In today’s insurance market, niche players have an edge over generalists. Many agents feel if they can be everything to every- one they can capture more business. That might have been true before, but in today’s market where insurance is viewed as a commodity you must differentiate yourself to survive.
Prospects appreciate agents who can “talk the talk” about their business without a learning curve. When you know an industry’s liability issues inside out, you are in position to tell potential clients if there are gaps in their coverage that can potentially harm their business. You are not just an agent to them – you are a resource. That’s how you stand out against the competition.
If you are up against an incumbent who either under or over insured your prospect, you have an edge to get the account. Here’s a caveat – don’t give it all away, so the incumbent can just follow your lead and keep the account.
Some agencies have a focus on one niche such as transportation, but you can focus on multiple niches and be successful. Plus, focusing on niche business does not have to exclude all other types of accounts.
HOW DO YOU IDENTIFY A NICHE?
If you haven’t already, break down your book of business to determine the industry segments where you have the most experience. Some agencies are niche players, but they don’t think of themselves or position themselves that way.
Most insurance agents aren’t writers, they are talkers. Talking, listening, and responding to people is how you do business. But having a professional writer interview you is an easy way to provide your inside take on your niche industry. That conversation can be transformed into SEO-optimized website content, articles, email blasts, and more.
That’s the “bait” that attracts clients in your niche. Your expertise combined with your insight is how you close the deal.