The following is part three of our five part series developed for your insurance agency to learn more about growth. If you missed the first two parts of this series, be sure to check them out: Part 1 and Part 2.

An incredibly lucrative area for insurance agency growth is round-outs: making sure every client has every policy their life needs from your agency. Does your agency take the right approach to rounding-out current clients?

You can tackle this concept in two ways, depending on the type of customer you are dealing with:

1. New Business: Your best opportunity to educate an opportunity and sell them all policies they need is at the point of sale.
2. Current Customers: People’s lives and businesses change – their insurance must change with it. Your job, as an insurance agent, is to be aware of the needs of your customers and respond accordingly with the right policy advice.

The challenge for the modern insurance agency is to focus on each client and make sure they are making all current and un-discovered insurance purchases with your agency. In order to do this you need to know the following metrics:

• % of book that is monoline
• Average policies per account

The common data issue here is the agency insures the person’s business and commercial auto as well as their homeowners. Since most management systems treat the business lines as Client A and the personal lines as Client B, the personal lines appears monoline. Well, your management system is correct! They are two different entities. Commercial auto is great, however; that individual may also need home, umbrella, and life insurance, too. No excuses!

Once you have these numbers you can start attacking the book of business to sure up your monoline accounts. This is where your team needs training!

Pro Tip: Connecting with the client around renewal and automatically quoting the other line of coverage does work.

• Your team has to be trained to never use the words, “No, problem-you think about it and let me know.”
• The service and sales team needs to be aggressive in moving these policies to your agency.

Remember it’s just a matter of time until the other agent asks and you lose that customer!

The sales team needs to be trained to always look to quote and educate the opportunity on 4 lines of coverage for both commercial and personal lines risks. This means better protection for the client, more commission for the agent and more revenue for the agency. It’s simply the right way to do business!

If you are struggling on how to gather this information from your management system, you can always check out the Zywave VPC. We have developed a monoline center that clearly shows monoline accounts by renewal date so your team can pounce on the opportunity!