Business Owner’s Policies (BOPs) are a product line that brokers and agents have generally overlooked when identifying growth strategies. Low premiums and time-consuming quoting processes give the perception that quoting and selling BOPs is not a profitable way to increase revenue and agency profitability.
That’s not necessarily the case, however. Insurance marketing and insurtech have the power to shift the equation, turning BOPs into a growth engine for brokers and agents.
Insurance Marketing Tips for BOP Clients
Marketing to New Clients
Small business owners are typically entrenched in their communities. So, when it comes to reaching new prospects and writing more business, the best thing you can do is focus on building new relationships.
Find and join online communities that local business owners frequent. Whether on Facebook, Instagram, or LinkedIn, these channels create networking opportunities that take your insurance marketing to the next level.
You might also consider attending local events or even putting on an event yourself. Running a workshop on insurance basics for small businesses, for example, can help you meet new prospects and position yourself as a thought leader in your area.
Though new clients play a crucial role in insurance marketing, you can also leverage your current book of business to achieve agency growth. After all, studies show that acquiring a new customer can cost five times more than retaining an existing customer. Likewise, selling to a customer you already have has a 60-70% success rate on average, while the success rate of selling to a new customer is only 5-20%.
Cross-selling to your existing clients is an effective way to increase your book of business. Whether you sell BOPs to current policyholders or sell other specialty lines to your existing BOP clients, this tactic maximizes earning potential.
Imagine, for example, a local entrepreneur buying a business owner’s policy from your agency at a low premium. By cross-selling a Worker’s Comp and Umbrella policy, you can round out the account. Instead of just looking at the BOP's premium of $1,000 or $1,500, you can bring in anywhere from $3,000 to $5,000 with additional product lines.
Insurance marketing tactics can help you cross-sell. Regularly follow up with clients by phone, email, or even in person, so you’re always tuned into their evolving needs. These one-to-one interactions allow you to identify new business opportunities while improving client satisfaction and retention.
Though less personalized, an email marketing campaign is also an effective way to cross-sell to your existing clients. Start a quarterly branded newsletter to engage policyholders and keep them informed on the other types of coverage available to them. Include valuable tips and relevant company news, so customers start looking to you as a resource.
Remarketing to Current Clients
Reducing friction is key to effective insurance marketing. When it comes time for renewal and remarketing of an account, streamline the process as much as possible. Leverage insurtech to pull multiple quotes simultaneously and then quickly generate branded proposals.
Insuretch can also enable renewal auto-fill to reduce re-keying and other time-consuming, manual processes. Altogether, these strategies increase efficiency and earning potential for your agency.
Insurtech for Insurance Marketing & Re-Marketing
If your agency wants to achieve your aggressive sales goals, you need to leverage the modern tools and strategies available to you.
The Relay platform empowers agents and brokers to place BOP, cyber, professional liability, and other specialty lines and get to a client proposal 90% faster than traditional methods. Schedule a demo now to learn how we can support your insurance marketing efforts.