We all believe in it and swear we do it, but my experience is that your agency is not as good as you think. That’s not to say your intentions aren’t good, and you don’t have great salespeople, but unfortunately monoline happens.
Years ago, I picked up a little trick that is unbelievably simple to implement with an ROI like you won’t believe.
I have tested myself, and many agencies I work with who implemented it were equally surprised by the results.
It is uncomplicated. Low-tech. Old-School. Magic.
It will make customer pick up their phones, and call you.
Here’s the secret:
A good old-fashioned blank pre-stamped USPS postcard.
Here’s what you do:
1. Generate a list of all monoline customers (either from your management system or company partners).
2. Go to your local post office, and buy the blank cards.
3. Assign the project to someone in the office.
4. Break up the list into manageable chunks. Perhaps 10-20 per week. You will easily get 30-60% response rate, so plan accordingly.
5. Every Friday, hand write and address each card. The prepaid postcard must be handwritten and be personalized from the staff member that the insured will recognize, and should say:
“Everything is ok but please call me Wednesday morning regarding your home and auto policy, and, if you can, have them handy when you call” Beth xxx-xxxx ext x
6. On Monday and Tuesday, begin prepping for the calls by calculating % savings if you can account round them, and practicing a sales script
7. On Wednesday, when the insured calls, and the majority will call (some prior to the appointment date), in a CSR/Producers own words, inform them that they:
“can receive a x% discount on their current homeowner policy if they place their auto with you as well. You will most likely be able to save several hundred dollars on your auto policy alone. Do you have a few minutes to discuss your auto policy or would it be more convenient to fax me a copy of the Declarations Page? That is the page that shows the make and model of your automobiles along with what coverage’s you presently have.”
You will be shocked at how this work. For the greatest success there are a couple best practices. First, make sure you hand-write everything. This has been tested and handwritten notes always outperformed typed or a mix of typed and handwritten.
Second, block off time each day to do something related to the project. This will keep it top of mind, and allows keeps momentum from waning.
If it sounds too good to be true, try it for a month and I promise you will finish the project.
Happy Account Rounding & Be Productive,
* for clarity’s sake I will use two different terms on this topic: Account Rounding and Cross-Sell. Account Rounding is writing multiple lines within the same department such as PL, CL, or Life/Health. Cross-Sell is writing policies across department, such as cross-selling a PL policy to a CL customer.