5 Reasons to Be a Niche Insurance Expert

This is my 25th year in the insurance business. Most of those years have been spent in the sales and marketing department for an insurance carrier. I have seen many producers come and go whose focus is on chasing a sale. Chasing a sale is good, but the issue is that they sometimes become lost and discouraged. I have seen countless new agents spend more time trying to place a high-risk brokered account than working on honing their craft. Eventually their confidence is shattered and the sale is given to a person with more experience.

I truly believe the most successful insurance agents are experts within a sector of our economy. Successful agencies are experts at something — hospitality, construction, manufacturing, and the list continues.

Would you go to a family doctor for heart surgery? No, you would go to a heart doctor. Every industry specializes in today’s world. Heart doctors make more money than a family doctor. Why? They are experts within their craft. When it comes to insurance, it’s no different. If you put in the time to be a niche insurance expert, you can expect five things to happen:

  • Enhanced Reputation: Clients respect your opinion. You are an expert in their industry and understand their business. So, you are the insurance professional they want to work with.
  • Increased Visibility: Your name is associated with the industry. Carriers and clients trust that you have the product knowledge and service most important to their industry and seek you or your agency as a resource.
  • Increased Efficiency: This is always important for success! Producers and staff become very familiar with the process; they know the questions to ask and how to handle. You understand the exposures that face the industry. You understand what clients want and need. You understand each carrier’s appetite and you understand the forms and coverages for those particular carriers. There is less risk of errors and omissions claims.
  • Less Direct Competition: An industry may have three to four insurance carriers that are experts for that particular type of business. They have the proper product forms, pricing is usually competitive, and they understand the exposures. Fewer agents profile themselves as experts. Other agents will say they have the carriers and pull. They won’t waste their time.
  • More Referrals: A combination of these attributes will attract more customers. People gravitate to people that understand their business — and they like to tell their friends.

An insurance professional who carves out a niche has a strong confidence level. They are better educated within the industry. They have a passion for the industry, and when you have a passion and you’re well-educated, success is sure to follow.

Click here to learn more about what makes Society Insurance an expert within our core niches.

-Tom Louviere

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