How to Set Goals for Your Insurance Agency (and achieve them)

Insurance Agency Growth
Jul 20, 2021
11
minute read
Nectar Team
How to Set Goals for Your Insurance Agency (and achieve them)

Setting goals is vital for the success of your insurance agency. Not only do they help you grow, but they can also help you tap into your true potential. Setting goals can be challenging, especially with everything else you have going on. Even so, they are an essential part of running a successful business. Your goals are something that you need to make time for and reassess regularly.  

Are you looking to get better at setting goals for your insurance agency? Luckily, it’s a skill you can learn quickly and easily. Read on to discover some goal-setting tips.

Know Which Type(s) of Goals You Want to Set

One of the first things you’ll want to do when setting goals for your insurance agency is to know which type(s) of goals you want to set. Knowing which category or categories they fall under can help provide you with direction and focus.  

Overall Business Goals  

General business goals are some of the most commonly set goals in the insurance industry. For individual agents and agencies, this particular goal may look like:

  • A set number of clients served
  • A specific number of contracts written
  • A percentage of revenue growth from the previous year to the current one

Business goals don’t always have to be revenue-based. For instance, you might decide that you want to set a goal for team member growth or achieving a set number of certifications for all agents. Any goals that will help your business thrive typically fall under this category.  

Reviewing your historical data can help you set current goals. Some examples to jump-start the brainstorming process include:‌

  • Achieve $50,000 in revenue  
  • Have all current insurance agents achieve two new certifications
  • Have managers complete four online courses to improve leadership skills

‌As you can see, these examples are different from one another, but they all aim to help your agency succeed.  

Operations Goals

Your operations are the heart of your business. It’s where things happen and where your render your services.  

Despite how critical your operations are, setting goals for this particular area often goes ignored. Agents and agencies tend to focus on execution and forget about how their operations affect their overall success.  

Operational goals can reflect one of several aspects of your business. They can focus on things such as customer satisfaction, process consistency, team growth, administrative efficiency, and more. They give you a specific mark to measure your business against, and they enable you to set your sights on improving both the service and function of your agency.  

Are you having trouble coming up with operational goals? Some examples to help you get started include:

  • Create a client referral program
  • Develop an employee incentive program
  • Receive an average score of 90% on customer satisfaction surveys

‌When it comes to operational goals, all businesses should focus on providing exceptional customer service. This will be displayed in how you operate.

Marketing Goals

Marketing is one of those areas in which fewer agents have clearly defined goals. In the past, most agencies relied on word-of-mouth advertising. Satisfied customers told their friends and families about their experiences. If that customer knew someone in search of similar insurance products, they’d recommend you.  

While word-of-mouth advertising is still one of the most effective and cheapest forms of marketing, people do things differently today. The rise of the internet and social media means that insurance agencies need to adapt their strategies. In many cases, they need to make more “noise.” You have to be louder than your competition so that your target market will find you over the other guys.  

As an agency, you know that marketing is what drives sales. Therefore, you need to have solid, strategic marketing goals. Here’s some marketing goal inspiration for you:

  • Write 30 new blog posts
  • Increase website traffic by 1,000 new visitors
  • Receive 200 new followers on social media accounts

Sales Goals

Sales goals revolve around — you guessed it — sales. You might decide that you want to set quarterly revenue goals, sell a certain number of new policies each week, or create seasonal sales goals around the open enrollment period. The more specific you are, the better. If you’re wondering how to create sales goals, some examples to consider include:

  • Improve conversions by 10%
  • Cross-sell 25 policies to current customers
  • Sign on 50 new customers for auto insurance
  • Reach $150,000 in Medicare Supplement production

‌Is your overall business goal sales-related? Maybe you’re looking to close a specific number of sales or reach a set revenue. If so, setting sales goals gives you the incremental steps you need to achieve it.  

Be Specific When Setting Goals

While there’s nothing inherently wrong with setting broader goals like “earn greater trust from our customers,” you’ll also want to have some specific, quantifiable goals too. Quantifiable goals are the ones that are the easiest to measure. They also make it easier to know whether or not you’re staying on target and help your team members connect with those goals.  

Quantifiable goals help you more readily measure your success as an insurance agency. It’s especially valuable to hone in on specific areas for improvement. Doing so will ensure that you’re strengthening your agency as a whole.  

Whether you’re setting overall business goals, sales goals, marketing goals, or operational goals, keep them as specific as possible. You want to make sure that you have something you can measure, allowing you to monitor your progress.  

Keep Your Goals in Line with Your Company Mission and Vision

As a business, you likely have a business plan. Within that document, you should have a mission statement and a vision statement. Your mission statement outlines what you do, while your vision statement describes where you’re going.  

Going a little deeper, your mission statement offers a brief description of your agency’s fundamental purpose. In essence, it articulates why you exist for those on your team and for those you serve. For example, you might have a mission statement along the lines of “we aim to provide our customers with excellent coverage and claims handling through careful and diligent underwriting of risks.”

Your vision statement is a sentence or short paragraph that describes your agency’s goals. It essentially serves as a standard for all of your future actions as a business. Your vision statement might be: “we strive to be an essential part of our local community and serve our clients with the best possible service, highest respect, and unparalleled professional advice.”

Any goals you set should help you carry out your mission and achieve your vision. For this reason, you should never lose sight of your mission and vision statements — your long-term focus and purpose — when you’re creating goals for your agency. For success, you want to stay true to your identity. Set goals strategically to help you advance both your mission and your vision.

Communicate Your Agency Goals with Your Team

If you don’t work alone, you shouldn’t keep your agency goals from others on your team. If you’re in a leadership position, you need to make your plan public to everyone at the company.  

Share the goals you set for your agency with your entire staff. It’s the only way to take your written goals and turn them into reality. After all, how can a team achieve anything if they don’t know what you’re aiming to do? Everyone needs to be on the same page so that you can put forth a united front. It’s going to take everyone’s efforts and hard work to reach your goals.  

How do you keep everyone on the same page? It takes consistent effort and constant communication. Talk strategy, share results, coach, give pep talks, and troubleshoot issues. Don’t forget to take the time to celebrate your successes, too. You might also consider offering incentives to encourage your team members to go above and beyond.  

Don’t just talk the talk, though. Be the change you want to see in your agency. Model what you want to see your team do, and they’ll follow your lead.  

Invest in Training

In many cases, a little extra training can go a long way. It could be just the thing your team needs to be well-equipped enough to achieve the goals you set for your agency. You have a few options here. You can invest in online education for your team members or bring in a professional to work with them on best practices in the industry. You might also send them to workshops or networking events.  

Investments like this are invaluable. They challenge your team to think critically about what will drive the highest results.  

It’s not enough to invest in your team, though. As a leader, you also need to invest in yourself. Take online courses or attend lectures and events that can help you strengthen your weaknesses and give you the skills you need to lead your team along the path to success. There’s always something new to learn. The more education and training you (and your team) have, the better off you’ll be as a whole.  

Evaluate Performance Regularly

Setting goals is a critical component of ensuring the success of your insurance agency. However, those goals don’t mean anything if you don’t evaluate your performance and check your progress toward those goals periodically. Taking a look at your progress allows you to see how far you’ve come and how far you need to go. Essentially, it allows you to know if you’re actually accomplishing the goals you set or not.  

As you evaluate the performance of your agency, take some time to identify any weaknesses or opportunities. See how your goals can address these particular items and help you and your team become stronger.  

Here’s the thing. You don’t want to wait until the end of the year to evaluate your progress. Schedule regular check-ins and assess your progress on a quarterly or even monthly basis. That way, you’ll be able to adjust as needed and ensure that everyone on your team stays focused on hitting your goals.  

Adjust or Set New Goals as Needed

If you notice that you’re not hitting your goals or that the goals you set earlier in the year don’t actually align with your mission or vision statements, don’t be afraid to adjust or develop new ones. Again, you’ll want to make sure that you assess your progress throughout the year. If you set goals in January and don’t assess your progress until November or December, you could miss valuable opportunities to hit better or more realistic goals. The last thing you want is to realize too late that your original goals were misguided.  

‌Let’s say that you realize there’s something you want to improve upon in your agency, but you’re currently between your goal evaluations. Guess what? You don’t have to, nor should you, wait until your next check-in to set a new goal or make adjustments. Instead, add it to your current list. When it comes time for your next evaluation, be sure to start checking the progress of your new goal along with your original ones.  

If you do add a new goal to your current list or adjust ones that you’re not completely happy with, don’t forget to communicate those changes with your team. As mentioned above, everyone needs to be on the same page to ensure that you all work together to achieve your agency’s goals.  

Keep Your Team Motivated

If you’re like most insurance agents and agencies, you likely have some pretty big goals set for the year. It takes everyone working together to achieve them. However, in ensuring they get all of their work done each day, your team members may start to lose sight of the bigger picture. They may begin to lose their motivation and excitement for meeting and exceeding agency goals.  

While setting goals for your agency is critical, you don’t want to forget about keeping your team motivated. One of the most important (and often overlooked) aspects of goal setting is rewarding those who are actually actively working to achieve those goals.  

Creating incentives and offering rewards for your team can go a long way in keeping them motivated and working toward achieving your agency’s goals. Working with your team, along with a rewards program, can help keep everyone focused on your agency’s goals. You can help them overcome their challenges, avoid slumps, and keep them from losing their passion.  

When it comes to incentives, consider your team. Think about the things they like and what might keep them motivated to achieve goals. You might offer gift cards for local restaurants or a bonus in their paycheck. If you’re looking for non-cash rewards ideas, you might consider tickets to a local sporting event, a tech gadget, or even a unique learning opportunity. If you’re not sure what to offer, send a survey to your team to see what things might keep them motivated.  

Don’t Fear Failure

Don’t let fear keep you from pursuing the goals you set for your insurance agency. When you commit to achieving specific goals, you have to accept that there will always be the risk that you could fail. It’s an intimidating thought, but it’s the nature of owning a business. Don’t let any fear you have stop you.  

If you’re feeling overwhelmed at any point, take a look at your goals and break them down into smaller chunks. That way, you’re not only focusing on annual outcomes. Having smaller goals to achieve can make things appear more manageable. Instead of a yearly goal, set quarterly or weekly ones. When you complete the smaller goal, you can move on to the next. The next thing you know, you’ve achieved the primary goal that had you nervous in the first place.  

Remember, success is great, but failure isn’t so bad either. You can learn a lot from failure if you own it, reflect upon it, and use it as an opportunity to better yourself and your agency.

How Nectar Can Help You Reach Your Insurance Agency Goals

Setting goals is a vital component for the success of any insurance agency. They provide direction, simplify planning, and provide motivation for you and your team. Goals also make evaluating your overall performance a breeze.  

Are you having issues generating leads or not generating enough to achieve the goals of your insurance agency? Nectar can help.  

Nectar provides high-quality real-time leads for insurance agents such as yourself. Nectar matches the needs of insurance shoppers with the products and services you offer. Nectar doesn't buy third-party leads and resell them to you. Instead, Nectar generates brand-new leads for agents just like you. You can use preset filters or set your own to help ensure that you get the best fits for your business. With Nectar, you’re in complete control.  

There’s no need to lower your goals or your expectations for your insurance agency. Nor should you have to deal with low-quality leads that make achieving your goals nearly impossible. Partnering with Nectar provides your agency with the high-intent leads that can help you meet and even exceed your goals, allowing you to ensure your success.  

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This article reflects the features of Nectar as of the date of publication. Features are subject to change at any time. This article is meant for informational purposes only, it is not a guarantee that using Nectar will help you achieve specific business or financial results and is not intended to serve as the sole recommendation for any business financial decisions.

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