Marketing Risk Management – Part 1 [From the Archives]

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July 3rd, 2015

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Picture1Insurance agents and brokers are challenged with managing risk.  Insurance policies, safety programs, wellness initiatives and a plethora of other tools are blended together to form the most effective solution to the exposures a client faces.  The goal is to minimize or mitigate the financial burdens that could be created by a loss.  The successful agency possesses deep risk management expertise – but in my experience, it is rare that this skill set is applied to sales, marketing and lead generation.

3 Areas Agencies Should Improve Risk Management

Part 1: Lead Generation

Agency principals that I know personally and professionally leverage their risk management skills to protect the financial assets of the organization by designing comprehensive portfolios of insurance policies.  They must be properly protected if they are to suggest other businesses make significant investments in their own protection.  However, many do make the same investment in protecting their salespeople from failure.

New producers eagerly seeking relationships to build their business, and experienced producers who must spend time nurturing their book both need the same thing: quality sales opportunities.  Without enough at-bats, new salespeople are likely to fail.  High level service will cultivate cross-sales and referrals, but not enough for the veteran agent to achieve agency growth goals.  The solution is lead generation.

By providing agents with in-profile leads, agencies are managing the risk of losing quality sales people.  The cost of finding and compensating talent is high, and people are an asset that should be properly protected.  Investing in lead generation will mitigate the risk effectively – insuring the success of agency producers.

Check back soon for Part 2…

Originally Posted on December 28, 2012 by John Scranton