Vision - Step #1 to Creating an Automatic Insurance Agency

The first step to creating an Automatic Insurance Agency is to create your Automatic VISION.

We'll show you how to ( 1 ) make sure the agency is supporting your top 3 goals and ( 2 ) working to optimize your business model's natural sales process.

 

 
 

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Summary

There are 12 steps to creating an Automatic Insurance Agency.

The first step is to create an AUTOMATIC VISION.

Here we focus on what we call XYZ GOALS.

1.       How much money do you want to make?

2.       How many hours do you want to be working each week?

3.       What type of work do you want to be doing?

Virtually everything in the agency must support these 3 goals or be significantly changed.

The second piece is to acknowledge the nature of the BUSINESS MODEL.

  • Some clients only want help with their assets (car & home). If we offer them a multi-line client review or a questionnaire to learn more about them, they’ll decline.
  • Others want to know if their family income is protected, which might lead to life, health, disability, long-term care insurance and other related sales.
  • Some clients want to make sure everything is taken care of in their insurance portfolio plus their financial portfolio.

When you can have a process that filters the client based on their interests, it becomes the cornerstone of your vision and your sales process… and the foundation of an Automatic Insurance Agency.



FULL TRANSCRIPT

Hi, Wade Galt here. Founder of Insurance Agency Mastery and creator of the Automatic Insurance Agency Coaching Program where we help Multiline Insurance Agency Owners Make More Money… In Less Time, Doing What They Do Best.

There are only 12 steps to creating an Automatic Insurance Agency and in this video series, I'm going to teach you a little bit about each of them.

The first step is to create an AUTOMATIC VISION. When most entrepreneurs start a business, they do it for three main reasons. They want more money, more time, and more freedom. They want greater income, time flexibility, and the freedom to do what they want at work and outside of work.

 So we focus on three things, we call them the XYZ GOALS.

1.       How much money do you want to make?

2.       How many hours do you want to be working in an average week?

3.       What type of work do you want to be doing?

 
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If these 3 things are going well, everything else doesn't matter as much, so long as everything else in the agency is steady (i.e. lapse rates / customer defection rates and how you're growing your agency).

If these 3 things are not going well, it almost doesn't matter how anything else is going, because if you're not making the money you want, not working the hours you like, and not doing the type of work you'd like, all the pins, points, plaques, company bonuses really don't matter.

So the first piece is to have a VISION that's focused around what you, as the entrepreneur, the agency owner / business owner want.

The second piece is to acknowledge the nature of the BUSINESS MODEL.

 
 

If you're a multi-line insurance agency owner, a huge part of your income is coming from property and casualty, auto insurance, home owners insurance, other fire insurance, umbrella policies, and so on.

Some clients only want help with their assets (like this red group here). They are the people that only want an ASSET PROTECTION SPECIALIST.

If we were to offer them a multi-line client review or a questionnaire to tell us more about what's going on with them, they would decline. They'd say, "Not interested, thanks I just want the auto and the fire part." So we can have asset protection specialists in your agency that help with those people. And that's all the asset protection specialist needs to do.

On the other side, there are some clients (blue section) that'll say, "I want to know what's going on and to make sure that my family income is protected," which as we know, might lead to life insurance, health insurance, disability insurance, and long-term care insurance sales, and other related sales.

Some clients will go a step further, like in the top left group (green section), and say, "I want to make sure everything is taken care of, my insurance portfolio. I want to make sure that I'm managing my assets and liabilities and my income and my expenses in the right way to get me towards my dreams." Some of that might involve saving and financial service products which you as the insurance agency owner might or might not sell, but it's still relevant to your client. And so, some of those clients want that deeper conversation, and they want to look at their whole situation.

When you can have a process that filters the client, so they raise their hand for what's most important to them... and that's the cornerstone of your vision and your sales process… it becomes the foundation of an automatic insurance agency as you're going to see in the second video about ROLE CLARITY where you’ll see how we match up team members to then serve these clients' needs.

If you'd like to learn more about this step, and learn deeper about the other steps, go to AutomaticInsuranceAgency.com  and opt in for the video to learn more about the 12 steps.

If you have any questions, please let me know.

As always, we look forward to helping you Make More Money… In Less Time, Doing What You Do Best so you can enjoy the life and lifestyle you most desire.   Thank you.

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