Account Rounding: 5 Necessary Ingredients

account rounding increases insurance revenues intouch business burbank ca

Last year I wrote about the importance of Account Rounding to increase insurance revenues.

Since then we have continued to refine the idea of account rounding and we’ve learned valuable information regarding how you can best use account rounding to help build your book of business. 

To help you understand how this tactic can work for you, here are five necessary ingredients that will make an account rounding program successful in your agency. 

#1 – Data segmentation: your very best data and how you use it is the key initial ingredient.

Who are your best customers? What customers are using which services? What services are missing from an individual account? The better, more accurate and deeper your information, the more effective the resulting program.

And, when it comes time to communicating your offer, data that just segments those NOT utilizing a particular service is OK, however, make sure the data can be personalized: “Dear John” is so much better than “Dear Valued Client”, mentioning another service of yours they already use, etc. Did the client ever use the service you are promoting and drop off? When? There’s more, but you should get the picture…in short, when it comes to data, more is better than less.

#2 – Train and prepare.

Together with your team develop the right “approach” they should make to your target customer. This should result in a loose script for them to follow on a call. Keep measuring and tweaking the program to get it perfect for your environment. The words your Producers are using on a follow up call. The method you are using to add some extra motivation.

#3 – Follow-up, follow-up, follow-up.

There is no question that to see optimal results, you need to be prepared to follow-up with your leads personally. And, if you’re wondering who you may call first, and if they will be receptive to your call, the good news is that you can view the email results we generate as deep insight into who the most qualified individuals are in your database, therefore, who you should contact first. 

#4 – Include motivational incentives.

The people on your team with whom you have entrusted the success of this very important effort need to groomed, motivated and nurtured. When you calculate the CLV numbers after the account is rounded out, you’ll see that you can afford to give a bonus. You don’t have to go crazy, but make it worthwhile – and recognize your winners with some recognition awards. Not only that, celebrate success every time it happens!

#5 – “Plan to work, work to plan.”

This adage says it all…you need a plan before you get moving forward; one that outlines quantitative and qualitative objectives. Without a plan, how can you hold anyone (including yourself) accountable for success or failure?

and last, but certainly not least…

Account Rounding Builds Sales and Long-term Relationships

Every agency we have worked with has achieved excellent results by using an account rounding program. The results vary between 6.7% and (hold your breath)…19.7% conversions! And by conversions, we mean ACTUAL SALES INCREASES!

The insurance business is unique in that it is one of those wonderful businesses where you can count on long-term, recurring revenues. You can make it even greater by building each account into a bigger revenue generator….and we haven’t even talked about marketing to prospective new accounts!

Send me an email. I’d like the opportunity to show you how you can transform your clients into Customers for Life!

Julian Aston