…and it’s so powerful that we’re not even going to make you scan this blog to find out.
The secret? They diversified into new lines.
Give us just two minutes of your time and we’re going to tell you why you need to do this. And then we’re going to tell you how you can do it.
Let’s start with why.
Diversification is crucial as we head into 2021
It’s hard to escape the fact that it’s been an unsettling kind of year. COVID-19 has placed unique pressure on all of us, globally, bringing everyone’s priorities into sharp focus. The fact is, if you’ve built up your business on one specialty line, things could be tough right now.
The lessons we’ve learned
If COVID has taught us anything, it’s the need to have a plan b – and both the mindset and flexibility to pivot, if things change.
But it’s also important to say that, from our perspective, the idea of diversification predates COVID-19. In fact, far from being a knee-jerk response to what’s going on in the world right now, diversification should always be viewed through the lens of opportunity. Think about it. More products = more opportunity = more revenue. In other words: diversification makes perfect financial sense. This explains why it’s the business model of choice of our most successful agents.
So why don’t more agents diversify? Why does everyone stay in their lane? Usually it’s simply not knowing or being familiar with different lines.
That’s why we’re here.
At Superior Access we support our agents throughout the process of diversification – with in-depth training on new product lines so you can enhance your business, and future-proof your revenue.
5 ways to successfully diversify your insurance agency
We asked some of our best-selling agents to give us their best tips on how to diversify. Here’s what they said:
Cross-sell. If you’re not comfortable seeking out new clients for new lines or a new range of products, make a start by cross-selling to your current customer base. With P&C lines, there are always potential gaps – and niche products that your customers may not even know about. People generally like having one point of contact for things such as insurance and they’ll almost certainly appreciate doing business with someone they already know and trust.
Network. Looking to diversify into personal? Befriend local business owners and suggest a little cross-promotional activity. Maybe desk leaflets or a business card share. Think: local car dealerships for auto insurance. Real estate agents for home and contents. Drop by and say hi. You could also join local online groups for specific areas of interest. Basically: your network already exists. Tap into it!
Be the expert. Or, be the pro and spot those gaps. Online insurance is all well and good but people still appreciate trusted insights and the human touch. So read up on your categories and help educate new and existing customers. Put yourself in a position so that your knowledge can flag all the things that online aggregators can’t. Also be aware that during the COVID pandemic, a lot of businesses are taking their communications online so it’s equally important that you’re comfortable with remote technology platforms. Human relationships can still be forged even when face to face is difficult.
Offer a policy review. This isn’t right for every prospect but one tip is to offer a no-strings review of a customer’s current coverage. Make it informal and offer to buy them a cup of coffee. Arrive prepared with any next steps paperwork so you can close the deal quickly.
Create bundled discounts. Work with us to bundle-up your policies and offer a little sugar on top with multi-policy discounts.
Finally, remember you’re not alone. Being part of a bigger team is why so many agents join us and why we’re now one of the highest rated* and fastest growing digital P&C insurance platforms for independent agents in the US (*Google / Trustpilot).
In a nutshell, whether you’re brand-new to the industry or have been established for years. Whether you’re independent or captive. Whatever your circumstances, we can help you offer more to your customers, more of the time.
Not only that, but when you join our network, you get automatic access to a huge range of carriers, and an impressive choice of highly competitive rates.
Right now, all agents need to double-down on strengthening their portfolios so they can ride out any storm and offset any losses.
Maybe you’re reading this as a respected and established agent in your community. Maybe business is booming and you feel like none of this applies to you. But can any of us say what the future holds? For us, it’s all about maximizing our clients’ opportunities. Because when you win, we win.
There, two minutes. So, what’s next? The first, most obvious next step is to simply give us a call. Expanding your product range; upskilling; relearning. It may all feel like a bit of a risk but let’s be honest, it’s a controlled and calculated one.
Anyway, we’re in the insurance business. Isn’t that what we do best?
Take that first step
Contact us to set up a 15-minute call.
No obligation. Ask all your questions.
We’ll even send you a $25 Amazon gift card as a token for your time.