Helping Grow and Develop Dynamic Insurance Teams
Building Million Dollar Books of Business
This is a must have mentality for any producer serious about selling commercial insurance. The process to achieving this goal is not difficult for a new producer, or a tenured producer looking to change their selling strategy. There are five core competencies that a producer must have in order to build a book of business above $1m in annual revenue.
- Build the right inventory, regardless of how long it will take to close
- Focus on vertical (niche) business and become an expert
- Sell coverage first – do not sell solely on price
- Focus on accounts greater than $20k in annual revenue
- “Trade down” accounts in your book as you hit revenue benchmarks
These core competencies provide new producers with a template or roadmap from day one, and give existing producers a new approach to expanding an existing book of business. Tenured producers with a $500k-$700k book of business rarely take a step back to ask themselves why they can’t grow beyond that number. If they truly want to get to the next level, making a change is required.
Enhancing Your Sales Team
Every member of a sales team has their own unique strengths and weaknesses. By identifying and leveraging those strengths, and working to improve the areas where they may be struggling, we strive to help each individual on your team perform at their best. No two producers are the same. They don’t sell the same way, they don’t focus on the same business verticals and they don’t have the same personalities. What they do have in common is the desire to win and to improve at what they do.
Our goal is to get to know your team and to learn each of their strengths and weaknesses in order to maximize their potential and help them achieve better results.
As an independent third party with decades of experience, we help motivated producers identify areas of improvement. We begin with an understanding of how long each producer has been in the industry and how they prospect and sell. We review books of business, growth or shrinkage of business, size of accounts and whether or not there is potential for expanding verticals. If a producer is honest throughout the process, improvement will follow.
Creating a Sales Culture
While individual success is important, it is equally essential to foster a cohesive team environment that is focused on achieving individual and group goals. Creating a culture of collaboration and support within a sales team takes time and it takes trust. Encouraging team members to share their success and challenges with one another helps to build a sense of camaraderie and support. It fosters an environment of open communication and can help to further train new salespeople, create cross selling opportunities and help to achieve the overall mission of the organization.
How We Help Build Dynamic Sales Teams
Our experience in building diverse production teams will help enhance your company’s sales culture. We provide objective feedback without any preconceived knowledge of your team. We provide an honest assessment of your company’s sales culture, identify areas for improvement, and suggest solutions that are tailored to your specific needs. We thrive in these situations and welcome the opportunity to help you identify areas for improvement and to implement effective strategies.
We offer best practices from over two decades of national brokerage involvement across the country. We provide valuable insights into the latest trends and innovations in the insurance industry. We stay up-to-date with the latest technologies, tools, marketing and strategies for insurance sales, and we can help you stay ahead of the curve and adapt to changes in the market. Let the Merit team partner with you to enhance your company’s sales culture and improve your overall sales performance.
