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Tips for Growing Your Agency’s Niches

Many independent insurance agencies grow quickly by focusing on specialties or niche business.

February 12, 2024

One of the ways that many independent insurance agencies grow quickly is by focusing on specialties or niche business that can enhance their more generalist book of business. And while these agencies often come about these areas of expertise in an organic manner, there are ways that your agency can be more deliberate in developing them.

In this two-part series, we’ll discuss some of the approaches you can take to build these specialties. First, let’s take a look at some of the building blocks for developing niches.

Market Opportunities

Are you seeing trends in your geographic or specialty area that could be capitalized on for future business growth? Are there patterns in new ventures, growing segments, business investments, or capital development that could lead to opportunities for your new specialty? If so, research their coverage availability and any other agents that may already be in the space. This will help you identify the potential for growth. If there are agents in other parts of the country with this specialty – reach out! You may be surprised at their willingness to help you learn.

Existing Book Opportunities

What has the agency previously been successful with writing? Are there trends you could capitalize on that might give you immediate opportunities for networking, referrals, trade shows, etc. Many industries appreciate people that “speak their language.” Learn more about what they face, the trends in their industry, and what the future appears to hold. This can help you develop a better understanding of where risks may be developing, and in turn, give you a first opportunity to help cover those risks.

Go With What You Know

If you or your agency has a knowledge base in a particular industry or vertical, ask yourself – “How can we expand on an area of need for coverage?” If there is a harder class of business to write, or a carrier that dominates that marketplace, put together your pitch of why you would be a great fit to be an agent champion for that segment.

If there isn’t a direct carrier that fits your potential niche, work with your wholesale partners to see if access to a market can be obtained. These are the perfect opportunities to utilize these relationships as they were intended – to place coverage for specialized risks through a partnership model.

In part two of this series, we’ll discuss marketing these risks, program business, and more. In the meantime, have these conversations, and if you need assistance with market options and risk placement, the team at QuoteWell would be more than happy to assist you.

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