Set Goals – The past few years have been chaotic with rate increases, guideline changes and restrictions on appetite. Now that we are starting to see insurance companies “reopen” for business, it is time to set some Goals for 2025. These Goals should be centered around New Business, Retention, and Loss Ratios.
Identify Your Ideal Customer Profile – As we have progressed through this “hard market” over the past two years, I am sure you have seen the “best” and “worst” of customer interactions. We certainly want to have more of the “best” customers and fewer of the “worst.” You can only solicit or retain your “best” customers if you create an Ideal Customer Profile – a description of the attributes and characteristics of the ideal customer you want to attract and serve in your agency.
Set and Follow Policy Standards – Now is the time to revisit (if already established) or set (if they do not exist) Policy Standards for all lines of business. We have certainly worked hard to keep everyone properly insured during this hard market. We now need to think about what coverages every customer should have and make sure your staff understands the importance of offering these important coverages or level of coverages to all new and existing customers.
Establish a “Big Hairy Audacious Goal” – A BHAG from the 1994 classic, Built to Last, by Jim Collins and Jerry Porras, is a clear, concise, compelling, and ambitious goal that an organization sets to take itself to the next level. By setting these kinds of “stretch” goals, you push the boundaries of what you are doing today and challenge your staff to make massive progress in a new and often unchartered direction.
Establish/Reaffirm Your Procedures – While the experience of the “hard market” was filled with daily doubt and uncertainty, it also created a tremendous amount of additional work that at times seemed insurmountable. In our “grind to survive,” our policies and procedures suffered. It is now time to establish and/or reaffirm much needed policies and procedures to ensure consistent customer service, streamline operations, reduce errors and omissions, hold staff accountable, and build trust with our clients and strategic partner insurance companies to demonstrate a reliable and professional approach to all aspect of our business.