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...t insurance agents throughout the country to represent our products and commit...cialty products offered by the Gulf Insurance Group. The use of PAs will add t...

... one of the great entrepreneurial success stories in American business. Whether in small towns or metropolitan areas, many older agency principals are quick to say that they've been successful beyond their fondest hopes. They benefited from the rising tide of population growth and an expanding economy. Country club and Chamber of Commerce memberships were often the keys to success. Getting new accounts was often more fortuitous than planned, more personal than strategic. Although personal relationships are essential, no agency principal or producer today can touch the right people at the right time ... themselves. That's the major marketing problem, because many agencies are trying to apply techniques from the past for meeting today's challenges. Sales managers continue to tell producers to make five to 10 calls a day, join certain clubs and organizations, and drop in when they see a new business. The extent of the problem is reflected in the fact that a substantial industry has grown up over the years that offers hope to insurance agencies. There are any number of so-called "solutions": everything from sales letters, telemarketing tips, ... articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back The 10 Most Common Insurance Agency Marketing Mistakes: I 12/2 /2014 12:00:00 AM by John Graham This content has not been rated yet. THE 10 MOST COMMON INSURANCE AGENCY MARKETING MISTAKES: I by John Graham In this first of a two-part series, John ...

...conomy. Country club and Chamber of Commerce memberships we...ck. It someone attempted to plot an insurance agency's marketing activities, t...

...e.” Hold the workshop at a local country club where your agency has arranged for th...lationships, don’t even talk about insurance during the session — just let th...

...uded such unnecessary expenses as country club dues, automobile leases for non... is critical. Some expenses, such as country club dues and season tickets, are easy t...

...an't drive a car like that to the country club. So I had to pay the extra cost of a l...ental car was sort of like an extra insurance premium? Prospect: You could l...

...ow their sales. Overheard at the country club: Golf Student: Is it spelled p-u-t, or... Effective self-promotion makes the insurance business fun; ineffectual or no ...

... as servicing the account, rather than one producer, and the agency has a better chance of keeping the account should the producer depart. We define recurring expenses as expenses necessary to support the generation and retention of insurance related income. We excluded such unnecessary expenses as country club dues, automobile leases for non-employee family members, and season tickets to sporting events. We also exclude non-recurring expenses. These might include professional fees for changes to an employee benefit program, one-time purchases of major office equipment, or producer commissions paid for non-recurring ... income. TRACKING DOWN EXPENSES Because adjusting for unnecessary and non-recurring expense items benefits owners when valuing an agency, keeping track of these items is critical. Some expenses, such as country club dues and season tickets, are easy to track and quantify. Other expenses, such as flying first class or staying in luxury hotels, will be more difficult to quantify. Other expense items that you should track include dues, subscriptions, charitable contributions, professional fees, and outside services. These items often contain one-time business expenses. Another major ... owner. The adjustments result in estimates of an agency's recurring revenues and expenses, which comprise Sustainable Earnings. Understanding the nature of these items and adjustments will help owners better understand the value of their agencies. We define recurring revenues as commission and fee revenue related to insurance sales and services. It includes Property/Casualty, Group Benefits, and Life commissions, fee income, contingent income, and investment income. Revenue that's not recurring includes first year Life commissions, fees for one-time consulting projects, or bonus income for a book ...

...g clients and prospects. He had a country club membership so that he could sell on th...

... car around. I sure would have paid more for insurance that would have covered the car. Salesperson: Your current coverage doesn't pay for a rental car? Prospect: It does, but only for a subcompact. I can't drive a car like that to the country club. So I had to pay the extra cost of a luxury model out of pocket. Salesperson: So the extra cost for the rental car was sort of like an extra insurance premium? Prospect: You could look at it like that. Salesperson: ... . So poor service from ABC cost you two weeks of time and an upgrade to a luxury rental car How much are you saving, price-wise? Prospect: I think about $100 per year. Salesperson: That's a pretty expensive $100, don't you think? Prospect: It really hurts. Salesperson: So would it be worth it to fix that problem? Prospect: That doesn't seem to be out of line. The salesperson in this example found dissatisfaction (with ABC's service), turned up the pain by asking ... other aspects of their lives. This will accomplish two things. First, you'll have a better idea of the pain the prospect feels. Second, you'll help the prospect build their own dissatisfaction. Here's a role-play that illustrates this: Salesperson: Who handles your personal insurance now? Prospect: That would be Joe Smith with ABC Co. Salesperson: Are you happy with the service you're getting from ABC? Prospect: Not really, but they have great prices. Salesperson: So price is more important than service? Prospect: ...