Referral Selling and Increased Conversion Rates: Insurance

Referral Selling and Increased Conversion Rates

Using Referral Selling to Increase Revenue at an Insurance Company

Client Case Study

Situation — Referral Selling and Increased Conversion Rates

This California insurance brokerage faced increased competition and declining sales.  The conversion rate of prospects to clients was below 30 percent and Salespeople were not active in the community and were “dialing for dollars” with minimal success and low engagement.

Complications — Referral Selling and Increased Conversion Rates

  • No Collaboration
    Account executives and brokers were not referring business between departments.
  • Weak Brand Positioning
    Clients were unaware that the company was a full-service insurance agency.

Approach

  1. Strategy Retreat
    Held a strategy retreat to make sure the team understood the mission statement and set standards for referring business between personal, medical, and commercial lines. The company updated technology so that client information would be available to all.
  2. Process Changes:
    • A bonus program was instituted for the most referrals in a month.
    • Referrals are tracked and reported weekly.
    • There is new account handoff process between the production and servicing teams.
    • There is new criteria for hiring — insurance professionals join a referral organization.
    • Everyone has joined community and professional groups and is actively networking to build relationships.
  3. Referral-Selling System:  The brokerage:

Results

  • 66% increase in conversion ratio of prospects to clients.
  • More new personal lines customers have become clients than ever before.
  • Clients understand what it means to work with a full-service insurance agency.

Related Information

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Pratiksha Patel
Assistant Vice President Talent

L'Oreal

The sales strategy and goal setting session was right on target. It was a very valuable process that I highly recommend to any sales team looking to increase performance.

Thank you LSA Global!

Phil Rosenberg
Senior Vice President of Sales

We recently hired LSA Global to help take our sales team to the next level. Specifically we focused on targeting the ideal client, differentiating our solutions, getting more qualified leads, and closing a higher percentage of our pipeline through a proven referral selling methodology.

So far, the results from the business sales training have been great. We were pleasantly surprised with the results-oriented approach and thoughtful follow-through plan to ensure that the new sales practices “stick.”

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Patrick Arnold
President

Filice

We value the relationship we have with LSA Global. They customize and deliver top quality sales solutions when we needed them. They pay special attention to ensuring the solution fits our unique needs, business, and culture.

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Manager, Worldwide Sales L&D

AMD

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Cindy Steffen
National Manager, Telesales

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LSA Global identified the critical strategic actions to improve overall sales performance and then designed and delivered world class business sales training across the globe to help increase revenue and margin.

I’m so happy we took a more strategic approach to sales performance with LSA.  Thank you for making this fit our culture.

Kim Benson
Director Human Resources

Trimble

ServiceSource has relied on LSA Global’s expertise for a variety of core initiatives, from strategy design and implementation, to business sales skills, to sales coaching. We recently engaged LSA Global to create a competency matrix for our inside sales team that will serve as our roadmap for employee on-boarding, development, succession planning, and retention.

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PMO and Outside Sales Operations
Senior Vice President

Service Source

We selected LSA over a handful of other experts to assist with a key sales leadership imperative. LSA added value every step of the way throughout the entire engagement. Their customized approach to sales presentation training exceeded expectations, and we are excited about global implementation across our offices in more than 100 countries.

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Eric Mugele
Executive Director Global Learning

Grant Thornton

LSA Global has been a great partner in helping us move toward being “the leading developer of talent in the service performance management industry.”

I have engaged LSA to help develop best-in-class programs in the areas of: Executive On-boarding, Manager Training, Sales Training and Coaching, Employee Engagement, and Instructional Design.

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Mike Normant
Senior Director, Training & Development

Service Source

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Vivian Mackintosh
Vice President of Materiel

Space Systems Loral

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Anthony Lanham
SVP, Sales North America

Jumio-Logo-LSAGlobal

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I am very happy with the value we have received and would highly recommend LSA to others looking to improve their sales negotiations results.

Jeff Bizzack
President

Service Source

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Hinda Chalew
Vice President of Marketing

LSA Global rocks! Thank you for helping our executive team get aligned by creating a powerful and clear strategic direction and go to market sales growth plan that we could all fully commit to.

From a sales growth perspective, I am really energized about the outcome and grateful for what I have learned throughout the strategic clarity facilitation process.

Stacey Wong
VP Sales

Servicon-Logo-LSAGlobal

We engaged with LSA Global to help our sales team identify opportunities to accelerate our commitment to sales excellence. The facilitator’s shared passion for our goals created a foundation for sales skill adoption, as did LSA’s keen understanding of our unique business environment.

This insight allowed LSA to deliver customized and impactful business sales training workshops which were adapted to reflect our specific business dynamics and provided our employees with the sales models and tools to leverage on every call with customers.

Grant Clarke
Director Client Delivery

Service Source

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