There are plenty of successful insurance agents who have struggled to transition to program business and specialty markets. It got me thinking, what does it take to be successful in this arena and, more specifically, with McNeil & Co.? With the help of a few of our longtime agents, our marketing team put together a list of 5 tips to help you excel in the specialty insurance business.
Stay Hungry & Stay Active: In the niche markets we serve, new carriers and brokers are constantly entering the fray. To stay ahead of the competition and grow your book of business, you not only need to stay active with servicing your current clients, but prospecting for new business as well. When it comes to specialty insurance sales, complacency can kill.
Become an Expert in Each Market: Whether you’re appointed in one McNeil program or many, it is essential that you know the in’s and out’s of not just the coverages, but the industry as a whole. Each market has unique dynamics and require intricate knowledge of who the decision makers are and how to appeal their needs and ease their pressure points.
Never Stop Learning: With the ever changing nature of specialized markets, it’s important to stay on top of the latest industry trends and coverages available. Becoming complacent with your sales and insurance knowledge could put you behind the eight-ball. Seek out opportunities to grow and learn from industry experts and take advantage of any trainings your carriers have to offer.
Think Short & Long-Term: Some industries we serve are unique in that it isn’t uncommon for a larger prospect with a lot of moving parts to have an expected sales cycle of a few years. Balancing your schedule and focusing on both your short-term and long-term prospects can help bolster your pipeline and ultimately lead to more success for you and your agency.
Think Outside the Box: In some markets, like the car wash or bed and breakfast industries, it can be difficult to catch the attention of an owner and establish that first contact. When knocking on doors and making cold calls won’t cut it, you have to think outside the box. Whether it’s spending a weekend at the B&B you’re trying to write or leaving “goody-bags” on the car wash door before they open, you can get an opportunity to quote a prospect by doing something original.
Every market is unique and each agent has to find the method that best suits them and their clients. These 5 tips are just a few building blocks to help you find your footing in the specialty insurance world.
By: Tim Woitach
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