Thursday 23 July 2015

The Transformational Power of Insurance Programs

Posted by at 3:04 PM in

There are several tsunamis of influence a?ecting the restoration industry today. One of them is the move to “full-service.” Customers want to make one call, to one contractor, who can do it all.

They don’t want to be their own general contractor overseeing the work of three or four contractors to complete their damage repair. Every Restoration Company owner wants to grow his or her business?

Grow more revenue, achieve higher profits, open up new markets, implement new services, and generate more work? But there are only so many ways to do this. Many of these ways get little attention from most restoration company owners, yet they represent their very best opportunities to grow!

There are several powerful trends of change affecting the restoration industry today. One of them is the move to “full-service.” Customers want to make one call, to one contractor who can do it all. They don’t want to be their own general contractor overseeing the work of three or four contractors to complete their damage repair.

The same is true of Third Party Administrator Networks and individual insurance carriers. One full-service contractor who is trustworthy, has excellent skills in customer service and satisfaction, and can be depended upon to do quality finish work in a timely manner, is priceless. TPAs put a lot of time and money into fostering relationships with quality full-service contractors who are their go-to cadre for damage repair.

If you are not full-service you really need to consider it! All of the good things happening in the industrytoday are happening to full-service contractors, who do water damage repair and reconstruction, including roofing. It is not as hard as you might think to get involved in this revenue generator andprofit maker!

I recently spoke to one smart Construction Contractor who wanted to break into the Insurance Industry so he bought a small mitigation company. There are many mitigation only companies that are readily affordable. Enfold them into your operation, improve upon their operational efficiencies, utilize their previous customer base and current relationships with insurance professionals and carrier, and reap the benefit of becoming full-service in our growing Insurance Industry.

Another Construction Company I met recently began to market their mitigation services and subcontracted with a quality mitigation company to complete the service. Once there was enough work to justify buying equipment and hiring crew, the company did and has been selected by several insurance companies for their preferred contractor programs.

The owner claims this was the smartest business decision he ever made. Becoming a TPA Network member can change your life. One year my company was at $2,600,000 when we were added to a single new carrier. It was a large carrier and we were already on a number of programs.

The volume from this single carry propelled us from the current level to $4,500,000 in a single year.

The addition of this one carrier was not the only growth initiative we took, but it was clearly the most impacting. You can’t convince me that Program work isn’t worth chasing when it can lead to the transformation of your company!

There are several keys to tapping into the transformational power of programs.

You need to be a full-service restoration company; you need to differentiate yourself from your competitors; you need a history of satisfied customers; and, you need to know how to build strong relationships with those who will influence your selection.

Call me or visit my website and let’s talk further about your Business Development Plan and how to accelerate revenue growth through the transformational power of programs. No matter what your needs, we promise to deliver objective, informed advice, and actionable plans for increasing your immediate growth, and sustaining long term revenue growth. Share this blog with others who may need to hear this message of hope and encouragement and visit our website for additional resources or to download my FREE eBook How to Grow Your Restoration Business at www.growmyrestorationbusiness.com