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
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.