GreatFlorida of Lake Worth

Lake Worth | Florida

lakeworth.greatflorida.com

Audit

This personal lines agency faced a major blow to their bind rates as Florida insurance rates went up rapidly. Many customers were shopping around with multiple agencies and bind rates stayed stagnant at 20%. Many of these new leads came from the internet and with producers caught up with their current workload they often could not contact the prospect fast enough to close the sale. Internet lead ROI is directly tied to how quickly you can contact them.

Additionally agents were wasting time on non qualified prospects that did not meet strict underwriting requirements that Florida homeowners carriers have. This led to agents spending and average of two hours on clients that did not meet these basic requirements.

Strategy

First we implemented a transcription system on their Ringcentral phone system that allowed an AI software to analyze thousands of conversations at once to determine what common denominators producers with high close rates have. Additionally we determined common threads for producers with very low close rates.

Using this information we implemented new sales scripts and a comprehensive sales playbook that followed the most successful scripts used. Over a period of three months we did several iterations to find the tactics that consistently provided the best results.

To ensure producers were compliant with the new assets, Freshcaller was set up and optimized by BindMore to record all sales conversations and alert their manager if conversations were not compliant. Additionally a new GPT bot was provided to the producers that analyzed questions the insured had in real time and gave play by play scripts and answers to those questions in real time. All of the feedback by the prospect was then analyzed by AI and put into a weekly report sent to the manager.

To mitigate the issue of leads not being contacted in a timely manner, a custom workflow was built that automatically would intake the new lead, score it based on pre-qualification, then assign it to the appropriate producer. The system would then send an email directly from that producer's account and immediately call the insured using an AI voice. Each producer had their own voice system that was trained to sound exactly like them. The AI voice would intake all required questions in order to provide a quote, then that was sent to the producer to complete and follow up. The AI would also call the appropriate producer's direct extension to give them a reminder to follow up.

Result

Bind rate went from 20% to 42%

Average producer new business premium increased by 27.9% month on month