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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Director of Sales

Cutera

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LSA delivered exactly what we needed and exceeded our expectations.  Thank you.

Hinda Chalew
Vice President of Marketing

LSA has consistently delivered top notch value to Seagate’s Corporate University Program. The level of facilitator involvement and continuous program evolution has kept the sales negotiation training engaging, relevant, and impactful.

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Geoff Purnell
Sales Executive, Seagate Data Recovery Services

Seagate

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PHR, Manager - L & D

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Manager

Seagate

We recently hired LSA to help us take our client delivery methodology to the next level as we continue to grow and help our clients succeed.

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EVP Client Delivery

Service Source

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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Thank you!

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Sr. Director, Global Sales Enablement

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

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Senior Director, Training & Development

Service Source

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Kim Benson
Director Human Resources

Trimble

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Senior Marketing Manager

Samsung

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National Manager, Telesales

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’s sales negotiation training and assessment process provided the sales negotiation tools and practices that have significantly enhanced our negotiations process. Their facilitators understood our business, its challenges, and framed the learning in a way that we understood.

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

We selected LSA Global over several other sales experts based upon their ability to clarify and align our sales strategy, their expertise in identifying the critical sales scenarios necessary to meet our growth targets, and their willingness to stand behind the results with targeted sales management training and coaching and a pay-for-performance guarantee.

They have become an integral part of my sales team as we rapidly scale. I would recommend them to any sales  leader looking for a true partner.

Anthony Lanham
SVP, Sales North America

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