Page 39 - COVID-Proof-Your-Agency

Chapter 5 – Move into the New Normal | Blew, Caldwell, Masiello

2. Formal Referral Program: You need to be proactive with your current clients and ask if

they know others that you may be able to help. We are in sales and you need to ask for

referrals even during a pandemic. We are seeing aggressive agencies increasing the

amount of new business they are writing by offering to be “helpful” in saving money.

While marketing on price is a slippery slope, it may be relevant in the coming months.

They are finding a receptive audience and an unprecedented ease of connecting with

people. Are you?

3. New Products: Look for opportunities to introduce new insurance products to clients and

prospects, such as cyber insurance. Everyone's now working from home. Are they

properly protected against identity theft, data breaches, phishing, social engineering, etc.?

It is a discussion that you need to have with both your personal and commercial clients. Is

it the time to add life insurance?

4. Pay as You Go premium Payment Plans: This gives you a wonderful opportunity to

have a conversation with your commercial clients about a product that can help during a

crisis. This product is part of the new normal and it will be promoted by payroll

companies trying to take your business away from you.

5. Personal Lines: These clients will be less impacted by the pandemic than commercial

lines. The personal lines premium calculations will be impacted by less miles driven to

work and a homeowner's policy may need to be adjusted to reflect business is being

conducted in the home. It is an opportunity to stay in touch with your clients and to keep

them aware of any special premium relief benefits from their insurance company.

Personal lines should remain a stable source of revenue for the agency. But beware, there

will be many hungry insurance agents who are taking commission reductions of 15% to

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