Adapt to Changing Market Conditions and Stay Flexible

In the last few years especially, independent insurance agencies have weathered a lot of change.

Many of the changes have been in reaction to unprecedented challenges. But, as Liberty Mutual and Safeco Insurance president of independent agent distribution, Tyler Asher, wrote in a recent Agent for the Future article, “what’s clearer now than ever before is that the new normal is one of near-constant change.”

Now is the time for agencies to be proactive in preparing for the future. Going forward, agencies that thrive will be those that are adaptable and ever-evolving.

Much of this is about mindset. Research from Liberty Mutual and Safeco Insurance found that agencies that aim for aggressive growth (for example, doubling the size of their agency in five years) are growing at a rate more than double that of agencies that are aiming for slow and steady growth.

The importance of having a growth mindset

71%

of executives said adaptability was the most important quality they looked for in a leader (Harvard Business School)

62%

of high-growth companies plan to invest in technologies that lead to higher rates of innovation (Accenture)

2x

the average annual growth rate of agencies that aim for aggressive growth over agencies that aim for slow and steady growth (Liberty Mutual and Safeco Insurance)

Ideas for adaptability in insurance agencies

Find a niche. Specializing can help differentiate your agency. Niche insurance markets such as cyber, pet, green energy and much more are on the rise and can help your agency expand your reach and continue growing. (For example, IndustryARC estimates that the cyber insurance market will grow by 25% annually over the next five years.)
Attend conferences in and outside of insurance to learn new ideas and grow your network.
Read Agent for the Future and other industry publications to learn about insurance trends and get actionable advice from industry experts.

Curated Content
Resources to help your agency be future-forward

Agent for the Future

The New Leadership Playbook: 5 Lessons in Thriving Through Change

Liberty Mutual and Safeco Insurance president of independent agent distribution, Tyler Asher, shares five lessons in resilience, uncertainty and change for agency leaders.

How to Find, Build and Succeed in an Insurance Niche

Building a niche can help an agency stand out. Agents and industry experts share their tips for building a brand as a niche expert.

Learn more

Agent for the Future

4 Tips for Selling Cyber Insurance in 2023

With the costs of cybercrime rising, now is a good time to get into cyber insurance. "Cyber Diva" Mercy Komar shares her tips for selling cyber insurance.