New Year’s Resolution #1: Get on More Insurance Panels
Start early, have a detailed plan, and stay focused to achieve more panel appointments in 2017.
- Update your sales tools. An attractive website and firm resume, both featuring recent attorney photos and updated bio pages, will help to make a favorable impression.
- Know your numbers. Metrics are important to the litigation managers who hire law firms. Make 2017 the year that you will either start a new case management metrics program or expand an existing one.
- Figure out flat rates. Everybody talks about flat rates, but in truth it is difficult to arrive at a solution that serves the law firm as well as the carrier. Perhaps this is the year for you to test flat rates in certain parts of your practice.
- Master the emerging technologies. Drones, ride-sharing, and cybersecurity are all rapidly expanding coverage areas with fewer law firms in competition. Build and promote these skills as one way to stand apart.
New Year’s Resolution #2: Stay on Current Insurance Panels
Here are three ways to build current relationships.
- Stay in touch. Personal visits are ideal, but often hard to arrange. A monthly e-newsletter is a great way to keep clients informed of firm news and case law updates.
- Give a CE seminar. Offer to give on-site continuing education that gets you in front of adjusters and claims executives. Give away pens or other items with your contact info.
- Cross-market between practice areas. Many carriers are multi-line, so if you already serve them in one area, try to expand further.
How to Start a 2017 Panel Counsel Business Development Campaign
In addition to your own knowledge of the local market, you can build a market penetration study for your state based on data typically available from the Department of Insurance.
Many states publish an annual report that identifies the top insurance carriers in the property and casualty sector. Lines of coverage that are typically identified include automobile, fire, homeowners, liability, medical professional liability, and workers’ compensation,
Study the market penetration data in detail by building an Excel file that records the top carriers within each P&C line. This will give you a true picture of the top carriers in the state. The next step is to map this against your client list, so that you can target the best prospects most efficiently.
The challenge with state-level data is that the list will include both parent and subsidiary companies, requiring an advanced level of data analysis to get a true picture of the top carriers.
You can also look beyond insurance carriers to the self-insured sector, particularly in sectors like retail, restaurants, and hospitality. Most large companies have some level of self-insured retention that is managed in-house, and they often maintain their own panel counsel program.
This article is published in the First Quarter 2017 issue of The Panelist. Click on the link to read more stories in The Panelist.
Help with Legal Marketing for Insurance Defense Firms
If your insurance defense law firm is asking how you can get on more insurance panels, give us a call.
Legal Expert Connections, Inc. offers three key benefits to insurance defense law firms nationwide:
- We are the leading U.S. legal marketing agency specializing in the insurance defense market. We know the panel counsel process, and focus on helping you get new engagements.
- Save time and money. You get quality results without the need to invest in senior in-house marketing / business development staff with the associated overhead expense for office space, equipment, and benefits.
- Increase revenue with professional, on-going legal marketing campaigns. We do the research to identify insurance panel managers, so you can accelerate your business development process.