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Smaller agencies may be reluctant to do something new and invest money, but the reality is smaller agencies are finding it more challenging to grow organically than ever before. Part of the reason for this is we are seeing an increase in very large agencies who have grown by merging with other large agencies or have been acquired by private equity groups. This has typically expanded their carrier representation and given them access to more resources.

Determine your target clients. As you consider your marketing plans, determine who is your ideal client and what types of insurance are they looking for. How can you best reach these potential clients? Part of your marketing plan should be increasing your involvement within your community. Consider sponsoring community events with schools and sporting events and build strong relationships and referrals with mortgage companies and real estate companies.

If you are a smaller agency looking to grow your commercial book, understand that there is some “low hanging fruit” as the larger agencies are bypassing some quality small business because the producers in the large agencies are not seeking the smaller accounts. Consider insuring small commercial accounts that qualify for a simple Business Owners Policy. If you need to increase your knowledge of insuring commercial accounts, you will need to make a time commitment. Talk with your carriers as they can provide resources and training. Also consider continuing education courses. Designation programs like the Certified Insurance Counselor (CIC) courses are an example of continuing education that covers all areas of commercial insurance.

If you set clear goals for your agency and plan a path to achieve them, you will often find that the results you want to see will follow.

If you have any questions and would like to discuss this article in more detail, please contact me at jeff@agency-focus.com.

K E Y N O T E S P E A K E R

JAY

LA Commissioner of Administration

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Room Block Deadline: May 16, 2023