Insurance leaders riding the rollercoaster market cycles in insurance need to maintain the path to profitability, whether conditions are hard or soft. At the upcoming Leadership Exchange Summit in Chicago, one expert will share his strategies for keeping business coming through the door, and listed some of his top tips exclusively for Insurance Business.
“Always be aware of cross-sell opportunities, round out accounts whenever possible, [and] put focus on initiating customer referral business as it should be a natural conduit to warm leads and new business opportunities,” said Mark Lee (pictured), managing director at Higginbotham and a speaker at the Leadership Exchange Summit. “Find a niche in an industry you have an interest in or enjoy, and learn all you can to help better support that industry. Specific exposures often require specialists, so don’t be afraid to ask for help and utilize a team approach. Tap into other sales co-workers to identify links between target accounts and work together towards a common goal.”
A customer-centric approach will also pay off over the long-term, so Lee recommends treating customers like family and putting more focus on finding them the right coverage and risk management tools, rather than commissions.
“Be genuine and always have the customer’s best interest [ahead] of your own,” he explained. “Stop focusing on the commissions – the money will work itself out in the long run. Strive to be the useful tool they can’t do without by filling a need they have and can’t address themselves.”
Another pitfall to avoid as leaders strive to form growth-oriented teams is complacency – Lee warns that this attitude can “kill an office.” Instead, leaders should keep their team members engaged through ongoing education and development opportunities so that they can be successful when the time comes to drive business on their own, as well as be able to pass along useful advice to other colleagues in the future.
During the Leadership Exchange Summit, Lee will further explore how agency leaders can manage their teams towards growth. In the meantime, organization and time management are key skills that insurance executives should master as early as possible, while encouraging their team members to do the same.
“You will spend as much time on large accounts as you do on small accounts, so use your time wisely – you only have so much of it in your life,” said Lee.