February 27th, 2019
An agency can expand its reach to include new target audiences through offering specialty insurance products. The specialty insurance market is experiencing phenomenal growth as clients look for agents who can offer more than just the traditional insurance product lines.
Although there is some risk involved in investing in specialty insurance lines, the potential for profit is also huge. The idea of specialty insurance is to provide coverage for markets that are underserved; examples include body part insurance, jewelry insurance, exotic pet insurance and more.
The Bureau of Labor Statistics reports more than 380,000 independent insurance agents in the United States. That’s a lot of agents all searching for their share of the market. What sets one apart from another? Dedication to great customer service is, of course, one way to show clients that you’re better than the rest. An agent also needs to provide something unique. This is where expanding into specialty insurance products lines can make sense when it comes to growing your bottom line. Insurance industry research shows the specialty insurance market is booming on a global level.
Agents who can offer a home to accounts that have traditionally been labeled “hard to place” will find opportunities for growth they never knew existed by providing solutions for non-traditional risks. Some specialty risks with good loss experiences can be integrated with existing markets while those with other risks (owning firearms, exotic pets, etc.) can be placed within a specialty lines market.
A changing agency is a growing agency. Assure Alliance prides itself on helping agencies reach their full income potential by growing their product and service offerings. Contact us for more information.