Finding the perfect commercial lines insurance for everyone who walks through your door can be cumbersome. There is a lot of work that goes into the process: You have to search through all of the carriers to find the right one, then you have to look through all of their lines of business to figure out what their guidelines are. There’s a trick for cutting down on all of that work. If you become a specialist in one area of commercial insurance, you will free up a lot more of your time.
A specialist is someone who focuses on one particular area of commercial lines and learns about all of the offerings from different carriers. Because you have to fixate on one specific line of business, the number of carriers you need to reach out to is reduced. You will have more time and energy to focus on growing your knowledge in one particular area instead of stressing over learning a little about all things commercial.
Being a specialist will also boost your credibility with clients since you will be able to give them more information about their policies, and you can speak confidently about their choices. Your reputation will grow organically, and you will be known as an expert in whatever niche market you choose. Most specialists have a stellar reputation in their field, and you would be surprised at how many clients will refer other business owners to you after they receive good service.
So, what goes into becoming a specialist? Just as you have to research which carriers write the specialty line of business you are targeting, you will also need to check out the prospects. Here are some tips for how to do that:
- Search the business online and on social media
- Look up industry-related issues and how you can help
- Know the owner’s name and role within the business
If you are visiting businesses in person, here are some ways you can start a drip campaign to make sure you are remembered:
- Ask for a few minutes of the business owner’s time
- Explain a key benefit in the coverage that could spark their interest
- Educate them on key features to increase financial security or any other relevant educational information
- Focus on their needs during the first conversation
- Do not focus solely on how much you can save them
- Get to know them by asking questions related to their life and business (This could lead into other lines of business to quote, including life insurance for the business owners.)
- Don’t forget to leave them with something like your business card
Selling commercial lines can be challenging due to the large amount of information you have to know in order to properly quote your customers. Specializing can alleviate that stress, but it will require some additional focus on your end. Just remember that finding the appetite your carriers are looking for is the longest step, but figuring out the ins and outs of that specific line of business comes quickly. It will make quoting your clients much easier, and your agency’s reputation will benefit from your efforts.