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Six Key Processes Within the Beyond Insurance Model

February 4, 2019

Editors Note: Previously, we looked at processes and the important role of process improvement . In today’s article, we look closely at the six key processes that make up the Beyond Insurance Model. As a coaching and consulting firm, Beyond Insurance drives top-line growth of insurance organizations through a systematic process of differentiation, innovation and transformation.

Process #1 – Customer Loyalty Benchmarking

In today’s challenging marketplace, it is essential that you develop the capacity to define, measure, and manage customer loyalty.  The “loyalty effect” is created when your customer becomes an advocate and evangelist of your offerings.  Loyalty is the key to profitable growth.  Research substantiates that there is a 25 to 100 percent increase in profits from just a 5% increase in customer retention.  Firms with the highest customer loyalty typically grow at more than double the rate of competitors.

Beyond Insurance has developed a step by step process to enable you to gauge how customers feel about your customer experience journey.  Your ability to benchmark customer loyalty translates into organic growth indicators including, but not limited to, retention, cross-sell opportunities, and referrals.

Process #2 – Cross-Sell

Cross-selling is one of the easiest and most effective means of marketing.  It is a key component of growth, profitability and agency value as it increases customer retention and decreases the likelihood of switching to a competitor.

While the majority of steps in the Beyond Insurance process involves exposure identification encompassed in a client-focused “discovery process,” the stewardship review has proven to be the most opportune time to cross-sell.  Beyond Insurance recommends that the stewardship review is conducted at the six-month point of the renewal process and is focused on deepening customer relationships.

Process #3 – Stakeholder Intimacy and Relationship Management

The Beyond Insurance formula also includes a process to deepen relationships and enhance intimacy with key stakeholders – clients, carriers, staff, centers of influence, prospects and your community.  The process responds to the following five questions:

  1. Why is this category of stakeholder so important to my agency?
  2. What is the stakeholder’s primary need?
  3. What is my agency doing now to deepen relationships and enhance intimacy with the stakeholder?
  4. What additional strategies may be employed?
  5. What will be the outcome?

Relationships just don’t happen.  They evolve over time.  And, quality relationships are rooted in rich soil consisting of a blend of mutual trust, respect and shared values.  When fully grown, relationships produce bonds and connections that enhance both parties’ opportunity to succeed.  Research indicates that 88% of executives view the strength of client relationships as the primary reason revenue goals are achieved.

Process #4: Consultative Sales

Much like a physician, an insurance agent must consult and diagnose the risks facing its prospect or client before treating with insurance products.  Consult is best defined as “exchanging views, ideas, or information in a discussion.”  To diagnose infers ascertaining the cause or nature of the disorder from the symptoms.  As a doctor cannot properly treat the patient without first consulting and diagnosing, it is no different in the world of insurance and risk management. 

In The Challenger Sale, Matthew Dixon and Brent Adamson convey that “surveys of customers consistently show that they put the highest value on salespeople who make them think, who bring new ideas, who find creative and innovative ways to help the customer’s business.  In recent years, customers have been expecting more depth and expertise.  They expect salespeople to teach them things they did not know.”

Beyond Insurance recently unveiled the Intelligence Quotient for Risk Management (IQRM) – a quantifiable risk assessment tool consisting of a systematic process to better understand the risk issues facing an organization.  It also benchmarks performance against ideal industry standards and facilitates the design of risk control and mitigation strategies.

Process #5: Prospect Research and Qualification

A strategic prospecting system starts by having a clear picture of your ideal prospect supported by a strategy map to determine:

  • The industry and product knowledge you must gain
  • Where to spend your time and energy
  • People who are willing to connect you to the ideal prospect
  • Products, services, and resources needed

It is best supported by a compelling value proposition, risk assessment process, phone and first interview scripts, social media strategy, and a pipeline management plan.  The Beyond Insurance model empowers agency leaders and producers to design and build a prospect pipeline process that includes a referral network of enthusiastic clients, centers of influence, and carrier representatives who are primed to assist.

Last but not least, your prospecting system must include metrics to keep activities on track.

Process #6 – Brand and Brand Management

A brand takes the form of a name, design, style, symbol, process, and behavior of people used singularly or in combination that distinguishes one from another in the eye of the customer.  While there are many ways to create a strategic personality for an agency, Beyond Insurance suggests that you feature a risk assessment process supported by a trademarked name.

The process of brand and brand management includes developing a promise, making the promise tangible, and maintaining it.  It also involves the analysis and plans on how the brand will be perceived in the market.

Your agency’s brand is also viewed through the values, behaviors, beliefs, attitudes, and underlying assumptions shared by you and your team.  It is the outcome of a set of rules for working together and is so powerful that it shapes your work environment, business relationships, and ultimately, how your customers view you.  Beyond Insurance uses an eight-step process to define employee behaviors (fundamentals) that drive success and establish rituals that impact brand.

Your process improvement efforts will have a profound impact on your life.  “The scoreboard has nothing to do with the process.  Each possession, you look across at the opponent and commit yourself to dominate that that person.  It you can do this…if you can focus on the one possession and wipe out distractions…then you will be satisfied with the result.  There are two pains in life.  There is the pain of discipline and the pain of disappointment.  If you can handle the pain of discipline, then you’ll never have to deal with the pain of disappointment,” says Saban.

The power of process!

About the Author

Scott Addis, CPCU, CRA, CBWA is the CEO of Beyond Insurance and is recognized as an industry leader having been named a Philadelphia finalist for Inc. Magazine’s “Entrepreneur of the Year” award as well as one of the “25 Most Innovative Agents in America.” Beyond Insurance is a consulting firm that offers leadership training, cultural transformation, and talent and tactical development for enlightened professionals who are looking to take their practice to the next level.  Since 2007, the proven and repeatable processes of Beyond Insurance have transformed individuals and organizations as measured by enhanced organic growth, productivity, profitability, and value in the marketplace.

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