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How technology can uncover insurance agent opportunities


How technology can uncover insurance agent opportunities

Stop leaving new business on the table. With better use of technology and data, agents can increase their sales funnel by a third or more.

Data analytics tools can quickly uncover more cross-sell opportunities for insurance agents and brokers.

Insurance agents are the consummate salespeople. So I’m probably preaching to the choir when suggesting that cross-selling will grow business. Agents already know it is important. Many of them actively bring cross-sell opportunities to their clients every day.

But most insurance agents are not using technology and data analysis to identify every opportunity, and this way, leave significant money on the table. With better use of technology and data, agents can increase their sales funnel by 20% to 30% simply with cross-sell opportunities within their current client bases.

Independent agents are incredibly busy working to provide the best coverage to their customers. Finding cross-sell prospects is often a multi-step approach that includes manually running agency management reports and composing individual communications about the specific opportunity. It’s labor intensive, so cross-selling is often pushed to the bottom of the to-do list.

Technology changes the game. It uncovers new opportunities that agents might never have been able to see. For example, an agent might determine there’s an opportunity to sell an account an umbrella policy because the client already has separate home and auto coverage. But how easy is it to see if a policy’s estimated replacement cost for a house is less than the current value of the home? This could be a prime opportunity to upsell.

Data analytics tools can quickly uncover more opportunities like these.

Modern sales tools

Here are three ways technology can help agencies find and capitalize on new business opportunities:

Go beyond the agency management system: While there is a lot of information stored in an agent’s management system — from renewal dates and policy information to client call notes that provide insight into significant life events like the birth of a child — there is still plenty of information about clients that agents might not have readily available. For example, does the client’s home reside in a FEMA flood zone?

Agents generally utilize the information in the agency management system to get alerts from basic reports such as renewals. But when they enrich their data with information from outside sources and use predictive analytics, they find great sales opportunities. For example, the right tools can integrate with DMV records and alert the agents when their clients buy a new vehicle.

Make it easy for clients to tell you what they need: The more information agents can get from their clients, the better. Having an easy, open method of communication that doesn’t require a customer to write an email to provide the agent with valuable insight that could lead to new opportunities.

Mobile apps enable clients to communicate with their agents seamlessly. Some apps are designed so that with a single click, customers can request quotes for other lines of business. Clients can also send messages with questions about any changes they might want to make to their policies. For example, a client might be building a pool. With a mobile app, they may be more inclined to loop the agent in earlier. This can enable the agent to provide useful advice at the planning stages, such as insurance implications for an above ground versus in-ground pool or making sure there is a fenced perimeter and a gate that locks.

Automate outreach to capitalize on opportunities fast: An identified opportunity is only useful if the agent can then take that information and close the deal. Manual outreach on every new potential opportunity can be slow and inefficient, leading to some opportunities falling through the cracks.

Automated communications enable agents to act on every new business scenario at the moment it is identified. Certain events can trigger a message to a customer. For example, perhaps data analysis uncovered a client that could benefit from an umbrella policy. Communications can be pre-programmed and automatically sent out about umbrella policies and how they can save the customer money.

Communications solutions can also enable agents to schedule messages for upcoming events, such as renewal dates, decreasing the chance that business is accidentally lost due to lack of follow up. Agents can schedule messages to go out 90 and 60 days before renewals.

Cross-selling is important to every agency’s business, and they are well aware of the sales opportunity. What many don’t know is the role technology and data analysis can play in increasing these opportunities exponentially. The right tools can quickly uncover these opportunities and make it easy to capitalize on them. Digital solutions not only can turn data into leads but can also help bring them to close, quickly and efficiently.

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