. Does your team ask the right questions? Do you have a way to track your results? What do you do if a client says no? Those scenarios should be scripted, practiced, and rehearsed. Remember that at the end of the day, working on insurance coverage improvements is going to be what helps your agency become as profitable and successful as possible.
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