Many advisers recognise the benefit that growing a GI book of business can deliver in terms of customer retention and growing their bottom line.
However, from my experience in speaking with brokers, it appears that whilst the desire is there many have yet to fully grasp how to go about growing their GI business.
They say that in business you should “never invite the enemy into your own front room” and “always ask for business”.
When I was a broker there were no magic beans from which to grow my business, so I carried these mantras with me as I sought to ring-fence my loyal customers and cross-sell services to them.
Getting more from existing clients is cheaper and easier than finding new ones and cross-selling need not be as daunting as it sounds. Understanding the needs of your existing customers is a good starting point.
Embrace the wide variety of insurance needs they have e.g. for a self-employed client, as well as offering home insurance, quote for their business insurances as well.
Incremental business is there, it makes good sense to write it, but most importantly it is good for clients.
Writing GI isn’t difficult. Good day-to-day business habits and tailored marketing campaigns will do the trick. Here are some pointers:
Day-to-day:
• Ask permission to quote – at interviews, ask customers if they would like some “cost options”
• Ask for info – add questions to your fact-find e.g. when is their home insurance due and who is it with? If they run a business, ask about their business insurance. If they have investment properties, again ask. It costs you nothing to ask and trusted clients are likely to give you this information if they think you can help them save money
• Search the market – obtain quotes from providers, or use a panel provider who will do this for you
• Consider introducing – get help from your GI provider and ask about their introductory service. You’ll still earn a commission, ring-fence your customer, boost customer loyalty, and improve your bottom line
• Diarise – contact one month prior to renewal
Campaigns:
• Use flyers – hand these to customers visiting your office, insert them into outgoing mail, and send as e-shots
• Use product marketing letters – email these to clients and ask for renewal dates
• Build lead data into your diary system
Remember, if you don’t tell your customer about the services you offer no-one else will! There’s nothing complicated about building a book of GI business. The products are straightforward, and providers will support you.
Customers will be grateful, and their loyalty will be enhanced. The recurring income stream increases both your income and the value of your business.
You don’t need magic beans to grow your GI tree, just adopt good business practices and don’t be afraid to ask.
