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Here comes the New Year…Are you ready?

Have you taken the necessary steps to close out 2019 and welcome 2020 with the fresh start that it deserves?  Closing out last year is a Must-Do step in any agency.

Get your accounts in order. One of the most important tasks at year-end is to accurately and timely close your books.  Close out your account payables and receivables and balance operating and trust accounts.  If you have good accounting, the process should be a pretty easy task.  Closing out of your accounts and starting the year with organized and accurate balances allows you to understand your previous year’s financial activity as well as awareness to any balances that will carry forward to the new year.

Some tips from Hawksoft CMS to help you with your Year End accounting:


Understand the KPIs of your book of business from last year.  By understanding the trend of your book of business from last year, you know how to move forward, what to avoid and where you gained the new business.   Although you cannot change the past, it can provide insight to promote your future.

Really look at your Customer KPIs (Key Performance Indicators)


Move forward with Clean Data.  This has been a hot topic in the industry.  The data that you depend on in your CMS is only as good as data that YOU have put in to it.  You cannot depend on your KPIs if your data is not accurate


Now, what are you going to do to Ramp-Up new sales for 2020?

Statistics tell us that the probability of selling to an existing customer is 60 – 70%, while the probability of selling to a new prospect is just 5-20%.  Yet, almost every agency that I work with has an average of 1.5 policies per customer.   Your own customers are the best source of new business and referrals.

Run the following reports for your agency:

Start a Cross Sell campaign that fits your agency’s book of business and offer an incentive plan or a competition among your sales team members.  

Studies have proved that personal lines retention rates average 95% with clients that bundle their auto and home.  Whereas, retention rates are only 83% for monoline clients.  Also, the same client with only one product will stay for 18 months on average. The clients with three products have an increased longevity of the 6.8 years on average. The more invested a customer is in your agency, the better your retention and longevity of clients.  

Happy Holidays to you and your team.  We wish you every happiness and success in the New Year!


Written on December 20, 2019 by Peggy Corbett