We recently wrote a post on how to get over carrier commission cuts. Neither you or I can control cuts in pay (short of book rolls). But whenever there is disruption in the industry it is critical and it is key to do two things:
- Invest more in marketing: While your competitor is retreating you are being bolder and braver
- Constantly Review Efficiency: Check and ask what are you doing and why
We had two ahhh haaa moments this week I wanted to share.
The first was at an agency that sends everyone a renewal questionnaire in the mail. When we connected on it we found that’s the way it’s always been done. They weren’t sure on the number of responses they received and mainly did it for E&O purposes. This agency recently started making proactive renewal calls to all clients. We quickly realized we could save time, postage and get a better response rate with the new program and then we could retire the old one. Instead of just doing what has always been done, you can find new and better ways.
Next you need to embrace your management system. I am not a management system consultant but I do know enough to be very dangerous. When I see agencies that are not using their technology it makes me cringe. You have to commit to going to the user groups, participating in the online communities and attending national conferences. Why? Your team could be spending way too much time and that means your money by being inefficient. Plus you need to be learning about best practices and sharing this with your team. Things like Docusign, Transact Now, Quick Navs etc. Even form letters can save a ton of time. Make sure your team is also bridging between your system and your rating software.
But if you don’t engage with your technology your team won’t either. You can sit and be upset about commission cuts or start working now on how to pick up efficiency!
