As an insurance agent, finding new sources of revenue can be tough and you just might find yourself asking, “is it time to explore new options?” Fortunately, specialization can help you grow your book of business and reach new levels of success.
Part 3 | Video Series with Art Seifert | SEE PART 2 HERE
Listen to Art Seifert discuss specialization in insurance and detail how you could benefit from honing in on a specific industry:
Arthur B. Seifert has almost 40 years in the insurance industry including positions in sales, financial consulting, underwriting and leadership in multiple companies. He currently oversees six niche insurance programs as the President of Glatfelter Program Managers.
Many agencies try to cover all their bases and focus on going after any and all businesses. Sure, that’s a wide net to cast, but is that really the best option for continued success?
Why specialize?
As a specialist, you’re adding value to your name — making you more of a consultant than just another insurance agent. The more you work with a client and the more industry knowledge you bring to the table, the more you become essential to your organization. What does this mean for you? More solid, long-lasting relationships.
Why clients prefer specialization
By concentrating on a specific niche, you set yourself apart from competitor agencies. Unlike generalist agents, you are seen as a subject matter expert. Picture this — a wastewater facility isn’t completely satisfied with their current broker and is looking to work with someone who better understands their specific and unique needs.
They want to partner with someone who works specifically with water entities. Someone who knows the industry and can provide risk management tips, consulting, and education and training. This added knowledge helps increase the immunity of risk and, most importantly, helps strengthen client trust and confidence.
How to begin specializing
With so many options to choose from, getting into the business of specialized insurance can leave you wondering where to start. Your first step: find an industry that catches your interest. An industry that you’re passionate about. Do your research. Consider the pros and cons of each industry and ask yourself:
Once you’ve found that class of business, become an expert. Understand common pain-points, look into unique risks, know what resources could prove useful and stay up-to-date on industry news.
Although there are pros and cons to both general and niche insurance, you may find that focusing on a particular industry and specializing is your best bet to unleashing potential growth. After all, generalists are beginning to face many emerging risks.