by David and Tracy Bell | Jul 1, 2024
Imagine that you’re a prospective customer who needs workers’ comp insurance.
You’re searching Google looking for an insurance agent that offers the types of policies and services you need for your business.
You find several agents that look like they may have what you’re looking for, and you send each one the same email with a request.
The Story of Three Agents
Warm Welcome. One agent responds to your email inquiry immediately with a reply. He warmly thanks you for reaching out and lets you know that he will get back to you within the next 24 hours. In the interim, he sends information about their process for working with clients, so you know what to expect next. He also points you to a page with a Workers’ Comp checklist that has questions he should ask as you work together.
Unresponsive. Another agent never responds to your email request or phone calls for days or weeks. In fact, you start to wonder if you sent an email to the right address. When you call, you immediately go into a voicemail box but never receive a response.
Minimal Communications. The third agent you reached out to lets a couple of days go by before they send you a response. When they finally do, they merely point you to their website or a landing page. They don’t say anything more. This leaves you hanging wondering about the credibility of the agent.
Tough Questions to Answer
If you were the prospective client looking for help with insurance coverage, which one of the three agents listed above would you want to consider working with?
It is easy to see that the first agent had done a few simple steps to connect with the prospect and provide them with helpful information before they have even spoken.
The other two agent response examples show a lack of interest or consideration. If you were the prospective customer, you would mark them both off your list and focus on the first agent in a heartbeat.
Pause for a moment and think about the way you respond to your clients and prospects.
It can be tough to admit, but which of the three agents do you look most like?
Communicate and Connect with Customers
With any form of customer interaction, you can have success when you follow the age-old rule of treating others the way you want to be treated. Here are a few tips to consider.
Provide Timely, Personalized Responses: Today’s society is built on instant everything. We tend to look for immediate responses whenever we send an email. So how can you apply this? Give your prospects and customers a timely response that is personalized to them. Ensure they experience a connection and feel valued by you.
Write Clear and Concise Messages. We live in an age of sound-bite journalism. We all tend to scan the pages of things we see and read. From our emails to social posts and billboards—we all are guilty of scanning. So how can you overcome the scanning issue? Write clear and concise messages that are easy to understand.
Speak Your Client’s Language. It is easy to get caught up in insurance jargon or industry speak. Remember that your customers don’t have an insurance world dictionary to help them translate what you’re saying when you use buzzwords. Use easy-to-understand terminology and analogies without acronyms when you communicate. Doing so ensures your clients connect with you and what you have to offer.
Make Lists & Use Bullets. Writing a detailed paragraph takes up your valuable time. It also means the person you’re sending it to has to take time to unravel what you’ve written to determine how it applies to them. Consider writing short sentences. Make lists and use bullet points to make what you’ve written a quick read.
Give Calls to Action. Have you ever read through an email response and scratched your head wondering what to do next? Your client has, too. Make it easy on both of you by spelling out exactly what they need to do next. Give them a call to action.
These are just a few ways you can ensure you are effectively communicating and connecting with your clients and prospects. You can also apply this tips to every audience you reach out to – from vendors to carriers to customers and friends. Doing so consistently is sure to make a positive impact and create a win-win situation for everyone.
by David and Tracy Bell | Jun 25, 2024
You want to be successful in your insurance business. Some agents dive in feet first and cross their fingers as they wish for success. Other brokers make a plan and follow it. With either approach, most of us check the box: project/business launch completed. And we quickly move onto the next thing… Right?! We tend to “set it and forget it,” like a Ron Popeil commercial.
While there may be a handful of people this approach works for, the rest of us typically aren’t as fortunate.
If we want to be successful, we need to continually learn and seek ways to improve our insurance business.
Sure, we all know outlandish brokers and agents who run through life jumping from one shiny object thing to the next. While they appear to be successful, they actually leave a wake of chaos and destruction in their path. (The aftermath of a hurricane comes to mind.)
Shiny-object brokers may experience momentary success, but it isn’t sustainable over the long term.
So how can you beat the odds and establish a foundation to propel your insurance business forward systematically?
From a marketing perspective, we recommend creating a strategic plan that you follow like a roadmap. But let’s say you already have a plan. How do you ensure forward momentum and keep up with the accelerated pace of today?
Here are a few guidelines to consider following:
- Continually Learn. Keep reading, searching and listening. With today’s information highway, the options for learning are limitless. From webinars to podcasts to social media platforms – all you have to do is plug in, absorb, digest and apply what you discover.
- Share What You Learn. Keep posting and sharing relevant nuggets and insights with your customers and prospects. In doing so, you’ll position yourself as a thought leader that is plugged in and paving the way for success.
- Find Ways to Connect. Contrary to popular belief, it isn’t all about you. It is, however, about connecting with others to see how you can help. (As a Rotarian, we call is Service Above Self.) If you seek ways to help others, you’ll learn volumes about what works and what doesn’t work. By contributing to the lives of others, you feed your soul.
- Genuinely Listen. One of the best ways to continually learn is by really plugging in and listening to what others have to say. Intentionally dig beyond the surface and find out what others are passionate about, what keeps them up at night, and how they are achieving their business and life goals.
- Practice Makes Perfect. Anyone who masters a sport, skill or talent continually practices. They stretch and grow by finding new techniques, approaches, and strategies. No matter what you’re trying to achieve, consistently push to find ways to practice and improve.
- Study Others. Whether it is a new marketing technique or a creative tactic you’ve never tried, there is always something to learn. Find best practices and up your game. Study the masters and learn from the experts.
If you want to be successful, you cannot be stagnant. You have to learn new methods, test them and find the ones that work for you. What methods do you use to continually learn?
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by David and Tracy Bell | Jun 11, 2024
What makes a company successful? It’s the people.
Our mission is to learn more about the abilities of each person we are associated with professionally and personally.
Our company is always looking for great people with a passion for success. We have built the company around the strengths of our people.
When you build a company around people and judge the success of the company based on individuals, you have something special. A company is nothing more than a vehicle for the success of employees, partners, clients and vendors.
I know we’re standing in front of a vintage Rolls in this photo but if you know us, you know we’re more comfortable in beach attire and driving a truck.
A special thank you to everyone who has contributed to the success of this company. We look forward to growing the company family and emerging into a position of market leadership. We believe that we are only as good as the people we associate with and we’ve been so fortunate to work with some of the best people in the world.
by David and Tracy Bell | Jan 7, 2024
Audits are common with general liability, workers’ compensation, liquor liability, commercial and other business insurance policies.
This is because when your commercial insurance policy is drafted, it’s based on an estimated risk exposure based on sales volume, number of employees and contractors, locations and common industrial risks.
In most cases, the premium for your insurance isn’t a final number and fluctuates based on year-end actual numbers. The audit is an important process that determines the final premium.
Most cringe at the thought of an audit, but did you know there are several ways that an audit benefits you and your business? Let’s take a look at why you can look forward to your audit.
Changed mindset
Audits aren’t always spurred by something negative. They don’t have to mean that a business has done anything wrong or that the IRS is asking to dig through your finances. In fact, this is a positive thing in the insurance world! A general liability insurance audit is completed to thoroughly examine your business’s payroll and risk exposure and to check for any changes over the year in how much risk was actually incurred. An audit may also be required for your workers’ compensation and commercial property insurance coverage.
Ensures proper coverage
During the first policy term or at the end of the coverage period, the insurer will request an audit to adjust your premium based on the most accurate sales numbers and earnings. With how much a business can change year to year, this helps to ensure that you have the right amount of coverage as you grow and change. It can also spot gaps in coverage or new exposures that appeared during the year that weren’t seen before, helping to make sure you are covered should the unexpected arise.
It can save you money
The initial insurance premium estimate can be off; remember, the purpose of insurance premium audits is to use your actual sales and operating data to determine the true picture of risk. The audit can save you money, as your premiums can decrease if sales volumes, staffing or other adjustments to predicted exposure change and less coverage is needed. You may also be entitled to a refund or a credit on the overquoted premium at the start of the year.
Best practices already involve accurate record keeping in your operations; this is exactly what will help your insurance audit go smoothly and painlessly. Documentation you’ll need to provide includes payroll and cash summaries, federal and state employment reports, subcontractor and 1099 forms, relevant tax documents and any other items that will help an auditor have a clear understanding of your business state and revenues.
We can walk you through the process and answer any questions you may have. Call or email us today, and let’s discuss your premium basis and risk exposure and what that could mean for an upcoming audit. Let’s help you prepare so that your audit can feel more like a walk in the park.
by David and Tracy Bell | Dec 14, 2023
The holiday season is a time of mixed emotions for everyone, as it can be both merry and stressful. However, it’s also an excellent opportunity to focus on building relationships with your customers and prospects while raising awareness about your business. By investing in your customers and prospects during this busy time of the year, you can help engender loyalty to your brand, which will pay off in the long run.
Here are some ways you can use the holiday season to build your brand:
– Send handwritten holiday cards to your customers and prospects.
– Stand out by sending your notes earlier in the season than others.
– Mail gift cards to restaurants as a token of appreciation.
– Participate in or sponsor community events to show your support.
– Organize local charity drives to give back to the community.
– Write helpful blog posts and create holiday preparation and “how-to” videos.
– Provide special insurance packages to your customers.
– Donate money to a cause that aligns with your brand’s values.
– Invite customers to festive happy hours to celebrate the season.
– Promote your donations or sponsorships to showcase your brand’s values.
– Host a customer thank you dinner to show your appreciation.
– Schedule a holiday open house to welcome customers to your business.
– Create a fun light or window display to attract attention.
– Give away stocking stuffers to surprise and delight your customers.
– Deliver gift baskets to your customers to make them feel appreciated.
– Organize a virtual ugly sweater contest and post the results on your website and social channels.
– Promote the contest and results in your newsletter.
– Offer holiday help, such as gift-wrapping services, to make your customers’ lives easier.
– Create 12 days of deals with special bundles to encourage holiday shopping.
– Educate and promote the benefits of your 12 days of deals.
By making a list of what you’re going to do to help your brand stand out during the holidays, you can take advantage of this season’s tremendous opportunities to build awareness about your business. While investing in others may seem daunting, it is sure to pay strong dividends over time.
by David and Tracy Bell | Sep 16, 2023
Paying your home insurance through escrow can be convenient, but if you want to change insurance providers, sometimes it can become a little tricky. Among other things, you need to make sure your mortgage lender knows where to send your premium payment. Otherwise, your premium could go to the wrong carrier causing a lapse in your home insurance coverage. While you and your insurance agent can rectify the situation, it can cause your mortgage payments to drastically increase over the next 12 months if an escrow shortage occurs.
Step 1: Find a new carrier
If you want to change homeowners’ insurance companies, your first step is to shop around. In some areas of the country like Coastal Florida (for example), some quotes will exclude wind coverage. You have to ask questions and it’s best to work with an agent to make sure you compare apples to apples. Once you get quotes and choose a company, you can proceed to the next step.
Step 2: Confirm the mortgagee’s information
Before you purchase your new policy, you’ll need to know exactly how your mortgage lender should be listed. This is called the mortgagee clause and includes your lender’s official name and the address to all policy documents will be sent.
The mortgagee clause is not just your lender’s name and the address to which you send your monthly payments; most companies also have unique addresses for insurance documents.
To ensure you include the correct information on your new insurance policy, call your mortgage company to confirm. Then, relay the information to your new insurance carrier before you purchase your new policy. Often, the purchase of the policy automatically generates documents to be sent to the mortgage on file, so the mortgagee clause needs to be correct from the start to avoid confusion.
Step 3: Purchase your new policy
Once you know the mortgagee clause on your new policy is correct, you can go ahead and finalize the purchase of your new policy. An agent or company representative will walk you through the steps, but you’ll likely have to sign an application and any other required forms related to your coverage. Because you’ll pay your insurance with escrow, you will not need to make a payment out of pocket. Your new insurance company will send a bill to your mortgage institution.
Step 4: Cancel your prior policy
Now that you’ve purchased your new policy, contact your current home insurance carrier to cancel your prior policy as of the same date your new policy is effective. Ensuring the dates are the same will prevent any overlap or gap in coverage. Even if your new policy is effective in the future, it’s still a safer process to start the new policy before canceling your old one. That way, if there are any issues getting your new policy started, you still have coverage through your old policy.
Step 5: Notify your mortgage company
Your mortgage company should receive a cancellation notice from the prior insurer and a declaration page from the new insurer, but it can help avoid confusion by letting your mortgage company know that you’ve switched insurance providers. You’ll likely need to provide the cancellation date of the prior policy and the effective date of the new policy (which should be the same date to avoid a lapse), as well as the name of the new company and the policy number.
Step 6: Send any premium refunds to your new escrow account
You may receive a prorated premium refund from your prior insurer if you switched insurance carriers mid-term. If you switch companies at your renewal period, you won’t get a refund, as all of your annual premium has been used.
Generally, you should contact your mortgage company to find out how to send this money back to your escrow account. While you could keep it, doing so could mean that your escrow will have a shortage and you’ll have to pay higher monthly mortgage payments to rebuild your escrow amount.
