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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Assistant Vice President Talent

L'Oreal

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Director Client Delivery

Service Source

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North America Sales Training Manager

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Senior Director, Training & Development

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SVP, Sales North America

Jumio-Logo-LSAGlobal

We evaluated 6 well known sales development partners in the market. We ended up selecting LSA global because of their unique ability to get results selling solutions.  They also had the strongest assessment, implementation, measurement, coaching, and global capabilities .

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HR Manager

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President

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Director of Merchandising

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Director, Global Sales & Technical Field Enablement

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Vice President of Marketing

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Chief Operating Officer

Nelnet

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Director of Sales

Cutera

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