I said to my staff the other day. We’re doing a great job at maintaining. And I meant it! We stopped to acknowledge the clarity and efficiency of our workflows, the proactive approach we’re taking and therefore the greater attention we’re providing to our customers and other improvements we have made to increase our retention levels.
But I also said, let’s recognize that if we’re doing superbly well at maintaining, it still means that we’re going backwards.
There is really no such thing as maintaining. Insurance policies are going to drop off. – People move, sell their homes, get married or divorced, close or sell their business. People die, etc etc. In addition, rates go down or we make adjustments to policies which lower the rates. If we’re only maintaining, it really means we’re going backwards.
What I asked them to do is to be in growth mode. We all need to be thinking and doing the things that will cause us to grow.
It starts with having a growth mindset!
I asked them to join me in shifting our mindset from one of maintenance to one of growth. It really is easier to be in a growth mode with momentum on our side than when we are trying to maintain our position.
I realize this to be true even when I try to maintain my weight. It’s harder to maintain it than when I’m trying to lose weight. When my goal is to maintain, the tendency is I put on and then have to take off weight again over and over and it becomes like the yo yo effect, with my weight going up and down and over time I usually end up putting on more than I lose.
With our teams, everybody can get involved in this. You don’t have to be a salesperson to be in a growth mode. As you add value to people in whatever capacity you serve you will gain influence with them and can ask them about their other business or find other ways to contribute towards making growth happen.
A great example is we have many customers who have their home insured with us but not their auto. We can change that by asking about their auto insurance more often.
We have many personal lines customers I’m sure, who have businesses or who make insurance buying decisions for their company and they’re not doing that with us. What about their boats, jet skis motorcycles and RV’s. I wonder how many of our customers have these insured elsewhere?
It’s a mindset. But it also makes good business sense! Think of the business we’re missing out on!
To be in growth mode in our case means placing additional policies with our customers. It means finding out more about them and implementing more ways of getting them engaged with us. It means growing and cementing the relationship. If we’re doing so well for them on their existing coverages we should be asking them for their other policies. We should be asking for referrals and everybody can get involved in that.
What does being in growth mode mean for you?
Maintaining or going backwards?