Agency Management Systems and Sales Success

Agency Management Systems and Sales Success

by | Nov 27, 2017 | Agency Management System, NextAgency, NextBroker

Some people make decisions based on data; others tap into more emotional factors. Deciding to adopt an agency management system is a big decision. The rewards can be tremendous, but it takes money and time to make it work. (Fortunately, some options, like NextAgency, are more affordable and easy-to-use than others, but that’s for another post). When considering agency management software, considering both objective and subjective perspective can be helpful.

You’ll see some posts from the subjective perspective in this blog soon, but for this article, let’s focus on some objective data.

Several years ago, I led a study of insurance agents called the Trailblazed Sales Project. We surveyed 200 professionals in six states who specialized in individual, small group and senior insurance sales. Our goal was to find out what separated successful producers from their less successful competitors. The results formed the basis of my book, Trailblazed: Proven Paths to Sales Success.

We surveyed health insurance agents for two reasons. First, several large health insurers underwrote the study and wanted data they could use. Second, and more important, health insurance agents make an ideal subject for this kind of study. By law and regulation, every agent in a community sells the same products for the same price – no discounts or games allowed. If a broker closes more sales than others in the same community, it’s the result of what that broker is (or isn’t) doing.

Although selected at random, the sales success of our respondents fit nicely into a bell curve. About 25% had seen year-over-year sales growth of 20% or more. Roughly half experienced some annual growth, but less than 20%. And close to 25% saw no growth or their sales declined from the previous year. We categorized the respondents as High Growth, Low Growth or No Growth Producers, then set about seeing what practices, processes and perspectives separated one category from the others.

Marshaling Resources

We identified several drivers of sales success and grouped those into what, in the book, I refer to as paths and trails. This blog isn’t the place to dive deeply into all the attributes that separate High Growth Producers from their less successful colleagues. That’s what the book does. There are, however, a few drivers that brokers considering whether to adopt an agency management system – or any new technology – should consider.

The survey showed, for example, that High Growth Producers are significantly more likely to incorporate technology into their business. This was across virtually every type of technology an agency could deploy. Not surprisingly, No Growth Producers were the least likely to use technology. This finding – part of the Business Acumen path – was closely related to another: High Growth Producers were much more likely to invest in their business than their colleagues.

Successful sales professionals, the study found, marshal resources to drive their businesses forward. It can be difficult to determine which is the cause or effect here. Are brokers successful because they invest in their business? Or are already successful brokers better able to make an investment in their business?

Based on my sales experience, which spans decades in a variety of roles and companies, I believe there is a virtuous circle at play. Investments breed success which enables additional investments. While the study didn’t determine which is egg and which is chicken, at some point every agency had to take a leap of faith and make that first investment. Whichever comes first, what the data shows is clear: success comes to agencies who invest in the tools necessary to be successful. The data shows High Growth Producers use some of these investments to bring technology into their businesses.

These two drivers, taken together, signify that marshaling resources in connection to technology correlates highly with success. High Growth Producers recognize that technology can give them a competitive edge. By simplifying administrative tasks insurance agency software can free up time for brokers and their teams to focus on selling to prospects and servicing clients.

However, this leads to additional questions: How much to invest? In what technologies? From what vendors? My next post will dive into how to determine what to invest – and if any investment is worthwhile. As to what specific technologies, the answer is simple: only that software that can save you time, make you money and gain a competitive edge.

NextAgency: A Sound Investment

However, this leads to additional questions: How much to invest? In what technologies? From what vendors? My next post dives into the whether and how much questions. As to what specific technologies, the answer is simple: invest in software that saves save more time, make you more money and provides a greater competitive edge than you’d have without the investment.

Now, I’m biased here, but I’d like to point out that NextAgency rises to the occasion. No surprise here. We built NextAgency to help brokers save time, money and clients.(In a previous post I wrote about how to determine if investing in agency management software made sense, but let’s talk about NextAgency in particular.)

NextAgency’s agency management system, NextBroker, puts all your forms and documents in one place, so you and your team don’t waste time trying to find it – or worse, discover you left forms at the office you need in your prospect’s office. With NextBroker, all the documents and forms you need are just a few clicks away, wherever you have an internet connection.

Keeping commitments and meeting deadlines lead to more sales. NextBroker makes that easy by keeping notes, tasks and reminders accessible to everyone who needs to see them – and only those who need to see them.

Getting what you have earned gives you the resources needed to invest in technology. That’s why NextBroker includes commission tracking tools to identify missing payments and help create commission statements for employees and outside sub-agents.

Agency management systems should make it easier to obtain quotes, send out proposals and submit enrollment forms. NextBroker does all that.

The Trailblazed Sales Project Study shows that one reason High Growth Producers sell more than others is that they do a better job of marshaling their resources. This includes investing in their agency when it’s needed.

To see why NextAgency may be the agency management system your agency needs, please visit NextAgency.com. Better still, see a demonstration of NextAgency in action by registering for one of our regular webinars. And see how our agency management system can lead to sales success.

We Built NextAgency For …

We Built NextAgency For …

by | Oct 19, 2017 | NextAgency, NextBroker

Let’s call her Jane, but we could call her Tom, Dick or Mary. There’s a lot of health insurance agents like Jane. She’s successful, yet dealing with all too many, all too common problems.

Commissions are falling so she needs more clients just to stay whole. With all the news and regulatory changes coming out of Washington, those clients need more service than ever. Jane already works hard. She knows working harder isn’t the answer. She needs to work smarter.

Meanwhile, information is flowing in from everywhere. Getting the right person (whether a colleague, client or carrier) the right information at the right time is a Herculean task. She has the information … somewhere. Maybe on that Post-it or in that folder? Maybe it’s in a spreadsheet, but which one? Or is it on that scrap of paper on her assistant’s desk?

Health insurance agents without NextAgency

There are days Jane feels like she and her team spend more time tracking down data than they do selling to prospects and servicing clients.

Worse, time spent tracking down information is time spent away from her clients. Which means too often they only hear from her is when they call with a problem or at renewal. You know, when Jane is dealing with bad news. Jane knows this is no way to build client loyalty — and that she needs that loyalty. Her world is full of competitors seeking to pry her business away.

What Jane needs is a simple, affordable solution that allows her to better manage her agency while reminding her clients of the value she delivers to them every day.

Fortunately, that’s exactly what we built NextAgency to do.

NextAgency Solves Problems

NextAgency provides Jane with NextBroker, a powerful yet intuitive agency management system that keeps all the information her agency needs in one place, accessible from anywhere there’s an Internet connection. This means all the forms and notices, quotes and notes related to every prospect and client is organized and close-at-hand. NextBroker even helps Jane track commissions and pay her sub-agents. All of which is good news for Jane’s agency, but bad news for the Post-it people.

Health insurance agents with NextAgency

We built NextAgency for health insurance agents Jane – for agents like you. If you’re looking to build a more effective and efficient agency and a way to provide your clients with consistent and appreciated value, you need to see NextAgency in action.

That’s easy to do. Just register for one of our regular webinars. And visit our web site to see how affordable NextAgency is … especially with the 50% off we’re offering through the end of the year. We’ll even get your agency data uploaded into NextAgency – also for free through the end of 2017.

NextAgency saves brokers time, money and clients. If that’s something you’re interesting in doing, we look forward to talking with you soon.

Has Your Agency Management System Kept Up?

Has Your Agency Management System Kept Up?

by | Sep 6, 2017 | Agency Management System, CRM, NextAgency, NextBroker

If your software is working for you, why would you change it?  (Hint, you shouldn’t). Insurance agents have been using technology to gain a competitive advantage since the 1980s. The general agency I started my career at, Multiple Services Inc., used a Radio Shack TRS 80. Yes, the one with eight inch floppy disks. And 64k of memomory.  If you’re ever in Boston, check out Science Museum’s computer exhibit. You’ll see one there.

Looking for an Edge

Insurance sales is a competitive business and any edge is a welcome one. Back in the 1990s agents realized that customer relationship management (CRM) software and agency management systems could provide that edge. A lot of those who focused on health insurance gravitated toward Goldmine or ACT. These were all-purpose platforms, but with some customization they worked well for agencies. Over the years insurance specific competitors joined the fray like GBS and Gen4. They all had something to offer and all delivered on their promise: to help brokers organize their business so they could sell and service more effectively and efficiently.

And these were just the more popular ones. There were others. Lots of others. Many failed to gain much of a following, but those who used them were passionate. Some gained prominence only to quickly fade. Many are still around.

If you’re using one of these systems and they’re working for you, there’s little motivation to change. The question is whether software that did the job in 1990 or 2000 is up to the task in 2020 and beyond. If they’ve adapted to changing times that’s great. But ask yourself, is the software accessible from wherever you are? Have they made themselves easier to use? Do they protect your and your clients’ data? Do they integrate with your email system? Do they help you keep your commitments? If not — or if you’re unsure — that should be of concern.

The Times They are a’Changing

Your prospects and clients are more demanding. They expect you to have immediate access to information and forms. You and your colleagues need to collaborate like never before. Your software has to do more and run faster. And it has to be designed well so it can work on your computer, be it Windows or Mac

If you’re using CRM or agency management software, you’re already ahead of the game. If you’re platform of choice looks, acts and behaves like it did five, ten or fifteen years ago, however, maybe it’s time to see what’s new. As you’re reading this post on the NextAgency blog you’re no doubt aware that we’re relatively new. NextAgency is an intuitive, modern agency management system with CRM and commission management tools that saves life and health agencies time, money and clients. It’s just another way we help you add value to the products you sell.

If you’re using an older system there may be no way to know what you’re missing. It’s not like your current vendor will tell you they’ve fallen behind the competition. So see for yourself. NextAgency offers regular demonstrations where you can see what’s new. To register for one, just visit our website at  www.NextAgency.com. Then click on the Get Demo button at the top right hand corner of the page. Choose your date for a webinar. You may find your current system has fallen behind the times. Maybe it’s time to catch-up with a modern agency management. You know. Like NextAgency.