Quick Tips for Finding New BOP Leads

Sep 21, 2022 Insurance, BOP

Quick Tips for Finding New BOP Leads

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As brokers and agents, you undoubtedly understand the importance of prospecting and how it can help grow your business. However, many do not see the value in writing specific policies due to their historic, low-revenue potential. An example of this is the business owner policy or BOP. 

BOP leads are often overlooked when prospecting since they require more resources than their commission is worth. But technological advances have made quoting and issuing these policies quicker and easier, making them worth writing. Here are some quick tips on finding new BOP leads to grow this line of business in your agency. 

Cross-Sell

One of the most efficient ways to gain BOP leads is to cross-sell to your existing clients. If you write another policy for a business client, such as cyber liability, it is worth reaching out to inquire if they have a BOP. If they do not, it is an excellent opportunity for you to stress the importance of purchasing one and quoting it for them. 

They also may be interested in switching if they have a BOP with another agency or broker. Not only is it more convenient for them to have all their policies with one broker or agent, but this also gives the agent a full view of the clients coverages insuring there are no gaps between the policies.

According to Ivans Index, BOP renewal premiums increased by 5.69% in the second quarter of 2022. If your insureds have not received their renewal yet, they are most likely not concerned with that policy. But being proactive and mentioning valuable services you can offer regarding their business owner policy is a great way to have you be top of mind when they renew. 

Network

The time-tested networking strategy is still very effective in generating BOP leads. Consider broadening your circle with some of the advice below, in addition to reaching out to friends and family who are currently in your network and asking for referrals.

Social Media

If your agency is not on social media yet, you are missing out on valuable ways to connect with your customers and new BOP leads. A Facebook page, website, blog, or Twitter platform can allow you to showcase relatable content to your clients. 

This is important because you are meeting your audience where they are and subtly reminding them you are available for their insurance needs. Social media can also be used as a tool for you to lend your expertise on sites like LinkedIn or other websites. 

Join Local Organizations 

Sign up for your local Chamber of Commerce or other professional organizations. Not only are these excellent places to meet new BOP leads to potentially prospect, but you can interact with other professionals in your field to share ideas or resources. 

Create Marketing Materials/Business Cards

Business cards are necessary if you plan on doing any in-person networking. It may sound antiquated, but carrying business cards allows you to get your name out by leaving your cards or marketing materials at local businesses for extra visibility. 

Referrals

One of the good things about having an existing book of business is that you can ask for referral business. Like cross-selling, you are utilizing your current customers to help you gain BOP leads. Some brokers or agents may feel awkward asking for them, but there are ways you can get creative in obtaining referrals.

For example, incentivize your clients to refer their friends and family by throwing a contest. Even something as simple as winning a gift card for coffee can go a long way in getting people excited to promote your business. 

You can also ask satisfied customers to leave positive reviews on social media or your website. The more positive reviews your agency/brokerage has, the better you will look to any potential BOP leads.

Find New BOP Leads

An insurtech platform like Relay can help agents and brokers use fewer resources to quote and place BOP leads, whether from existing clients or new ones. This platform connects carrier and agency/broker systems with instant quotes (APIs). 

It allows you to input the information once and get quotes from multiple companies. With low initial setup fees and an affordable monthly subscription, Relay can help you efficiently grow your BOP business. Contact us today for a demo!

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