Insurance Agency Digital Revenue Enhancement
Key Results Achieved:
Elevated company in the marketplace
Won new business with new competitive advantage
Generated new revenue from existing accounts
Significant reduction in new account acquisition costs
Higher level of account servicing with lower costs
Background & Challenge
This market-leading insurance agency was facing challenges in getting to the next level. The market had matured to the point where many competitors were able to offer the same products at similar prices. Personal relationships were the key differentiator, and the agency owner was maxed out handling the relationships she already had. Hiring salespeople didn’t prove to work out, as the sales cycle was often a long one, requiring many months of salary before production — which often never materialized. The owner wanted to elevate revenue a few more notches before preparing to sell and retire.
SOAR Solution
SOAR provided its full technology stack to the agency owner under a private label, allowing her to take it to market as her own solution. This gave her a competitive advantage that extended beyond herself — one that couldn’t be easily replicated, if at all.
Implementation
With SOAR’s experience and content creation services, a vocational school focused on her industry was instantly created and launched within 30 days — providing a new revenue stream and a feeder of talent to her client base, which was always in need of trained people. SOAR’s lead generation and processing technology was made available to existing accounts to give them extra, free leads to help grow their businesses and increase her agency’s revenue from those accounts. SOAR’s presentation technology was then made available to all accounts that lacked a full-time or qualified manager, enabling her products to be presented more often, in a better way, to increase her income per existing account. The SOAR Account Servicing Tools instantly began producing activity and success reports, reflecting the daily online training taking place in the accounts and the performance improvements employees were experiencing as a result. Employee sentiment was collected regularly, showing overwhelming gratitude toward their employer for providing training that gave them new skills and strategies to be more successful in their business. Account servicing became a daily activity — all handled remotely — and included coaching of client employees using SOAR’s digital coaching tools, building stronger relationships in agency accounts from top to bottom.
Results & Impact
New revenue is coming in from existing accounts from the new SOAR technology products provided to clients and is growing weekly. Account servicing has been elevated to a level that can’t be matched by the competition. Product penetration per account is increasing with the presentation technologies. And now the business is scaling while freeing up more of the agency owner’s time. New account acquisition and servicing are now handled more often by administrative staff who use the data gathered each week by the various SOAR technologies, along with account servicing strategies provided by SOAR’s consultation team, to upsell new products into existing accounts.
"SOAR Technologies have transformed how we sell and work. The automation capabilities have streamlined our operations and allowed our team to provide innovative solutions to our clients to help them solve their growth challenges. We are able to dramatically increase revenue per existing account, and now have an unmatched value proposition compared to the competition to win new ones."
— Agency Owner