The following is the final segment of our five part series developed for your insurance agency to learn more about growth. If you missed the first four parts of this five part series, be sure to check them out: Part 1, Part 2, Part 3, and Part 4.

Referrals are generally an insurance agency’s primary source of new business. This says job well done by your current base. While most agents admit they don’t have a strategy to attract referrals and really do not track them, they still keep coming!

Your question of the week is:

How many referrals did you take in last month and how many did your agency close?

You need to get a handle on your top referral sources so you can find more of them! By starting to understand the numbers you can develop core marketing activities that generate predictable referral revenue. Measuring your referrals also allows you to spend more time finding the right referral sources by walking away from non-profitable time wasters.

How To Source Referrals For Your Insurance Agency

Every agency needs a referral program, hands down! It’s the best way to discuss referrals without sounding pushy. However, most service teams desperately need training to ask for these valuable referral opportunities.

• In commercial accounts, are you going after certificate requests?
• In personal lines, are you asking to review their family’s insurance?

Ask your team how comfortable they are asking for referrals, most will shy away from it without the right training and goals.

The Zywave VPC has a referral tracking system that can easily display the premium and hit ratio of each referral source. If you haven’t seen it already contact us today to check it out!

This concludes our 5 part series on insurance agency growth. In our next series we will tackle what to do with all this data and how to apply change to your insurance agency.