3 Ways Boat Insurance Can Help an Agency Increase Sales
Over the past few months, the boat industry has shown signs of life. Boat show attendance has been steadily rising, and a major boat manufacturing executive recently declared, “The worst is over.” Now could be the perfect time to invest in growing your boat insurance book of business. Here are three ways you can focus some resources on boat insurance to help improve your business:
Get New Leads
Boat coverage can be used as a way to get new customers. When you consider the recent news from the boat industry, it’s clear that there is an opportunity to win new customers as well as satisfy another insurance need for your existing clients. Use the resources that carriers make available to you to target customers and make local marine dealers aware that your agency can be used as a resource for their customers. Doing so could land you additional clients who are interested in purchasing boat coverage, homeowners insurance, auto and other lines of business.
Market Your Existing Customer Base
You’ve already proven to your home and auto customers that you can be a valued advisor who helps protect their assets. Let them know that your agency can also help protect their boats. Boaters are typically passionate about their vessel, so helping them keep it safe could go a long way in retaining that customer and winning new business. Help boaters understand how they should consider the differences in coverage and which carrier offers the coverages that best suit their boating style. For example, are they getting the right amount of insurance to cover their physical damage and liability exposure? Does the policy include coverage for uninsured boaters, med pay, towing or trailers? These are just a few of the coverages you will want to ensure your clients are getting with their boat insurance.
Other coverage options to consider are mechanical breakdown coverage, which may pay up to certain limits in the event of a mechanical problem with the motor, coverage for damage caused by ice and freezing, and personal property coverage, which includes things like fishing equipment. Also, be sure to find out if the carrier has additional product features that may help sell the product, like waiving the customer’s deductible in the event of a total loss.
Understanding how your clients use their boats will enable you to best align them with the coverages and carriers that fit their needs. As a result, you will help keep your boating clients afloat should something go wrong.
Savings
Once you’ve connected the customer with the right carrier, understanding your customer and their boating experience will be extremely beneficial — to you from a loyalty perspective and to the customer from a savings perspective. Reviewing all of the different discount options available to the customer will let them know you understand how they will be using the vessel as well as their long-term boating experience. Many carriers offer discounts that can reduce the cost of the boat insurance as well as the customer’s home and auto coverage. For example, some carriers offer an account rounding discount, educational credits for both basic and advanced training, safety equipment discounts and loss free discounts. Ensuring that customers are taking advantage of these savings will undoubtedly help to build the relationship.
Using these tips can help your agency leverage boat insurance to help grow your business in all areas.