4 Ways to Grow your Agency in 2016
- Do you niche? If not, you may be losing out on lucrative opportunities. Niche market agents are those who grow their book of business, through referrals, by becoming experts in all aspects of one or two specific industry types or coverage lines. Referrals sources are not only other clients though; niche producers are often introduced to large clients by attorneys or CPAs who trust in the agent’s knowledge and abilities, and feel comfortable in referring their top clients.
- The senior market is big and it is growing. Every day approximately 10,000 people turn 65 and this number has steadily increased over the past several decades. Not only are people living longer, but they are living healthier, as science develops improved treatments for diseases such as cancer, diabetes, and dementia. With this comes the opportunity for becoming a trusted advisor in products such as: long term care, disability, and life insurance.
- Carriers & FMOs. Let them know you are committed to growing your book by sharing your goals. Ask about co-branding opportunities or lead lists. Be sure to inquire about new niche markets or specialty programs they may offer in 2016. Review all agency contracts to be sure you are receiving the maximum benefits from the relationship.
- Social Media. If done properly, word of mouth about your agency can grow like wildfire. Share unique and interesting facts involving a claims scenario, or re-post carrier advice on how to keep a home safe from burglars, or advice and tips for seniors.
While property and casualty agents can expect flat rates across the board, with rate reductions in some lines, such as property, casualty, and excess; the coming year brings unique challenges to life and health agents, as uncertainties about Obamacare continue into 2016. With no Social Security Cost of Living increase, and rate hikes in Medicare Part B premiums, agents will be faced with customers who are struggling to make ends meet. Now, more than ever, the senior market needs trusted advisors. They need you!