Insurance Agency rule Scoring

Many insurance agencies have not in addition formalized their rule scoring system. This is a worthwhile endeavor for all agencies, and one which should be revisited every year, while tracking the return on investment of their marketing programs.

What is rule scoring? It is a methodology used to rank prospects against a extent, and then assign a value to determine interest level and dispensing. For example, let’s say a trucking insurance rule appointment arrives at your agency. This rule is with an owner of 15 strength units, they use company drivers, and they are unhappy with their carrier. Perhaps your rule scoring system falls on a 1 to 10 extent, and this rule is scored an 8. What might receive a higher score? And what types of leads are outside of profile, and what score would they receive? Perhaps prospects need to score an 8 to appear on your producer scorecards.

Is the rule distributed to producers by territory? Does your rule handling course of action vary by kind of rule, product or prospect? For example, are commercial leads separated by large and small business, by industry or product? Are assistance leads parsed by groups over and under 50? And does your agency have a tracking system in place to determine how many leads showed for the appointment, moved into the pipeline, received quotes and ultimately transform into new business?

Salespeople, sales managers, producers and other business people often refer to prospects in vague terms such as: new, warm, hot, cold, likely, qualified, etc. These terms do little to better understand a sales pipeline or convey likelihood of buy to other members of the team. Agencies can consider creating a simple prospect scorecard to resolve this issue and quantify their rule scoring. Formalizing rule scoring offers benefits such as:

  • Helps Producers create ideal attributes to form a buyer persona
  • Creates a simple numeric system to leverage your buyer persona
  • Assigns numeric values to rank your best prospects
  • Creates a simple qualification acronym to determine likelihood to close

What should be included in a prospect scorecard?

Use a prospect scorecard to quantify your approach to pipeline building. Some attributes of your ideal client might include revenue, growth rate, client kind (business or consumer) and market niche. For example, are you targeting companies with $5m to $10m in revenue? Are your best prospects fast-growing firms, trucking companies, manufacturers or consumers?

If you’re selling to consumers, are they high net worth, middle-income, millennials or senior citizens? Are your prospects in a specific niche market such as banking, insurance, biotech, consulting, education, etc.? Create a scorecard with your ideal attributes and a customized qualification abbreviation to help you determine if you’re selling to an in-profile prospect.

Insurance agencies and brokers seeking to get to the next level with their insurance marketing and rule generation, but lacking the internal resources to unprotected to their marketing goals, can reach out to a proficient insurance agency marketing firm.

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