Real Time/Download Campaign

 

NetVU believes Real Time workflows are a major time-saver for agencies, on average reducing by half the time it takes to process a transaction on a carrier’s proprietary website. We have found the reuse of data without re-entering is one of the most significant technology opportunities independent agencies have today.

 

Real Time enables a consistent process for multiple carriers from within an agency’s management system or comparative rater. Website navigation, logons, and passwords are handled securely and automatically.

 

To that end, NetVU needs your help measuring the impact of the all-industry agency workflow improvement initiative sponsored by the Real Time/Download Campaign.

  

Regardless of how "automated" you feel your agency is, your input is extremely valuable. We would greatly appreciate your taking a short survey, which should take less than seven minutes to complete. Those who participate in the survey will also be eligible to enter a drawing in which several $50 gift cards will be awarded based upon the numbers of agencies which respond to the survey. Please take the survey now. 

 

We conduct this survey annually so we can measure agency progress in implementing improved workflows such as Real Time and Download. Last year’s survey provided invaluable insights to the industry which helped numerous carriers and vendors to continue to improve and broaden the innovative workflows they provide to their agencies. 

 

 

 

  

NetVU Industry Relations Committee Delivers Message to More Carriers 

Continuing with NetVU’s vision of building on its strong carrier connections, the Industry Relations Committee recently visited with four key companies – Progressive, Westfield, The Motorists and Grange Insurance – to discuss the NetVU Strategic Initiatives Playbook, and industry priorities as it relates to business and technology issues, and trends each organization is experiencing.

The meetings generally focused on industry facing challenges like Real Time implementation, use of Vertafore’s technology tools, and interacting with Vertafore agencies with a lot of discussion around the challenges confronting the growing use of Real Time tools and commercial lines comparative raters.

 

“We were very pleased to see each of the carriers we met with voicing a strong desire to get more involved with NetVU Chapters, which is the top priority of the NetVU board and staff,” said Committee Chair Stephen Moriyama, Hayward Tilton & Rolapp Insurance Associates Inc.

 

Representatives from NetVU and Vertafore senior staff joined the committee in visiting with executives from the individual companies. “The NetVU board of directors tasked the Industry Relations Committee with visiting 25 of the top 50 carriers by 2015.  By the end of 2011, we will have visited 12 carriers which includes our next trip in November to The Hartford, Travelers and others.”

 

“These visits have opened the door to increased carrier communications which is leading to NetVU being ‘top of mind’ among our members’ key business partners. In our discussions, many carriers have voiced a commitment to improving password management and data security, among other issues,” he added.

 

“Our prime focus in these meetings is to represent NetVU Members’ concerns, which is why we look to you to help us build the agenda. If you have any input for these meetings including functionality you would like to see improved or successful implementation, please send a note to Melissa@netvu.org or post to NCOM,” Moriyama noted. 

 

 

 

 

  

Agency Perpetuation: Planning for the Future 

These days far too many agency owners are more concerned with surviving this current economic climate than they are surviving five or 10 years down the road. What they don’t realize is, in most cases, a well thought out perpetuation plan can help solve both problems.

 

Agency perpetuation planning or the idea of putting in place a strategy to ensure the long-term future of the business is often overlooked or not well thought out. It’s not just thinking about ‘who will take over when I retire,’ it’s much more. Many small agencies are family-run businesses so succession is often not the issue.  But if you don’t plan for changing demographics of the marketplace, hiring pool and client expectations, among other things, you are missing a significant part of the strategy.

 

Not surprisingly, your key business partners (i.e., major carriers and key commercial customers) are worrying about your plans, too. The Industry Relations Committee has already come across this issue in some of its carrier discussions they’ve had this year. As an important link in the insurance value chain, the future success, and stability of your agency can play a significant role in any one of a number of company’s futures.

 

NetVU has long been a proponent of pro-active planning for agency perpetuation. President & CEO Brady Polansky and COO Lisa H. Harrington, CPCU, CAE, are actively involved in the IIABA’s Best Practices Council, which include classes on this topic within its curriculum. As a result, NetVU has arranged for one of the IIABA Best Practices classes on Agency Perpetuation to be included in the 2012 NetVU Conference program, April 26-28 in Anaheim, CA.

 

Over the next few issues of this newsletter we will continue to discuss this topic and cover various aspects of developing a perpetuation plan, resources available to you and provide some insight from our session speakers.

 

In the meantime, check out the new discussion in NCOM on Agency Perpetuation Planning and weigh in on where you stand with regard to your agency’s long-term plans. Do you have one? Does it cover more than just who will become the new head of the agency?

 

In the next issue we’ll cover some basic steps for creating a perpetuation plan, what elements are critical to include and how and what do you communicate to others.

 

 

 

 

NetVU’s Armitage Named ACT Chair 

Once again, NetVU leadership is tapped to serve in key positions for other industry organizations. James T. Armitage, CPCU, AAI, past chair of NetVU’s board of directors was named as the new chair for the IIABA’s Agents Council forTechnology.

 

Jeff Yates, ACT’s executive director, said that Jim was selected because of his proven leadership within the industry and his specific experience in the area of agency technology. His role as chair began September 1 and will continue for the coming year.

 

“We are grateful for Jim’s willingness to take on this additional responsibility and look forward to working with him as we drive adoption of the various initiatives ACT is behind,” Yates said.

 

In addition to serving on NetVU’s board, Jim has chaired numerous committees including most recently the Industry Relations Committee.

 

 

Prospecting For New Business

By: Adam DeGraide, CEO and Founder, Astonish Results 

 

For any new business, prospecting should be a critical element of your marketing plan.

 

Prospecting and approaching a potential customer is the first step towards making a sale. In the insurance sales industry, it seems there are endless ways an insurance agent can prospect for potential clients.

 

Since there is a wide range of prospecting options available to insurance agents, most of them are not successful today due to the fact they do not have an actual prospecting plan in place.

 

When supervisors pose the question “What are you doing right now to prospect?,” to unsuccessful agents, most of these agents will have a laundry list of ideas, but no actual concrete prospecting strategy is being utilized.

 

If you’re like most agents, you just don’t know where or HOW to get started, or WHAT to do.

 

Many agents don’t realize that prospecting is actually a bigger numbers game than one would assume. Even though a cold list does not usually provide high percentage sales numbers, it is one way to get started; keeping in mind this should not be your only prospecting method. Start with those that you know within your own personal network. One of the most important things an insurance agent can begin to start doing on Day 1 is to inform anyone within their own personal network (friends, family, co-workers from the past, etc), of their new and exciting career!

 

If you can discover anyone within your own personal network that has a need for any of your products or services, this is the BEST way to start. Even if your friends or family don’t buy from you, they may give you referrals. Getting your NAME out there is a crucial element to a successful prospecting plan.

 

Besides marketing towards their personal network, most insurance agents will either cold call clients, purchase Internet leads, or send out mailers, advertise, etc., to increase their book of business.

 

Unless you already have your own book of business, do not waste time attempting to develop your own list. Instead, use a highly targeted prospecting list consisting of people and companies that are more than likely to buy your products and services.

 

Even if your existing prospects are not quite ready to buy, it is important to keep in touch with them.  Insurance agents will learn that every client they encounter throughout their career is going to have different needs, financial objectives, and time horizons.

 

If a prospect has no interest at all in your services, do not waste time attempting to persuade them in a different direction or continue to press for an appointment. If the prospect says no, then say “Ok, have a nice day.” Although persistency has proven to be a successful insurance sales technique, there is still a fine line between persistency and annoyance.

 

Prospecting on the phone can be difficult because the person you call is not going to be naturally inclined to even want to speak with you. Develop a short, brief 30 second approach that does not come across as overly ‘salesy.’ State who you are and which agency you represent, what you’re selling, and a product feature. Then, simply ask if this is what they want. If the prospect shows any interest, then set up a time that works best for the both of you to meet.

 

There will be clients that will give you the cold shoulder and REJECT you. Although this can be very discouraging for many insurance agents, you have to develop a thick skin and not let rejection affect your CONFIDENCE. Many agents that fail are often discouraged if they are not having success with prospecting. What often ensues is the dreaded ‘rollercoaster effect,’ meaning an insurance agent has ZERO sales appointments lined up for the following week and no business to pursue.

 

Overcoming objections and client rejections are two major obstacles that can affect an insurance agent’s sales performance, confidence, and daily activities. No matter how talented you believe you are at selling, you are not always going to sell to everyone.

 

Let’s say you have approximately 1,000 clients in your book of business. If you dial 500 prospects per month, you may only get 5 appointments if you’re lucky. However, if you sent 500 mailers to your other leads, you may get 10-20 responses. Eventually, you may get a few good referrals from a previous client, or someone in your personal market. As you can see the ratios are still low. However, you are still potentially building your business because you are still generating some interest in your products and services.

 

This makes your investment of time and money into your prospecting and lead gathering well worth it.  By prospecting clients, you are playing the odds. Ultimately, prospecting becomes a numbers game! Once insurance agents begin to accept this fact, the better off they can understand what it takes to attain their goals. By varying your prospecting strategies, you are playing the odds much more effectively.

 

Getting started and building credibility within the minds of your prospects is one of the many challenges insurance agents are facing today. In today’s economy, insurance products have never been more difficult to sell or market. This is why it is crucial to discover which prospecting method works best for you. Ultimately, just understand that prospecting to new clients is simply a numbers game.

 

As the leading provider of digital marketing and sales training for the independent insurance industry, Astonish Results is perfectly poised to help grow your business. With the creation and implementation of a blended online strategy, let us help you change your agency forever. Call us today at 1.888.899.1936 to speak with a dedicated Astonish Results representative who will schedule a tour of our digital insurance marketing system for you, or sign up online for a FREE virtual presentation today! 

 

 

 

NetVU’s Education Scholarship Program Now Accepting Applications 

The Francis P. McDonnell Education Memorial Award was established to offer financial assistance for those members who could not otherwise afford to attend the NetVU Conference. Each year, a scholarship in the amount of $1,500 is awarded to cover conference registration fees, travel, and lodging.

 

In these difficult economic times, financial assistance is especially needed to enable qualified agency professionals to reach a higher level of performance by participating in the NetVU Conference. “We find the contribution of this money is returned many times over in the enhanced knowledge these employees gain and then contribute back to their local Chapters, associations, and the profession as a whole,” said Brady Polansky, NetVU president & CEO.

 

The criteria for eligibility is simple:

• The applicant’s employing agency must be financially unable to pay the registration fee, travel and lodging expenses for the NetVU Conference. 
• Applicants must be employed on a full-time basis, and have worked for the member agency for a minimum of one year as of the date of application.

The deadline for submitting an application is December 31, 2011. The recipient will be notified no later than January 31, 2012. Nominations for this Memorial Award are solicited from the NetVU members and the Information Exchange Committee selects a winner. (Due to the financial nature of this award, no mention of the winner is publicized.)

 

If your agency or Chapter would like to make a donation to honor the memory of Francis P. McDonnell, please make checks payable to “NetVU” and mail them to the attention of the Awards Administrator. (Please note — donations are not tax-deductible.) Click here to submit an application.

 

 

 

Veteran NetVU Leader Heads Up Best Agency to Work For 

Michael Randles is president of the San Pedro and Torrance, CA-based Insurance Center Associates, which was just named the ‘Best Agency to Work For – West’ by the Insurance Journal magazine in its September 19 issue.

 

Mike also happens to be a past member of the AMS360 R&D Committee, PowerUsers Committee member, and recipient of the 2006 Service Award and 2001 Presidential Citation.

 

Mike began his career as a brokerage manager for Aetna Life & Casualty. A strong believer in automation, he was the original BETA agent for AfW and has consulted with many agencies regarding their automation systems and workflows.

 

He joined Insurance Center Associates 30 years ago, and demonstrates everyday his strong belief in a team approach. He treats his staff as partners in the success of the agency, respecting them, valuing their opinions, and generously sharing in the rewards of their success.

 

“As a NetVU member and leader, we respect and honor what Mike has accomplished,” said Brady Polansky, NetVU president & CEO. To learn more about his agency and what lead IJ to recognize Insurance Center Associates in such a manner, click here for the full article.