Referral Selling and Increased Conversion Rates: Insurance

Using Referral Selling to Increase Revenue at an Insurance Company

Client Case Study

Situation

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

  • 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.
  • Ambiguity: The vision and mission statements were not clear to every employee.

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 an account handoff 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:
    • Committed to a referral selling strategy from the top
    • Trained salespeople in referral selling methodology
    • Set up and tracked and rewarded referral selling metrics
    • Coached and reinforced behaviors

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

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 .

We’ve had such strong feedback from the executive selling program that there are requests to roll it out within the Marketing, Product Management, and our Leadership teams.  Thank you LSA!

Stephanie Lucey
HR Manager

LSA Global demonstrated excellent expertise in sales and sales leadership, spent the time required to make sure the objectives were clear, and showed flexibility in shaping and sustaining everything that they did.

They “MEDRADized” the session to meet our unique needs, looked beyond the obvious, and got the key points across in a way that made sense.  Thank you!

Doug Stantial
North America Sales Training Manager

Originally, we launched a RFP to partner with a sales training provider to improve the sales skills of our global distributor network.

LSA Global challenged our thinking by suggesting we focus on the systemic sales strategy, culture, and talent factors that create sales success before we invested in the more symptomatic needs of sales skills and knowledge.

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

LSA was instrumental in making our worldwide sales meeting a success. They saved me a ton of time with ‘best in class’ solutions to meet our business objectives. Whenever I’m in a pinch, I can count on LSA’s dynamic team of sales trainers and consultants to really go the extra mile.

They truly understand the meaning of customer delight.  Thank you!

Amy Walker
Manager

Seagate

LSA custom designed and delivered the best sales training session that I have ever attended.

They focused on our industry, our customers, and our competitors. The materials and facilitators were world class.

They were passionate about helping our global sales force understand the fundamentals necessary to be successful and not leave money on the table.

I recommend them to any sales force looking to drive profitable revenue and beat the competition.

Carl Dickenson
Director of Sales

Cutera

We hired LSA to help align our sales strategy with our business strategy to sustain our hardware business while driving high growth in software and services. LSA’s ability to measure our level of strategic alignment, pinpoint areas of leverage and get the entire executive sales team to agree upon what matters most exceeded our expectations.

I would recommend them to any sales leader who wants to drive sales performance.

Dan Dica
SVP Worldwide Sales

OneSpan-Client-Logo-Technology-Cyber-Security-LSA-Global

LSA always delivers the right sales and sales management solutions to meet our unique needs. I especially appreciate their ability to deeply understand our business and our culture so that they can design the most valuable and impactful outcomes for us and our clients.

Sarah Parks
Senior Project Manager

Hyperion

LSA’s customized Effective Presentation Skills program has helped us elevate our presentation skills to the next level. I personally now have a much greater self-awareness of my presentation skills and can leverage my strengths while working to improve upon other areas.

I definitely recommend LSA Global to anyone for whom presentations are an integral part of their job.

Jim Elliott
Senior Marketing Manager

Samsung

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

The sales negotiations training program was awesome. The facilitator was excellent. We are immediately able to see the relevance and apply it to our specific. The preparation and energy was very apparent. The facilitator did a great job keeping everyone engaged and focused on what mattered most to our success.

I am very pleased with the results and like the very relevant and applicable sales negotiations tools. Great job!

Jack Lord
Vice President of Sales

Blackhawk Network

LSA’s introduction and continuous reinforcement of the MEDRAD objectives, vision, and mission were very impressive. The majority now understands and is openly able to verbalize these key items.

LSA did a wonderful job introducing the importance of sales coaching and reinforcement and was able to keep everyone focused.

Cindy Steffen
National Manager, Telesales

LSA is an excellent sales and leadership outsource partner! They listen to our needs, are responsive, and work at a pace that keeps up with our rapid speed.

We have found LSA to bring strategic, innovative, and practical solutions to meet our business priorities by partnering effectively with our key staff. I consider them to be an important external extension of our team.

Thank you!

Wendy Chinn
Sr. Director, Global Sales Enablement

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

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.

They have consistently met or exceeded my (very) high expectations and are always responsive to my needs to increase performance, engagement, customer satisfaction, and sales growth.

Mike Normant
Senior Director, Training & Development

Service Source

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.

The custom strategy and design session exceeded our expectations. They really understood our business and delivered within tight time frames. They were the best I have seen for this type of complex, visible, and strategic work.

LSA’s ability to get a group of 20+ executives from around the globe on the same page, push their thinking to new heights, and ensure an executable plan was excellent.

I would recommend LSA to anyone looking to take their strategy and strategic execution to the next level.

Rob Sturgeon
EVP Client Delivery

Service Source

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