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Top 5 Money-Making Activities for Million Dollar Insurance Producers

Top 5 Money-Making Activities for Million Dollar Insurance Producers

All millionaires have the same 24 hours a day allotted to them.


It's not how much time you have; it's how you use it. If producers aren't using their time to prospect and sell new accounts, then they are either too deep in the weeds servicing their accounts or spending too much time on the golf course.

If you want to grow your agency, producers need to be doing these Top 5 Money-Making Activities.

 

Written Service Timeline

There are two reasons a written service timeline is important….

First reason: To increase retention. If you can increase your retention rate, by only 1%, that will have a huge impact on growth and profitability. Just 1%.

Second reason: When a timeline is well-defined and mutually agreed to, your client has a much better story to tell when introducing you to people they know, which leads to Money Making Activity #2 on the list…

 

Get Red Hot Introductions

Most producers believe they have great client relationships, however, too few will actively and consistently ask their clients to introduce them to people they know.

The truth is, they are either really afraid or just don’t care. The only way to deal with fear is to acknowledge it. Courage is taking action in the presence of fear. If you try to avoid fear, it will control you.

Apathy is actually harder to overcome than fear. Those, who don’t give a darn and don’t want to make more money, unfortunately, are not made of the stuff you need in a producer.

Of course a third and fairly logical reason is that the culture of your agency just never drives process like this, so they have never even thought about it. So, don’t leave it to chance…build that into your goal setting, sales meetings and coaching sessions.

 

Prepare to WIN

Someone has to lose for you to WIN. The incumbent agent who is on the account now controls your future money. If you can’t get them fired, you can’t get hired.

Preparing your producers to win an account is a fundamental part of a great sales meeting. In my book, The Wedge®, I explain exactly how to prepare them to win the account and beat the incumbent.

 

Go Sell (WIN)

When prepared, your producer must execute a sales process that incorporates, not only building a relationship with the prospect, but driving a wedge in the relationship between the prospect and the incumbent agent.

If you can’t get your competition fired, you can’t get hired. Otherwise, there is a great chance the incumbent will leverage their relationship, get the last look, match your proposal and your producer will get rolled, ending up with a sad tale of woe; but not the win.

 

Get Your Partner in to Cross-Sell the Account

There are at least two reasons why more accounts are not cross-sold. One is a generally accepted belief in the agency that the producer owns the account. However, this view runs the common risk of closing the door to other producers when someone is a little possessive about ‘their’ accounts.

The second challenge is access to opportunities. Just ask yourself this question; when was the last time a report was printed and distributed, so that all producers could peruse it and find cross-sell opportunities?

Unless you and your partners create easily-accessible systems that will spit out information at the speed of a mouse-click, you’ll be challenged to experience and drive extraordinary growth from cross-selling.

When you get your producers working in the Top 5 Money Making Activities, they will WIN a lot of new business. They will retain more of their existing accounts. Their books will grow faster. They will be happier. You’ll be happier. Your agency will grow and life will be good.

 

LIVE Sales Training for Commercial Insurance Producers

 

Join The Wedge Workshop  

 

January 19-20, 2022 from 10am-5pm CDT

 

*Live Virtual Class via Zoom

 

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