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Give away to grow your book

By Art Seifert, Glatfelter Insurance Group on January 25, 2017

Determine what's the most important account

When I was in retail sales, I was always looking for ways to grow my book. Then, as my book grew, it became apparent that time was the biggest obstacle to growing my commission revenue. I remember an older, successful producer telling me I had to cull my book.

I took the advice to heart. 

I segregated my book by commission income and then by the value I brought to the relationship. I discovered that my highest retention came from clients that took advantage of my business and underwriting background. I was able to bring value to the relationship.

I also determined that the more value I brought to a relationship, the less my client talked about price. My clients wanted value and were willing to pay a little extra to get it. With this knowledge, it became clear that I needed to focus on large accounts.

So, I gifted all my accounts that generated less than $3,000 in commission to new producers with the goal of picking up 6-10 new, large clients. Every January, I would repeat the process. 

Over time, while the number of my accounts dropped, my commission income almost doubled.

Take this to heart – give away to grow your book.

 



Art Seifert, Glatfelter Insurance Group

Arthur is a fitness enthusiast, a grandfather, philosopher and possessor of a wretched wit.

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The information contained in this blog post is intended for educational purposes only and is not intended to replace expert advice in connection with the topics presented. Glatfelter specifically disclaims any liability for any act or omission by any person or entity in connection with the preparation, use or implementation of plans, principles, concepts or information contained in this publication.

Glatfelter does not make any representation or warranty, expressed or implied, with respect to the results obtained by the use, adherence or implementation of the material contained in this publication. The implementation of the plans, principles, concepts or materials contained in this publication is not a guarantee that you will achieve a certain desired result. It is strongly recommended that you consult with a professional advisor, architect or other expert prior to the implementation of plans, principles, concepts or materials contained in this publication.

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