Many insurance agents are so worried about losing business that they work tirelessly to become everything to everybody. When a prospective client calls in for a life insurance quote (I know never happens but follow me here), the agent says ‘yes, I can help.’ An hour later a call comes in from a customer looking for an auto quote…‘no prob’ the agent says. A few hours later a Homeowners Association calls in looking for liability coverage ‘I got it’ says the agent.
You get the picture…..
Being everything to everybody is not the path to financial freedom. Using the jackofalltrades strategy, you’ll probably burn out before your renewals hit that magical breakeven point. Your results will most likely lag your effort. And if you step into the arena with a specialist while competing for business, you’ll probably lose every time.
So what are you to do?
1. Narrow your focus. It’ll be hard at first to say no to business, but in my opinion, it’s necessary to quickly grow your agency. Once you identify your product mix, find other agents that you can refer everything else to and ask for referrals in return. At Chrinco, we only focus on home and private passenger auto insurance. We always get people asking for commercial lines, workers comp, and health insurance but we always refer it out so we don’t lose focus. While some may argue that we’re giving money away we say that we’re getting rid of distractions.
2. Become an Expert. Once you’ve determined your product mix. You have to become an expert. Know the available markets, the coverages, and which companies have great claims service. Know the competition in your area and where the referral centers are. Know the regulations in your State and if there are any Federal regulations know them too. Know pending legislation. Make your knowledge so great that if competition steps into your arena they have a huge mountain to climb before they know what you know and can do what you do.
3. Let the world know you’re an expert. You have to create awareness if you are to succeed using this 3step process otherwise you’re likely to fail. At Chrinco, creating awareness is at the top of our marketing funnel and we believe it should be at the top of yours too. Creating awareness is not a 95 gig….it’s a 24/7 gig. This doesn’t mean that you should be an embarrassment to your spouse at dinner.
What it does mean is that you should always be thinking of opportunities, always be looking for opportunities and working to create referral centers that work around the clock so you don’t have to.
Obviously, this is a simplified summary of our strategy but it’s a solid foundation from which you can build upon. It’s a strategy that works, is time tested and we believe using it can take your agency to the next level. Join the Chrinco.com community and follow us as we not only provide insurance tips to consumers but also are developing a new way to shop for insurance. Join the journey that we believe will change an industry. Chrinco.com Insurance Simplified.