15 Ways to Increase New Business Sales During the Pandemic

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15 Ways to Increase New Business Sales During the Pandemic

I was excited about the opportunity to participate in a panel discussion on November 17th with agency owners and other industry executives. We focused on ways we’ve been able to write substantially more new business during the pandemic. Here’s a quick recap of some of my key takeaways from the ideas shared during the discussion.

A special thank you to our moderator and other panelists: Michael Freilich, CTO, Renaissance Alliance; Michael Doran, President, Partner Platform; Cliff Miller, Managing Partner, Tri-County Insurance; and Dan Lathrop, President, Lathrop Insurance.

1. Adopt New Technologies: These have been critically important to selling during the pandemic with less face to face meetings. If you haven’t already, be sure to take advantage of VOIP phones, Microsoft Teams, and video conferencing (Zoom, Skype, etc.)

2. Optimize your Time: Take advantage of less travel and drive time to increase your proactive prospect activity reach outs. The more attempts, the higher likelihood of increasing sales.

3. Shift to phone and video meetings: With in person meetings decreasing or stopping, replace those with video or phone meetings. Use the best method that makes your customer or prospect feel comfortable. Example: “We still want to do an annual review even if it’s not in person.”

4. Overcommunicate to clients: Examples include wellness calls to check in on how they’re doing and let them know you care. If appropriate while on the call, ask for referrals.

5. Be an educator: Uncertainty due to COVID allows us to be educators and advisors – move the conversation away from insurance and into risk management.

6. Simplify your messaging: Get to the point faster. Focus on their outcomes more than how you can do it.

7. Build or add to your email list: Who to include? Past customers, lost opportunities and target prospects. How to find them? Get emails from associations that have target customers or referral sources; convention and event attendee lists; and LinkedIn Sales Navigator searches.

8. Use or update your CRM tool: Keep all emails in one place and send out specific messages. Segment your prospect lists and customize the messaging to turn them into leads (ex: former clients, niche markets, lost opportunities, previously met with, etc.)

9. Create planned prospecting strategy: Reaching out once isn’t enough. Use combination of LinkedIn messaging, emails, and phone calls with multiple (10+) touch points per prospect.

10. Follow up fast: Send emails and using your CRM technology, immediately see who opened the email after sending. Call them right away while they’re thinking about you.

11. Sponsor: Find where your target prospects and referral sources are (ex: mortgage bankers or contractors association). Sponsor their emails or virtual sessions. Send targeted emails to the members.

12. Go back after lost opportunities proactively: Take the information they previously provided and reach out to them proactively with an indication, subject to updated info.

13. Host community events: In person or virtual (ex: fire safety for kids).

14. Partner with a non profit: Example – Quote for a cause. They push out on social media that for every quote that the agency gets, the non profit receives a donation. Publicize giving the check to the non profit at the end.

15. Recruit talent creatively: Virtual work opens up the door to a much bigger talent pool. Highlighting the stability of the insurance industry right now amidst economic uncertainty can help recruit new team members. Think creatively about who to hire (ex: retiring local police chief).

If you’d like help implementing these new business ideas, reach out to us today!

Leanne Ross
Senior Vice President
586-246-1046

 

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About Renaissance Alliance

Renaissance Alliance works with independent P&C agency owners to grow your premium, maximize your revenue and increase the value of your agency. This is done by increasing profit sharing and fixed override revenue while simultaneously outsourcing non-revenue generating activities to focus on your core business. The net effect is increased revenue, decreased expenses, less operational risk and accelerated agency growth.

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