This weekend in Minnesota, the woods had a telling tinge of the coming brilliant reds and golds of autumn. The sun pitched its rays at a slightly longer angle, hinting at the passing of yet another short summer. Saturday morning, an early frost warned me it was time to get ready for winter.
I love the changing seasons, and I am grateful for the early frost and the chill in the air, because it makes me a little nervous, and motivates me. I do not want to get caught unprepared when the first cold snap or snowstorm hits. Producers, this time of year should make you a little nervous too. Regardless of where you live,
So many parallels exist between the earth’s climate and the insurance business climate. The end of hot, slow, lazy days of summer signal the harvest and the start of frenetic activity to prepare for winter. This is analogous to the end of the slow insurance season and the frenetic activity to hit goals and secure renewals and new business before year end.
Just as we prepare for the weather, as insurance brokers, we should be preparing for the upcoming change in business climate, and for a new year. Below is s short list of activities producers should be engaged in right now to have a plentiful 2010 harvest, and sow a bountiful new crop for the coming year.
3 P’s of the 4th quarter
Protect
- Visit top 20% of clients – Stewardship Activities
- For 1-1 expirations, determine your clients level of satisfaction. If they are happy, they shouldn’t be shopping agents.
- You’ll do the shopping for them. That’s your job.
- Conduct a market analysis- Share with your clients, let them choose who they want quotes from.
- P&C get BOR’s for markets you are approaching
Prospect
- Assess opportunities – Clean out old prospects from pipelines
- Good time to revisit prospects who didn’t move in prior years to determine level of satisfaction
- Review all old prospects and reload for 2011
- Great time to ask top 20% for help with introductions
- Find key carrier partners who are behind goal…partner with them to write business and help them hit goal before 12-31…they’ll be hungry.
Plan
- Set personal financial goals for next year NOW
- Establish your game plan & back into activities required to hit goals
- Prepare business plan for next year- Present to mgt by Nov 1st
- Review and contact 2011 opportunities
- Choose 1-2 areas of focus/ program/affinity
By paying attention to the 3 P’s of the 4th quarter, you’ll have a bountiful harvest in 2010, a good hunt and an excellent growing season in 2011
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