Building an Insurance Agency Dynasty

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Complete Video Transcript
8:06
now we focus on hiring a Rainmaker this is a person
8:10
who solicits auto on fire they make sales happen they’re not working
8:15
internet leads they’re not working paid advertised leads or anything
8:19
they are making sales happen by their networking
8:22
and generating things and so that person
8:25
allows the agency to grow now it’s a very specific type of person
8:30
and there’s a certain way to pay the opportunity where you can give them
8:33
a huge financial opportunity so the want to grow the agency
8:37
but basically this is a person that makes sales happen
8:41
and they’re not focused on servicing the book they’re not focused on multi-line
8:45
they’re focused on simply making sales happen for the agency
8:49
once you have this person now you can start growing the agency
8:54
and as the agency grows over time when you look to do
8:57
is first you wanna hire another one of them once you have these
9:02
to rain makers in place now they’re really adding a lot of PNC opportunities
9:06
to the agency
9:07
and you could hire another multi-line sales person if you wanna
9:11
war if you’re able to develop this type of person
9:15
you can bring on a client review specialist now this is not
9:19
just a wife health specialist that pounds the phone trying like hell sales
9:22
this is a person that number one they can convert at a higher multi-line
9:27
racial because they’re more skilled
9:29
and you’re able to do things like conduct folk art reviews
9:32
give many seminars in the agency this is a personal
9:36
first-rate expertise maybe this is a person who’s aspiring to be an agent
9:39
maybe this is a person who has the always the town 7 ensure it simply
9:44
doesn’t want to be an agency owner
9:45
so this is a top-level person not allows you to have
9:49
even more multi-line sales opportunity in your agency
9:52
which of course is helping to generate more like health sales and retain the
9:56
business that’s already in your book
9:59
so the rainmakers feed the PNC sales
10:03
to that Financial Services Representative slash
10:06
review specialist to help you grow the multiline cells in your agency
10:13
and then finally if you wanted to you could bring in an office manager
10:17
slash personal assistant and that’s the person that can really help free you up
10:22
as an agency owner
10:23
and allow you to do what you want to add your free time sure you still need to be
10:27
involved in the agency
10:29
but really that’s the person that make sure that
10:32
the operations that you set in place the system’s the processes continue running
10:37
and that allows use the agency owner to have the freedom
10:42
so this is the simplest way to grow a dynasty
10:45
in the most efficient and effective way to lead to the quickest growth
10:48
so many agency owners focused first on just writing a lot of auto on fire
10:53
and they’re not as focused on multi Michelle get a multi-line later
10:57
what happens if your laps rates are really high
11:00
if your agency lapse rate is let’s say twenty five percent
11:04
that probably means relapse rate on your new business is closer to forty or fifty
11:08
percent
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and you’re gonna grow to very slow rate so all this energy
11:13
and literally all your youth as a businessperson
11:16
is being put into a machine her business that’s not retaining
11:20
words if you simply make sure okay before really scale up to grow
11:24
we’re gonna make sure a multi-line is a good percentage at least 15 to 20
11:28
percent
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we’re gonna make sure that the clients like this in a stay with us and we have
11:32
a good lapse rate
11:33
were keeping eighty-five to 90 percent for clients on retention
11:38
and by doing that you’re allowing yourself to keep clients longer so now
11:42
when you scale up
11:43
and turn on the faucet and really start marketing and
11:47
pain for advertising and leads or whatever it is that you’re doing to drum
11:50
up business
11:51
now that business is sticking and it’s worth so much more to you
11:55
because a client that stays on let’s say with a 10 percent lapse rate
11:59
will stay with you for ten years a car that’s a twenty-percent lapse rate
12:04
that means are always stay with you five years that’s five years lost
12:09
at that 20 percent locks road so again first we get the
12:12
agency efficient and multi-line and then we scale
12:18
so that
12:19
how you build a dynasty step-by-step this is the first video
12:23
in our agency compensation blueprint series if you’d like to access the
12:28
other videos please click on the link below or go to
12:32
smart bonus system dot com slash
12:36
blueprint on that site you’ll also be able to access
12:40
the presentation slides if you like and ask us questions and get additional
12:44
input as well
12:45
thanks again for listening we look forward to helping you
12:48
drive automatic production to maximize your agency income