Almost everyone in the insurance industry I talk with complains that there is just not enough time to get everything done that needs to be done. Not enough time to build a pipeline with truly qualified prospects; not enough time to properly service accounts; not enough time to seek that higher designation; and certainly not enough time to attend an in-depth training program that will take me away from the office for days or even weeks at a time. And then the question of time for family, faith, community and involvement must be considered.
This is our world as we know it… a world that can be very deflating, which can adversely affect production results. Since insurance is a production-driven business, what can be done to remedy the situation? The answer: invest in training that will quickly impact results. Such a program is now available in a new, instructor-facilitated and coached online format that can be accessed at the office or at home – the Polestar Online Producer Development Program. But why should you consider enrolling in the Polestar Online Producer Development Program available through the Academy of Insurance? Let’s explore why.
Success Starts with a Plan
“A goal without a plan is just a wish.” But what should be included in a production plan other than the annual sales goal that is assigned to most producers? We believe that a producer plan should be developed in much the same way a company develops its own strategic plan. A producer plan must include objectives, strategies, tactics, and action steps. In addition to new business goals, the plan should set retention, efficiency, and profit goals. Every participant in the Polestar program develops his own success plan, which includes both personal and business goals as well as the specific strategies, tactics, and high payoff activities necessary to achieve them. But much more is needed to make a plan comprehensive and assure optimum results. Consider the following.
Initiatives and Tools
Production success starts with managing priorities. Every producer has the same amount of time to accomplish his goals – 24 hours a day, 7 days a week, and 52 weeks a year. So the key is to find time to do the things that matter…the things that will move you toward the goal. Human nature drives us to complete the things we like to do, that are easy or fun to do, or are expected of us by others, often at the expense of getting the right things done to achieve our goals. Twelve months later we wonder, “Where did the year go?” A core element of the Polestar program is disciplined priority management; a daily and weekly system that drives you towards executing the tasks and activities that truly matter.
Traditionally, producers cast a wide net in search of prospects. Mass mailings, drop-in visits, and cold calls are the order of the day. Further, most producers sound and act the same. But there is a better way. Be different, specialize in one or several niche(s), develop a specific expertise (e.g. disaster recovery, employment practices, or workers’ compensation mod reduction), target and research highly desirable prospects, and build a plan to increase your visibility and demonstrate your viability. Effective production plans include activities such as joining the relevant association(s); looking for ways to be of service to your targeted industry; writing industry or local newspaper articles or columns; preparing “clipping files” to educate others about good risk management and safety; conducting periodic roundtables utilizing speakers that present meaningful, helpful information; and searching out speaking opportunities at association and industry meetings. This is only six of the 14 proven approaches to getting in front of the right prospects detailed in the Polestar Online Producer Development Program.
A key element of any production plan geared to finding qualified prospects includes a disciplined, consistent referral harvesting and cross-selling process. Your best source of new business is almost always the business you already have; yet this source is often the most ignored. Clients who have benefited from what you do and how you do it are more willing to: 1) consider additional coverages; or 2) refer you to others like themselves. All you need to do is ask. Asking requires a plan that should include a reminder of our relationship, a description of the type of business we want, a plan to keep your referral source in the loop. Following this plan will dramatically improve your closing ratio.
If standing out from the crowd is your goal, consider these two additional requirements. First, go beyond the routine coverage questions everyone asks. Ask the prospect about their business goals and expectations, and identify which risk prevention services you offer that might appeal to them. Second, include a specific value added service plan in your proposal. The Polestar Online Producer Development Program offers specialized assessment tools and specific approaches to building your menu of value added services.
Following this planned and strategic business development and business retention approach works, and it will work for you. Enroll now in the Academy of Insurance-sponsored Polestar Online Producer Development Program. The next eight-session online class begins on July 26, 2011, and continues every other Tuesday until November 8, 2011. Visit www.ijacademy.com/producer-performance-development-program to view more detail, see the schedule, and to register.
Topics Training Development
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