We recently spoke with several successful insurance agents and asked about their keys to success. While the answers varied, there were remarkably consistent themes to the answers which may help other agents who are looking to grow.

Find Your Niche(s)

The most successful agents usually define a customer niche and really try to “own” it. The niche can sometimes be called a “Center of Influence” but the depth of relationships extends beyond influence or being known. Agents want to be THE go-to person for insurance in their niche. The niche could be any local community group and many such groups exist around churches, schools, and business associations. One agent specialized in transportation companies. Another focused on parents in a local school.

The niche can be any group as long as the agent can be seen as a knowledgeable expert who can help with insurance. You should not present yourself as someone who can “save them money” on insurance. Rather, look to be seen as someone who can get them the best deal by recommending the right coverages at the right price.

Demonstrate your expertise by discussing common misperceptions such as the growing number of uninsured motorists, increasing wind/hail or wildfire dangers, or the real cost of life insurance. Surveys show that life insurance is far less expensive than young people think.

Run it like a business

To really grow an agency, it cannot be managed casually. It needs to be run with systems to automate growth. An agency’s growth cannot depend solely on the agency owner’s relationships or its growth will stall. Each employee should be a profit center with their own metrics and rewards. Use the profit from each employee to hire another employee, open a new location or otherwise grow the agency.

Each new salesperson should have a different customer niche from the other employees in the business. Overlapping niches will generally limit agency growth.

Also, have a financial plan with a financial advisor to help create and manage it. Keep business and personal expenses separate and be sure to know what can be deducted. Many agents miss deductions that would have made their business more profitable.

Prioritize Social Media

To stand out from the crowd, it helps to have an active social media presence. Not just posting once in a while, but every day or at least a few times each week. Agents that frequently post engaging updates get the most followers. The posts do not need to be profound updates but can be surprising information, seasonal tidbits or just fun things like recipes or sports thoughts.

Customers are reluctant to cancel their policies with someone who they “friended” on social media.

Know which social media your customers utilize whether it is Face Book, Instagram, TikTok, or a closed group. And join groups that you would like to influence more. Sponsoring a community can be an inexpensive way to deepen your influence.