Last Updated: October 21, 2022

Top 5 Tips to Scale Your Agency Now   

There are two things that an agent and small business owner is passionate about: helping people through future calamities and growing your insurance agency. We’re going to talk about more than growth and about scaling your insurance agency.

When we say scaling insurance, what comes to mind? You want to add more value to the great business you’ve built. As an agency owner, staying on top of all things business is of great importance.

You must ensure that your customer demands are satisfied. The more value you can offer them, the more clients your insurance business will sign. So, what does this imply, and how do you scale your insurance agency and build a successful company?

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What does it mean to scale an insurance agency?

First, you have to fully understand what scaling means. There’s a difference between scaling your agency and growing your agency.  

Growth is linear. When you’re growing your business, you already have an existing system of handling your clientele. So, you are simply trying to maintain what you already have. 

However, when scaling your business, you’re aiming to generate newer ideas that can generate more revenue. This route is ideal if you want to increase your profits in the long run.  

It’s best to do additional research to make sure that you don’t miss any important information that can hurt your business down the line.  

So, here are five key tips to scale your insurance business.  

 

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Have a stable book of business

Stability is crucial to any business’ success and for independent agents and agencies, it starts with a growing book of business.

A stable book of business relies on solid customer relationships, earning their trust and building productive relationships. Having your customers’ best interests, often educating rather than selling, in mind helps lead to trusted relationships. At the end of the day, solving their problems and providing policies that best suit them should be the primary goal.

It’s also ideal to refer your customers to other professionals whenever it makes sense. For example, referring a client to an attorney when they need legal advice.

As long as you provide value, you should increase your customer retention and give your book of business more stability.

Build an agency focused on growth 

Consistent growth is an ideal goal for any insurance agency. Staying small increases the risk of being usurped by larger companies. So, no matter how the insurance industry evolves, you need to set up your agency so that it can continue to expand and be competitive.

You can also bring in new clients through your existing ones. Your existing clients can advocate for you to a friend or associate and likely send you clients who can be a good fit with your business.

This also highlights the importance of building a good customer relationship. Having customer referrals can also help build a smoother, more efficient growth plan.

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Establish a long-term game plan

You’ll need an actionable, long-term plan and set specific goals. This will help you realize your personal goals as well as establish your agency growth targets. Set time aside to write your daily goals and actively check in on your longer-term goals.

Once you have your goals set, you can evaluate your progress at set intervals, for example at the 90-day mark, six-month mark, and beyond.

In terms of your agency’s marketing, there will be a lot of trial and error before you have an overflowing sales funnel. And passive marketing doesn’t work. So, establishing a marketing plan will also help you better understand your audience and help you drive fresh leads.

Don’t be afraid to take risks. Prioritize your efforts and don’t try to tackle too much at once. Focus on two or three objectives at a time. Once you have this under control, you can move ahead and continually improve.

Invest in office culture and create a winning environment

Invest in your employees. At the end of the day, you want your employees to represent your agency, and be its biggest fan. When you compensate your staff well and reinforce that their work impacts the agency’s success as a whole, they’ll play an integral role moving forward.

On top of having a trained team, creating a winning environment is key. How will you keep your agents motivated? How are you going to maintain a daily positive energy?

Create an environment that fosters honesty, helps build genuine relationships with staff and clients, encourage people to collaborate and maximize their talents and roles, and set clear priorities while tackling all your goals.

Map out the customer experience

Think about what it’s like to be your client. Sometimes it’s easy to forget that the business relies mainly on our clients. Successful agencies focus on customer experience as the most crucial deliverable. Your clients will have several opportunities to experience your agency in various ways. These experiences determine how long the client stays with you.

Consider answering these questions:

  • What will the customer experience look like?
  • How can the agency make it consistent?
  • How will we measure the client experience?
  • How can we identify opportunities to improve client experience and improve?

You will retain clients better if everything you do is designed to deliver a consistent, exceptional client experience. Agencies with superior customer retention don’t just expand; they scale.

In Conclusion,

Technology has a heavy impact on the ever-evolving insurance industry. It’s an industry with immense potential.

Each of these five tips will open the door to scale; not just grow. Combining all of them will help you scale your existing book of business. It will also help future-proof your business and set the stage for long-term success.

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