Make that prospect list and then make it happen!

Now is a good time for insurance salesmen and saleswomen around the land to look down the funnel at the pipeline and see where the new business is coming from.

I have a book of existing business so the first effort is to ensure that this is retained. The problem is that you never will manage to keep all of it. Businesses close or are acquired. People move on and new people with different priorities move in. A book of business will always decline without sales input.

However, your existing book of business is also a great source of new revenue. You need to ask yourself: Do you handle all of their business? Can they recommend you to someone else? As always, diligent efforts will prove to be beneficial.

On the other hand you will also need to target a completely new set of customers to create or renew your database of prospects. Here are a first few steps:

• Define: Your area, your products and what your company wants to achieve.
• Research: Invest the time upfront to save it later down the line by building a comprehensive list of potential contacts with names, job titles, contact details and any other useful information
• Refine: Ensure that your data is clean and remove out of date information. This exercise is as good as any excuse to get in touch with people and will help you to prioritise your list.
• Verify: Does your sales manager agree with your list? Yes? Good! Let’s get on with it.

Unfortunately there is no short cut. You must make contact, you must pursue. Nobody likes it but it is just something that has to be done.

Two further thoughts:

• Don’t outsource prospecting. It doesn’t work!
• Now and then enquiries come to you. Jump on them.

ARAG fighting for the winning spot

ARAG have just received some very exciting news and are proud to announce that they have been shortlisted as a finalist for ‘Insurance Provider of the Year’ at the 2012 Personal Injury Awards.

The awards go to individuals or companies who work in the personal Injury sector, and its aim is to “identify high standards of practice and to inspire others to emulate the achievements demonstrated by those who have been shortlisted”. The ceremony will be taking place on 14 November at The Riverbank Park Plaza Hotel in London; and is set to be a fantastic evening.

ARAG feel privileged to be shortlisted, as there were a number of high quality submissions this year. ARAG has proven itself to be a cutting edge legal expenses provider since its formation in 2006. The company was formed by six legal expenses professionals, and has now grown to over 55 staff, with an income approaching £40m. Their innovative approach to business, excellent client communication and positive client satisfaction, has led them to be a strong contender to win ‘Insurance Provider of the Year’.

With only seven weeks to go, the countdown to the event can now begin!

Broker feedback instigates BTE sales expansion and restructure

Expansion of our innovative product range, ever growing client base and beating sales targets year on year provides the perfect conditions for BTE sales to reshape the team structure. From a team of two five year ago, headed by Andy Talbot, today it  boasts eight field sales and office based personnel.

In March, Matt Warren was appointed Broker Business Manager.  He moved into the role five years after he joined ARAG as a Business Development Executive.

With a long history of experience in the legal expenses industry, including line management roles he accepted the challenge to drive the broker sales team forward over the coming years. Andy Talbot, Head of Sales comments: “Matt has been with the company practically from the start and has excelled in generating business from brokers in the South of England. His new role makes him additionally responsible for the UK-wide broker facing development team.”

More recently in August, ARAG further strengthened their sales team when Chris French joined the team, taking on the role of Broker Account Handler.

In this newly created position, Chris is responsible for supporting the Business Development Executives, providing office-based support for brokers, monitoring customer satisfaction and also be accountable for his own panel of brokers.

Broker Business Manager, Matt Warren comments, “At ARAG we respond quickly to customer feedback and the addition of Chris to the team proves our commitment to continually benchmarking our performance and strengthening where required, resulting in an enhanced service to our customers.”

It doesn’t stop there. We are positive that we have the relevant expertise, quality product offerings and high level of service required to continue to attract high calibre ‘household’ names. As such we are expanding our Corporate Sales function and expect further insurers and underwriting agencies to work with us in the near future.

To keep up to date with us and discuss your needs, please visit Andy Talbot, Matt Warren and Jon Layton on Thursday 13 September at EXPO South, Ascot - stand 7.

Mutually beneficial outcomes

While there is no definitive number of associations and similar organisations listed in the UK it is estimated that there is well over 300 that are fully staffed and up to a 1000 smaller associations in the UK. For you, the broker, this represents an excellent opportunity to maximise income.

Trade associations have several main functions for the companies that they serve; these include representation, providing economies of scale, supplying information and training. Alongside this associations must work hard to attract new members and retain existing, therefore a range of additional member benefits are offered.

Recently, ARAG has seen a surge of brokers working with associations to provide an insurance offering, including ARAG legal expenses insurance. This growing trend is mutually beneficial for all involved, members receive essential cover with their membership fee, associations can negotiate a competitive rate and for the broker and ARAG we maximise income and grow the business portfolio.

ARAG can provide legal expenses insurance on a commercial or personal basis and most importantly it can be tailored to the needs of industry depending on specific regulatory requirements. It may also be that there are specialist solicitors that the association recommend; ARAG may be able to work with them to provide the cover.

Alongside the legal expenses insurance, ARAG products also come with a range of professional services, such as a 24/7 legal advice helpline and an online document service, helping businesses to concentrate on what they do best.

So, whether you already work with associations or are looking to move into this market the opportunities are there to be taken and a partnership with ARAG means that it is likely to be a smooth and profitable journey!

To find out more either get in touch with your local ARAG Business Development Executive or email chris.french@arag.co.uk

Making the most of BTE

A recent report conducted by the Legal Ombudsman considers two key points in the run up to LASPO’s implementation. Firstly, how before-the-event legal expenses insurance (BTE LEI) is going to fill the gap and secondly how well it is currently placed to do so.

As reported in Litigation Futures, the report commissioned a YouGov questionnaire which found that while, “40% of those surveyed had some type of legal insurance cover”, 74% of these were “unsure or didn’t know what financial cover their policy provided.”

“Concerning” was the word coined by the Chief Legal Ombudsman, Mr Sampson and perhaps rightly so. As a legal expenses insurer we know that we provide high-quality BTE LEI products that are designed around the customer’s needs. We work hard to make our policies understandable to the masses, following the FSA guidelines and provide training to the brokers who are on the front-line selling our products. There are no secrets; it is all down in black and white with Keyfacts in both the point of sale and policy wording.

However, for most it is currently sold to them as an add-on product which tops up the cover they receive in their main insurance purchase, for example car or home insurance. Already there is a barrier as it is likely that the LEI is buried within the main policy wording. Before I started working in insurance, I would simply skim the wording and make sure that the key areas were covered and then hope that I wouldn’t need to make a claim. I am much more conscious now of checking carefully, but I think this is minority when it should be the other way around. Saying that, if I did have a legal issue and needed to consult a solicitor, if the solicitor is doing their job properly they should discuss with the client their insurance details and investigate if BTE is available. After all, you only need the policy at the time of a claim.

Therefore, perhaps it is a general education of the benefits that is required. As found in the survey only 40% of those asked had LEI, in Germany for instance 60% of the population have some form of LEI. The report acknowledges that “legal expenses insurance is beneficial for the simple reason that it’ll continue to allow people to take legal action when they would not otherwise have been able to afford it.”