It’s never been more important to ensure your insurance agents are productive.
Market volatility, the changing economy and increasingly common weather events all make it difficult to predict and price risk. But boost agent productivity, and you’ll have a much easier time future-proofing the business.
As a recent report from McKinsey & Company put it: The majority of an insurer’s financial performance is driven by how the company operates.
In fact, studies show companies with high levels of productivity and engagement are 21% more profitable than those with low levels. Let’s take a closer look at what this means for insurance agencies.
Unique productivity challenges insurance agents face
Selling policies isn’t like selling products. Insurance agents face complex regulations and constant industry changes — not to mention the difficulties of earning client trust. It all adds up to unique pressures, including:
Time management
Insurance agents operate in a fast-paced environment where they must juggle multiple tasks, from client meetings to paperwork. With numerous responsibilities, agents often find it difficult to allocate sufficient time to sales activities, which are essential for generating revenue.
High levels of competition
The need to stay ahead of competitors often pushes agents to adopt aggressive marketing strategies, which can be time-consuming and may not yield immediate results.
Burnout
Agents must continuously seek new leads while maintaining relationships with existing clients. This dual focus can lead to burnout, especially when agents feel overwhelmed by their workloads.
Technology advancements
Agents must constantly adapt to new tools and systems, which can be a barrier to productivity if not managed properly. The learning curve associated with new software detracts from the time agents need to focus on their core responsibilities, leading to frustration and decreased efficiency.
Insurance agent productivity: 9 best practices
So, how do you improve insurance agent productivity? Let’s take a look at some best practices.
1. Automate administrative tasks to maximize selling time
Automation is a game-changer for insurance agents — and not just because it saves time. Automating routine administrative tasks such as data entry and follow-up emails means more agent brainpower goes to selling strategies and building client relationships. It also reduces the risk of human error, ensuring client information is accurately recorded and maintained.
2. Leverage AI to prioritize leads and improve customer satisfaction
AI and data analytics provide insurance agents with valuable insights into potential clients. By analyzing historical data and client behavior, they can identify which leads are most likely to convert. This targeted approach not only saves time but also increases the chances of successful sales.
AI tools are also a great way to personalize outreach based on individual client needs and preferences — customization that significantly enhances customer satisfaction and fosters long-term relationships. Just be sure to create an AI workplace policy first, to ensure your agents use approved tools that don’t introduce security risks.
3. Set clear performance metrics and track productivity
Establishing clear performance metrics is vital for measuring insurance agent productivity. By defining specific goals — such as the number of phone calls made or policies sold — agencies provide agents with a clear roadmap for success. Tracking these metrics in real time allows for immediate feedback and adjustments, ensuring agents stay on track.
4. Provide ongoing education to enhance sales and customer service
Continuous learning is essential in the ever-evolving insurance sector. Providing agents with regular training sessions ensures they stay updated on the latest industry trends, product knowledge and sales techniques.
Plus, 68% of workers say they’d stay with an employer longer if the company provided development opportunities. When agents feel supported and equipped with the right tools, their productivity naturally increases.
5. Foster a high-performance culture with incentives and recognition
Creating a high-performance culture is crucial for motivating insurance agents. Why? Because surveys consistently show a strong correlation between recognition and increased productivity. One survey found a whopping 78% of employees would be more productive if they were recognized more frequently.
Another revealed organizations with formal employee recognition programs have 31% less voluntary turnover than companies without them — and are 12x more likely to have strong business outcomes. Implementing incentive programs to reward top performers drives productivity and encourages healthy competition.
6. Optimize workflows with integrated digital tools
Looking for a simple way to help agents get more done in less time? Optimize your insurance agents’ workflows. Agents work more efficiently when they have easy access to tools designed for seamless communication and collaboration. Integrating various digital tools also reduces the amount of time spent switching between apps, allowing agents to focus on core responsibilities. This optimization leads to a more organized and efficient work environment.
7. Use data-driven coaching to improve agent performance
By analyzing performance metrics and client interactions, managers can provide personalized coaching tailored to each agent’s strengths and weaknesses. This targeted approach ensures agents receive the support they need to excel in their roles. One study found seven in ten people who receive coaching report improved work performance and communication skills. As agents improve, so does the overall productivity of the team.
8. Encourage work-life balance to prevent burnout
Insurance agent turnover is a significant issue, with nearly 90% leaving the industry within three years. Eight in ten do so because they feel undervalued and burned out from managing commissions. If you don’t already make it easy for agents to take breaks and enjoy activities outside work, now’s the time to start. Promoting a healthy work-life balance is essential for preventing burnout among insurance agents. One easy way to do this is to offer flexible work arrangements that give agents more autonomy in their schedules.
9. Continuously refine sales strategies to adapt to market changes
The insurance market is constantly evolving. Which means regularly refining strategies based on market trends, client feedback and competitive analysis is a must. Staying adaptable allows agents to respond to changing client needs and preferences. Best way to do this? Create a culture of innovation. By fostering an environment where agents feel empowered to experiment and share ideas, you help everyone enhance productivity.
Improve your insurance team’s productivity with ActivTrak
When you increase insurance agent productivity, it opens the door to all kinds of results, from higher sales to more client retention. The quickest, simplest way to do this is by following the best practices detailed above:
- Automate administrative tasks
- Leverage AI to maximize selling time
- Set and track clear performance metrics
- Provide ongoing education
- Create a culture of recognition
- Optimize agent workflows
- Use data-driven coaching
- Encourage work-life balance
- Continuously refine sales strategies
But how do you know if these strategies are working? This is where ActivTrak comes in. Our productivity management software collects and analyzes real-time activity to show you where, when and how agents work best. More than 9,500 organizations use it to identify which tools slow productivity, when workloads need adjusting, who’s at risk of burnout and more.
Request a demo to see how insurance teams like yours use ActivTrak to improve insurance agent productivity on a daily basis.
