So how do we prevent policyholders from buying from 6 different agents? We provide service. Yet today, 69% of policies have not been reviewed in the past 5 years because nearly all agencies are run as sales organizations, not service organizations.
Policy review used to be cumbersome, but now it’s automated with InforcePRO. Yet still, many firms that have instituted policy review think of it as a way to get the next sale from the other agent who isn’t paying attention – in effect, still focusing on sales by hunting for new clients to service. But service isn’t about hunting for new clients. Service means proactively managing policies as well as coverage needs for your existing clients.
Institutionalizing the review and service of existing insurance is hard without technology, but with technology one can know proactively when an address change shows a wealthier zip code, when a conversion option duration is coming to an end, when a policy is underfunded, and so on. These are the touch points with clients that allow you to have a conversation. And a series of conversations is all it takes to be the one who captures all 7 sales, not just the first.
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