Do you have a niche that you are not leveraging to get new business?

September 5, 2018

If you are looking for a way to differentiate your agency, look at your book of business. It is likely you have experience in niche markets – whether it is the ten restaurant accounts you have or the eight accounting firms.

That means you already know what carriers are best for these businesses and their risk management issues. You can leverage that experience to get more similar accounts.

Most new business comes from taking away business from an incumbent. To overcome a generalist you have to “outniche” them. Show the prospect what the generalist has missed – because they are not the niche experts you are. Go beyond price, so the incumbent doesn’t just match what you offered. Use your expertise to make a case for how your risk management can help them avoid claims and subsequent premium increases.

A starting point for marketing is to create a sell sheet and a dedicated webpage about your niche. Use Facebook and LinkedIn to post an article such as “3 Ways This Niche (fill in the blank) Can Reduce Its Insurance Costs.” Send that article out via email to your niche prospects. Ask your current clients in your niche for testimonials.

Over time as you build your book in your niche, you will develop a reputation as a sought after go-to insurance expert.

“With Agency Network Exchange, my agency has grown because I have the access to markets to write small and middle market accounts.”

Charles Bixsenspanner, President
Friedman Associates NJ
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