If you’re running an insurance agency, setting performance objectives can be challenging. Many insurance companies like to focus on sales goals. However, the insurance industry is cyclical, and forces outside of your control can affect sales. Tracking sales alone may not provide accurate feedback on your company’s performance. So don’t focus on sales and revenue alone. Here are three other areas to consider to set effective goals for your insurance agency.
Rather than focusing on sales goals, consider developing a team approach. Your insurance company likely has different departments. Some of them, like accounting and customer service, do not directly affect sales; however, they are both important. Consider having each of your company’s departments develop quantifiable goals they are required to track. Increase buy-in with your teams by having them manage and report their performance on a routine basis, too.
While insurance sales may be cyclical, customer satisfaction matters every single day. A great goal to set and measure is the level of customer satisfaction with your company. Keeping customers happy isn’t just the right thing to do, either; it helps your insurance company’s bottom line. In most companies, recurring customers buy 67 percent more products and services than new ones.
If you want to measure your company’s performance, consider looking more closely at your company’s employees. Tracking the number of sales each employee makes may help you gauge who your high performers are. It may also help you determine who needs additional training to be more effective. Also, you can track the level of training and qualifications your employees have as well. This will help you ensure your company is optimized to sell its range of products and services.
Setting and managing performance goals is critical for any business. For managers, keeping a company on track to achieve its objectives can be challenging. Make sure you take advantage of services that can take some of the burdens off of you, like VerifiaBill. We take care of ensuring that insurance bills are accurate and paid on time, leaving you time to focus on meeting those performance objectives!