Author Topic: Rounding out accounts-advice, anyone?  (Read 383 times)

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Offline DebAmstutz

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Rounding out accounts-advice, anyone?
« on: August 24, 2021, 11:07:27 am »
I've noticed that we have a lot of customers who have only a home or only an auto policy...so we could bring in some business if we can add the other kind of coverage they don't have, and put in a good word for umbrella coverage also.  Has anyone done an account rounding "exercise" in your agency?  If so, how did you proceed?  Mailings, phone calls, email?  Were there incentives for people to round out accounts?  Are there any "tried and true" methods?

Here, it seems that nobody quotes except the producers, and no specific CSRs are assigned to customers at all.  That presents a problem right off the bat as the producers always seem to be swamped since they also take care of changes and renewals on their commercial business.  They take the information for changes, then pass it on to the gals who actually contact the companies with the changes.  Most (but not all) personal lines changes are taken and entered in TAM and company websites by the receptionist.
Deb Amstutz
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Offline FWA

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Re: Rounding out accounts-advice, anyone?
« Reply #1 on: August 24, 2021, 03:35:08 pm »
All single accounts are sitting ducks for the competition.  There could be good reasons they didn't want those auto or home policies or maybe your agency has a special program they fit in.  But otherwise, unless it is not allowed by privacy laws, it would be a good idea to market the missing policy and tell the customer about the package discount.  I'm sure they have seen the bundling commercials from other carriers.  Not cold calling, just make contact when the policy renews that your agency now has.

I am reminded of the commercial long ago where the business was named something like "Tony's Carpet".  They had one (1) carpet for sale.  They didn't advertise because then they would sell that one carpet and then what?  So it is with everyone already busy.  An agency that doesn't grow, shrinks.  Policies will cancel, insureds move away etc. etc.
Fantasy is more important than knowledge, because knowledge has its boundaries - Albert Einstein

Offline Billy Welsh

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Re: Rounding out accounts-advice, anyone?
« Reply #2 on: August 24, 2021, 05:01:15 pm »
I would round to whole dollars.  Not worth chasing the pennies.   ;D ::)

(Sorry, I could not resist such a reply to the Lady of the Groan-Worthy Puns!)
Billy Welsh
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CableSouth Media, LLC dba SwyftConnect

Offline Jim Jensen

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Re: Rounding out accounts-advice, anyone?
« Reply #3 on: August 25, 2021, 08:50:42 am »
people should be asking when monoline customers call in. Similarly, even with auto and home, ask about umbrella, ask if they have a life policy. Not every time they call, but periodically. I created a policy status SKP (skip) for those that we can't or won't write the matching policy. If we have their home, but they are 90 and no longer drive, enter an auto policy with the SKP status and we know not to bother asking. We had some that were fiercly loyal to us for home, but loyal to State Farm for auto. I was ok with that and did the same. Similarly, if we don't want their auto, because of perpetual DUIs or accidents, we'd also set up the SKP policy. For those that don't have it, enter a QUOT activity when the missing policy is quoted. If someone calls, or we work a renewal and we haven't asked in 3 years (no recent QUOT activity), we ask again. If needed, create a cross-sell bonus program to reward people for writing a cross-sell policy.
Jim Jensen
CIC, CEO, CIO, COO, CFO, Producer, CSR, Claims Handler, janitor....whatever else.
Jensen Ford Insurance
Indianapolis

Offline DebAmstutz

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Re: Rounding out accounts-advice, anyone?
« Reply #4 on: September 01, 2021, 02:22:43 pm »
Ha!   Thanks Billy!
Deb Amstutz
Back in the TAM saddle again