As you know if you’ve been reading our blog or have been talking to members of our team, The DBL Center has achieved several milestone growth markers in 2018. In addition to our new offices and achieving the milestone this summer of writing 1 million lives, and servicing and insuring 32,000 corporations annually.
Are you an insurance broker ready to grow your business? Before you start doubling or tripling your sales figures, it’s important to consider how you will manage high volume business.
Managing a handful of companies under 50 lives is not the same as servicing thousands of corporations with 1,000+ employees each.
Your marketing, customer education tools, management software, and your employees all need to be ready for the change. DBL Center can help.
Five Steps to Greater Growth
Let’s look at the five elements you’ll need in place as part of your growth plan.
1. Consider your customer retention.
Before you can expand, you have to ensure you are keeping the customers you have – large and small. If you start losing customers, you are just trading one account for another and not really growing. It costs more in time and money to gain and onboard new clients than it does to maintain existing customers, so focus on retention as the first stage of your growth plan.
2. Set tangible goals and put a plan in place to achieve them.
As business expert Zig Ziglar says, “A goal carefully planned is halfway reached.” Perform a business analysis and determine where you want to be in six months, a year, and maybe even three years. DBL Center recently started offering incentives for writing new DBL business with us. Setting a goal to qualify for these incentives could be a good place to start.
3. Emphasize customer education.
Our PFL resource center helps set us apart, contributing to our inbound marketing efforts in 2018. We also introduced webinars about PFL and NRT, giving our brokers the tools and information they need to educate their customers. These efforts, combined with a solid marketing plan, tangible goals, and hiring employees specializing in the areas we aimed to grow, all led to a highly successful year for DBL Center.
4. Make sure you have the support you need.
Consider your CRM, bookkeeping, and sales software to ensure you can handle the volume. The Net Revenue Tracker (NRT) powered by DBL Center may be able to help you track renewals, commissions, and revenue, making it easier to retain customers and also see how close you are to achieving the goals you set.
You also want employees in place who can manage high-volume, high-pressure accounts.
Having an insurance wholesaler like DBL Center in your corner to provide white-glove, white-label service can help when you are ready to pursue the next stage of growth.
5. Keep your eyes on the pulse of the industry to be in the right place at the right time.
Back in 2012, Zurich Insurance Company left the New York State DBL market. Then Hurricane Sandy hit, wreaking havoc on the insurance industry and leaving P&C brokers scrambling to cover losses totaling $19 billion.
Knowing there was an industry shake-up coming due to the Affordable Care Act, even before Sandy, The DBL Center under the leadership of David Cohen was set to make a move.
The DBL Center began promoting enriched DBL coverage in New York, opening a gateway to greater profits for our brokers.
In 2017, DBL Center was on the forefront of reporting on the introduction of Paid Family Leave in New York. As part of our strategic marketing initiatives, we provided brokers with the resources they needed to explain the benefit to their customers. We also gave them access to the carriers who were able to write the PFL rider and incentives for moving their business.
As PFL announces its next increase, to go into effect in January 2019, we will be there to guide brokers.
Meanwhile, we continue to watch the industry and see what may be on the horizon, constantly innovating new ways to help our brokers.
For instance, our NRT app fills a unique need for brokers who provide DBL, PFL, TDB, and other employee benefits.
If you are looking to grow your business, manually tracking accounts or using siloed software that doesn’t meet all your needs will no longer work.
As we step into the future with advanced technology and new profit opportunities, we are excited to help our brokers who want to join us.
Are you ready to grow with us?