Do you have a niche that you are not leveraging to get new business?
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.
ANE Selected as Five Star Network by BIA
ANE is proud to have been selected as a Five Star Network by Business Insurance America magazine in all of these categories:
* Commissions and Profit Sharing
* Access to Insurance Companies and Products
* Access to Niche and Nontraditional Markets
* Ability to Network with Member Agencies
* Overall Business Consulting
* Training and Education
* Technology
* Marketing
* Administrative Support
* Claims Support
Click here to read the article from Insurance Business America
What technology should your agency focus on?
Agencies that are trying to stay competitive are often faced with having to make decisions about how to use technology to give their agencies an edge. A recent article in “Business Insurance America” talked about the importance of automation and analytics.
That’s one reason why ANE offers its agents Vertafore at a discounted price along with hands-on support services. Automation for back office management improves customer service – the key to retention. The analytics provided via Vertafore enables agencies to make informed decisions about growing their business.
Take a moment to read the article to learn how to, “Use data and analytics to better understand, influence and ultimately get a consumer to purchase insurance.”
The 2018 Independent Agent Study: Agents speak out on carrier relationships, challenges and their future plans
The National Association of Professional Insurance Agents (PIA) has released a study to take the pulse of independent Property & Casualty insurance agents throughout the U.S. The study provides insight into the demographics, books of business, challenges and carrier ratings.
Some key finding include to compare to your agency:
45% of respondents, most of them principals or owners, said they planned to retire in the next nine years. Is a talent gap a concern for your agency?
About 24% said their insurance carrier relationships were improving; 19% said their relationships had declined. Are you happy with your carrier relationships?
Although 56% have smartphones, only 41% said they can provide quotes to prospects while out in the field. Can your agents quote remotely?
More study results will be released soon. Check out the video for an overview of the results.
ANE – THE YEAR IN REVIEW
It’s been a productive and profitable year for ANE and its member agencies. As we get ready to perform even better in 2018, here’s a quick look at some highlights from 2017.
January
ANE authored article on technology featured in Insurance Business America magazine
February
ANE Announces Seven Agencies Added in New Jersey and Pennsylvania
March
ANE CEO John K. Tiene honored at the 35th New Jersey Brain Injury Alliance Gala
April
ANE Annual Conference attended by more than 160 independent agents and other insurance professionals from New Jersey, Pennsylvania and Delaware.
June
2017 ANE Carrier Appreciation Beach Party draws largest crowd ever!
ANE is a sponsor of the annual conference of the Professional Insurance Agents of NJ/NY
July
ANE supports the annual Big I Trusted Choice Charity Golf Outing
ANE Profile Featured in Insurance Agents & Brokers Pennsylvania (IA&B) magazine
August
ANE VP of Operations Jocelyn Rineer Named One of 2017 “Insurance Business America Elite Women in Insurance”
October
ANE produces new brochure refocusing our strategy and message
ANE is out in force today supporting Special Olympics and the PIANJ Golf Classic
November
ANE Selected as a Finalist for Network of the Year in the 2017 Insurance Business Awards
ANE Announces Eight New Member Agencies in Pennsylvania and New Jersey
December
ANE is the Event Sponsor for the New Jersey Young Insurance Professionals Gala Awards
ANE CEO John Tiene named to the IBA Hot 100 List
John Tiene named to the IBA hot 100 list
ANE's CEO John Tiene has again been named to the 2018 Hot 100 list of insurance industry leaders by Insurance Business America magazine! "I am very privileged and honored to be included in a group of such distinguished professionals." said Tiene.
This is Insurance Business America's fourth annual Hot 100 list, where they asked the insurance community to nominate major power players who are shaping the future of the industry.
ANE Selected as a Finalist for Network of the Year in the 2017 Insurance Business Awards
Agency Network Exchange, ANE has been selected as a Finalist for Network/Alliance of the Year – Membership 100 Agencies or Fewer in the inaugural Insurance Business Awards America. Insurance Business America is the leading insurance-focused magazine with more than 500,000 monthly visitors across the globe. IBA readers voted in their thousands to select finalists in 23 categories, including stand-out services, employee focus and corporate social responsibility.
“We are excited to be recognized by our peers across the industry for our leadership and vision,” said John Tiene, CEO, ANE. “ANE’s success demonstrates that our business model is working for independent agencies that want to stay competitive and grow.”
Winners will be selected by a panel of industry experts and announced on November 29, 2017 during a stellar black-tie awards ceremony at Chicago’s Navy Pier hosted by TV superstar Alfonso Ribeiro.
“The finalists are the best of the best,” said Tim Duce, CEO, Insurance Business Magazine. “They demonstrate the resilience, innovation and sheer management smarts it takes to build a thriving business today. Success stories like theirs are the lifeblood of the Insurance industry.”
The inaugural Insurance Business Awards America is one of a series of international insurance events. The first US event will be held in Chicago and will bring together industry leaders to celebrate excellence in the Insurance industry and is designed to recognize individuals, teams and companies for their outstanding achievements and contributions to the field.
For the full list of finalists and information about the event, visit Insurance Business Awards America.
Are Millennial Insurance Buyers More Likely to Listen to Millennial Insurance Agents?
When you are young, who are you more likely to listen to – one of your peers or someone older than you telling you what you should do?
Studies show millennials depend on their peers’ opinions when it comes to making purchases from reading each other’s social media posts to online product reviews on Amazon. Why would buying insurance be any different? This is a follow-up to our post How to Hire Millennials – and Make Them Successful.
If you are hiring millennial producers for your agency, one approach to their sales efforts is to educate their peers about misconceptions they have about insurance. Here are just a few.
- 48 percent of millennial respondents said driving a red car increases your premium (it doesn’t)
- 35 percent said one’s home ZIP code does not affect the cost of auto insurance (it does).
- Millennials are less than eager to educate themselves about health insurance because, they don’t think they need it. (they do.)
Read more in this interesting article “Millennial Meltdown: How Insurance Ignorance Puts an Entire Generation at Risk.” And, share this article with your millennial producers.
VP of Operations Jocelyn Rineer Named One of 2017 “Insurance Business America Elite Women in Insurance”
ANE agents that work with our Vice President of Operation Jocelyn Rineer know what an asset she is to helping their agencies grow. Jocelyn was recognized in the June 26 Insurance Business America magazine 2017 Elite Women issue highlighting women leaders in the insurance industry.
According to the magazine, few women have achieved leadership roles in the insurance industry. The 2017 Elite Women issue features women who “have overcome obstacles and broken barriers to become some of the industry’s top professionals.”
“Jocelyn has been a tremendous asset to the ANE team. She has lead efforts to help our agents become better business owners and grow their agencies," said John Tiene, CEO, ANE. “We are pleased that she is being recognized by Insurance Business America for her dedication and strong leadership in the insurance industry.”
Read the profile here
Tech Can Bridge the Insurance Workforce
In this week's issue of Independent Agent Magazine, ANE CEO John K. Tiene discusses how new technology implemented in the independent agent distribution channel will win the talent battle the industry is currently up against.
According to the Bureau of Labor Statistics, the insurance industry will have an estimated 400,000 job openings by the year 2020. And nearly 50% of the industry's workforce is older than 45, with only 27% under age 35 in line to replace them.
Those statistics will play out in smaller agencies traditionally staffed by producers, customer service representatives, account executives and managers. In the next 10 years, many of these employees will retire, and agencies will be fighting to fill positions left empty by the oversized baby boomer bubble.
The bottom line: Fewer producers and personnel will result in less revenue and diminished customer service—which could drive existing clients away.
The solution to this looming crisis: Millennials, who make up 25% of the U.S. workforce today and will comprise 50% of the global workforce by 2020, according to BLS. The Pew Research Center reports that millennials value job enjoyment above compensation, followed by job security and flexibility. They volunteer and align with social causes. They are the most connected generation in history, spending an average of 14.5 hours a week on their smartphones, according to Experian Marketing Services.
Misunderstood as job-hoppers, millennials want to understand their career path, even though it may take a decade or more to achieve their goals. They also want to be engaged and understand how their work impacts clients, their employers and the world in general. The traditionally stable insurance industry is suited for millennials who crave job security, and the opportunities it provides for working directly with clients to mitigate business and personal risk appeals to their desire to help others.
Unfortunately, the insurance industry is fighting an image problem: The stereotype pencil-pushing, gray-suited, 9-to-5 insurance salesman is not attractive to millennials. Eight of 10 have limited knowledge and understanding of the employment opportunities available in insurance, according to The Institutes.
Technology can help bridge the gap. The insurance industry is finally catching up to the rest of the business world in this realm: Successful agents are using cloud-based computing and portals to interact with clients more efficiently. Big data analytics enable agents to mine for new business and cross-sell products to deepen customer relationships.
Armed with a new arsenal of technology tools, tech-savvy agencies will not only increase customer loyalty, but also recruit and retain millennial employees for insurance jobs and careers. New high-tech job functions created by big data analytics are attracting candidates with backgrounds in science, technology, engineering and mathematics.
Agencies are using mobility, social media like LinkedIn, and job boards like Indeed, Monster and CareerBuilder to find “passive” talent—candidates who aren’t actively looking for a job because they already have one. According to Vertafore, millennials are more than twice as likely as other generations to be recruited via LinkedIn or other social media. Agencies that leverage social networks to hire millennials demonstrate a forward-thinking approach that appeals to millennials as employees.
Such efforts may finally be paying off. When Vertafore surveyed insurance professionals ages 19-35, more than 90% said insurance careers satisfy job satisfaction criteria including work-life balance, career development opportunities and financial stability. Eighty-one percent said they plan to remain in the industry for as long as possible, and 70% would recommend an insurance career to their friends—results that suggest the best recruiting strategy may involve millennials themselves.
Independent agencies that embrace technology to connect with clients, operate more efficiently and recruit millennials will win the talent battle and be ready for whatever the future brings.
To see the full article on Independent Agent Magazine online - click here.