Last year I wrote about the importance of Account Rounding to increase insurance revenues.
Since then we have continued to refine this idea of account rounding and have learned valuable information on how you can use account rounding to increase your business. To help you understand how this tactic can work for you, here are 5 Reasons You Need an Account Rounding Program for your insurance agency.
Why is account rounding such a valuable tactic?
There are several reasons that you should consider account rounding as a strategy for increasing insurance revenue.
#1 – Account Rounding works for everyone.
Every account we have worked with has achieved excellent results by using an email based account rounding program. The results vary between 6.7% and (hold your breath)… 19.7% conversions!
By conversions, we mean ACTUAL SALES INCREASES!
#2 – Account Rounding requires personal follow up.
There is no question that to see optimal results, you need to be prepared to follow up with your leads personally. That can prove challenging. Who do I call? Are they receptive?
The good news is that you can use the email results we generate as a lead-in to calling the more qualified individuals in your base.
#3 – Incentives work.
I don’t mean incentives for the client, I mean for your people. After all, diligence is important, but extra attention has always been motivated by a little SPIF of some sort. And when you calculate the CLV numbers after the account is rounded out, you can afford to give a bonus…do it…it will be worth it.
That’s what our 19.7% client did!
#4 – Your very best data is the key initial ingredient.
You know the old saying about “garbage in = garbage out.” This could not be truer when it comes to an Account Rounding program. The better, more accurate and deeper the information you provide, the more effective the program.
Yes, we can live with data that just segments those NOT utilizing a particular service, 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.
#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?
Account Rounding Builds Long-term Relationships
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!