Insurance Industry Tips and Insights from Roger Sitkins and Brent Kelly
We see that the average producer is a part-timer at best. Even though most of them will still do okay, they’ll never be great, and at the end of their career they’ll have tons of regrets.
According to the Organic Growth & Profitability Survey conducted by Reagan Consulting, agencies experienced 4.5% growth in 2017. People got really excited because it was an improvement over 2016’s growth of 4.2%. This concerns me.
To me, 4.5% is not exciting, nor should it be to any true sales organization! What is exciting is growth that is two or three times the national average. That would be either 9% or 13.5%.
I fear that many agencies are blindly following the 4.5% Model. Although they’re not doing this deliberately, that’s the problem—they’re not aware that they’re doing it. But maybe this model is exactly what’s holding them back!
Now before I expand on this, I realize there...
If I asked you to list some characteristics of great leaders, what would you say? Do words like courage, tenacity, compassion, vision, drive, authenticity, determination, empathy, understanding, and results-focused come to mind?
Those are all great characteristics of leadership, but how does one become a better leader? More specifically, what should emerging leaders in the independent insurance agency channel focus on to prepare themselves to move their organizations and our industry forward?
It’s no secret that our business has been very well served through the years with solid leadership, but we’re seeing a growing leadership gap develop. Current industry leaders are continuing to transition into their next phase of life. And younger folks are taking notice. An up-and-coming insurance leader recently asked me a very important question: “What are some of the things that I should be doing to prepare and develop myself to become a better leader?”
This got me...
FOLLOW THESE STEPS TO IDENTIFY, TARGET, AND WRITE YOUR BEST PROSPECTS
In organizing and presenting more than 100 producer training programs with more than 3,000 participants, I’ve recognized a highly predictable “producer’s improvement cycle.” Although I’ve mentioned this topic in previous articles, I believe it merits deeper discussion.
To summarize: The cycle starts with an improvement in the conversion rate and then the closing ratio, followed by revenue per sale and finally the quantity and quality of “at-bats.” Let’s take a closer look at each of these areas of improvement.
“If speaking is silver, then listening is gold” Turkish Proverb
Have you ever had a sales appointment where you felt like a rock star on the big stage or an attorney delivering a spellbound closing statement? You rattled off all the right phrases, terms, and filled all the coverage gaps.
You went back to your office and told your boss, “I nailed that one, it’s a done deal!” Only to find out later that the prospect that you just dazzled selected a different agent?
The person who talks the most feels the best, but the one who listens has the most information.
Top insurance producers have always been good listeners, but in today’s information filled world, listening is an art form.
I have taken classes on active listening. While it has helped me in the business world, my wife may tend to disagree! I often react or want to “fix...
There are literally scores of strategies and behaviors that agencies can implement in their quest to achieve great results. However, I’ve found that the greatest results come from focusing on a few selected strategies. The opposite is also true: The more things you chase, the fewer things you catch!
Chasing too many strategies certainly doesn’t provide clarity and focus for your team. Too often what they’re chasing becomes the “flavor of the week,” prompting the staff to think, “Don’t worry, this too shall pass,” because they know you won’t stick with it.
During a private presentation to a group of agency principals recently, I was asked to identify the traits I see in the best agency leaders. Because it’s such an extensive list and because I believe that less is more, I narrowed it down to the Key Core Commitments of great agency leaders. In case you’re wondering, my definition...
While asking great questions to our team members, clients, and other influencers is critical, the most important questions we can ask are the ones that we ask ourselves.
As a leader, you have undoubtedly learned that experience is an effective teacher. However, is experience the BEST teacher?
Have you ever met someone who said they have 20 years of real world experience, only to realize that what they really have is 1 year of experience doing the same thing for 20 years?
Experience is indeed a good teacher, but only evaluated experience creates greater awareness and positive change.
I am a natural risk taker and eternal optimist. In many ways, these tendencies serve me well. However, they can also cause me to forget to stop, reflect, and make necessary improvements. That’s why asking great questions is so important.
Recently I read a terrific leadership book based around asking great questions...
In a recent article, I discussed what I would do if I were an agency sales manager. It got a phenomenal response, prompting a huge number of questions and comments. Although producers weren’t so crazy about it, most sales managers loved it; they said it gave them a blueprint to follow. I also heard from several readers who wanted me to revisit the topic, but on another level. Their question: “What would you do if you were our CEO?”
That’s a great question! And it got me thinking about my “perfect vision” of an agency. How would I create the agency that exists in my mind and make it a reality?
If you’ve followed me at all, you know that I’m always preaching that numbers (your actual results) are the end result of the behaviors and strategies you have in place. Subsequently, the best behaviors and strategies become the “non-optionals” that...
It’s easy to take for granted the things we value the most. This is especially true with relationships, including the relationships we have with our best insurance clients.
In 1988, the long-haired, shrill sounding rock band, Cinderella, released the song, “Don’t know what you got until it’s gone.” If you are a fan of metal ballads from the 80’s this one will bring back memories. Although this song was about losing a lover, the message holds true for insurance agencies losing their top clients as well.
Have you ever had a “lifetime” client that you assumed would never leave, and then unexpectedly moved their business away from your agency? As an agency coach, I see this happen too often and I have also learned this the hard way from my own personal experience.
Midway through my insurance production career, I wrote a $15,000 revenue account for several years. We had a...
I’m amazed at how many people have never even considered these questions. Apparently they’ve never sat down as an organization to discuss their obligation to clients or given much thought as to whether they provide them any substantial benefits or advantages (e.g., value).
Often owners and producers confuse what they owe clients with the following empty claims they make during presentations:
Of course you provide this! You’d never say, “We give good service.”
All of the Carriers.
OK, so you represent a ton of companies. Doesn’t everyone?
All of the Best People.
This statement drives me crazy: “We have the best people in the business.” As if there were some vortex in the universe that magically opened and all the best people in the industry fell into...
By Brent M. Kelly
One of my favorite resources that we use with our Sitkins Network members is the 80/20 analysis.
I am guessing that you are at least vaguely familiar with the 80/20 principle, commonly known as the Pareto principle, named after Italian Vilfredo Pareto, who discovered this principle when studying land ownership.
The 80/20 principle is true in many areas in life and business such as:
· 20 percent of the roads produce 80 percent of the traffic jams
· 20 percent of drinkers consume 80 percent of beer
· 20 percent of students generate 80 percent of classroom discussions
· 20 percent of your clothes are worn 80 percent of the time
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