5 Good Habits for Insurance Success

With a bit of luck and some good planning, starting an insurance business can be a smooth process. Independent agents just starting out should expect to work hard at establishing a customer base during the first year of business, which will help generate a profit.

Developing good habits during the first year will help new agents set a great foundation for many years of satisfied customers who will continue to bring in return business. Here are five good habits to get down pat for your first year of business:

  1. Customer connection. Check in with your customers on a scheduled basis. Go above and beyond in your services, including doing insurance rate comparisons on their behalf to make certain they continue to have the best insurance opportunities at the best prices. If you find a better rate or service, be certain to call them and offer them the chance for savings. Also ask your customers if there is anything they would like to add or remove from their insurance coverage, because as their lives change with time, so to can their need for protection on their valuables.

  2. Newsletter communications. Communicate with your customer base with an emailed newsletter, discussing the latest industry news that might be affecting their rates. For example, several hailstorms across your state could influence car insurance rates due to the number of claims made. Also share any cost-savings tips, and provide your customer base with new services you offer that they can take advantage of.

  3. Encourage growth. As you become comfortable in the business, you’ll find you will have time available to add more clients to your customer base. Start by contacting an Internet insurance lead supplier to determine what type and volume of leads are available in your area. Then begin marketing your business. Ask your clients to spread the word about your company. Make a name for your company in your community by getting involved in the local chamber of commerce or a business bureau. The more your name is recognized, the more likely you’ll be successful in attracting new customers to your business.

  4. Connect with a business mentor. Find an established business man or woman in your community who can provide guidance in times when you feel like your company has hit a road block, or encouragement as you devise new ways to grow your business. Many communities offer entrepreneurial mentorship programs through the local business bureau, or contact SCORE, a nonprofit association dedicated to helping small businesses get off the ground, which can match you with a mentor in your neighborhood.

  5. Review your business plan. Business plans are designed to flex and change as a business grows and becomes established. Schedule a review of your plan once a quarter this first year of business, just to follow up if your company is meeting set goals, or if the goals need to be revised due to elements in the industry that are different than anticipated and have affected your company’s place in the industry. Be careful not to change your goals just to suit your company’s process though. A mentor can provide guidance in this area specific to your situation.

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