Agency Growth: Quote, Requote, Win!

Many agents are effective at growth with a straightforward system of requoting historic insurance quotes at the next expiration date. Requoting can provide a newly licensed CSR/producer a volume of activity right away. They will learn the markets quickly and master the process with repetition and a stack of warm leads. It’s also a way to use workforce capacity that can be easily measured.

You have already done the work and have a head start. Remember you had enough information to quote the policy a year ago which is readily available to requote again this year. If you didn’t win the business, hopefully, you asked the prospect which carrier won the account. With an expiration date and last year’s data, you’ve got a head start on quoting this year’s policy.

To be effective, you must have a system:

  • Follow up quickly on quotes you don’t win. Find out where the business went – most prospects will tell you. Attempt to get as much information as you can as to why they went elsewhere. Was the decision based on rate, limits, other coverage or all of the above? This will help you prepare to win the business at the next renewal period. Good documentation can help you pick up where you left off last time and possibly better position yourself when you reconnect with the prospect.
  • Save prior quotes, archive the data and most importantly the expiration date.
  • Create a tickler system of expiration dates. There needs to be a routine weekly list about 90 days out to drive the process next year. You DO need permission to run a prospect’s credit again and may require other updated information. As you will not have this at the time of requoting, position your quote that it is subject to final underwriting review and approval.
  • Implement a pre-call process 90 days ahead of the expiration date. Call the prospect to update the data used in the prior year quote for changes. Share success stories with the prospect about how you have saved others money and improved coverage. This is another touch point and branding opportunity.

With the refreshed information, you are equipped to requote and win! Set goals of policy count or premium dollars, maybe even particular carrier volume. Create an incentive program that awards employees for hitting goals. Make it fun. It truly is exciting to win business!

This data will also help you in approaching new markets, seeking improved commission or better profit sharing. An archived quote bank and a systemic process, combined with a competitive market, allows you to present a compelling business plan to a carrier to grow quickly.

If the volume in the quote bank is overwhelming, and time is limited, prioritize by where you can be most successful. Whether it’s line of business, coverage, amount, or a particular zip code where you can be competitive, focus the energy on most realistic wins.

If you haven’t been capturing and saving quotes, the best time to start is today. Your current agency management system likely has the capability. Check with the vendor to determine the best way to set up this system.

Kelly Drouillard is the General Manager of the Insurance lending division at Live Oak Bank. Reach her at 913.980.7773