One thing Agency Performance Partners has become known for is our Personal Lines Department remodeling program. For many agencies, personal lines has become stagnant and challenging. The team is claiming they are overworked but profits are running thinner and thinner. So what’s an agency to do? Call the insurance consultants at Agency Performance Partners, of course!
In order to hit the restart button on personal lines you need to create a customer experience that drives retention, improves account rounding and creates predictable referrals. When most personal insurance teams hit a certain size, even with the best retention rates filling in, what is being lost becomes a challenge. Imagine this, you have 3000 personal lines accounts. Industry average is 1.7 policies per household. That would mean you have 5,100 policies. At 90% retention, you still loose 510 policies. That means that in order to just fill the losses you need to sell 42.5 policies per month. If you want to grow by 10%, you need to sell 85 policies per month. You can see how the challenge mounts.
In order to continue growing, you need to boost retention as high as you can, get your team account rounding routinely and focus on new business sales. The only way to get there is to get proactive on your personal lines renewals. By getting proactive, you will drive you retention and reduce remarketing. Remarketing activities are often what cause major bottlenecks in personal lines departments. Every agency needs a clear path to what they will and will not remarket. We call it tasteful remarketing at Agency Performance Partners.
Make sure your team is getting proactive. It’s the first step to organizing around account rounding and getting new business. You can check out our renewal process case study on Paradiso Insurance for more details!
