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.
What do agents say? 2018 NU/PIA Independent Agent Study results
In 2017 the National Association of Professional Insurance Agents (PIA) conducted its inaugural Independent Agent Study — a research project designed to annually take the pulse of independent Property & Casualty insurance agents throughout the U.S.
Here are three of the insights from the study – and ANE’s response for its members
The exodus of talent on the agency side remains concerning. Forty-five percent of our independent-agent study respondents, most of them principals or owners, said they planned to retire in the next nine years.
ANE works with our members to develop new producers by providing training and ongoing support. We also help owners prepare for succession if that’s what they want.
Only about 1 in 4 (24%) of PIA members who responded said their insurance carrier relationships were improving; 19% said their relationships had declined.
ANE prides itself on providing members better access to more carriers. Our network’s buying power and our close working relationships with our carriers means when agencies need support to close a deal or solve a problem, they get it.
Despite 56% being armed with agency smartphones, only 41% of respondents said they can provide quotes to prospects while out in the field.
Our members access Vertafore at a discounted cost and with hands-on support enabling agencies to “go mobile” and much more.
If you are facing any of these issues, ANE is here to help.
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
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.
How to Hire Millennials – and Make Them Successful
In a recent issue of Independent Agent Magazine, ANE CEO John K. Tiene discussed how to win the talent battle agencies like yours are facing. ANE, Agency Network Exchange, helps independent agents grow and stay independent.
Most insurance agencies are staffed primarily by baby boomers. How is your agency going to manage when your experienced producers and personnel who keep your clients happy retire?
The answer is millennials.
You might think millennials are job hoppers. Many millennials think the insurance industry isn’t for them. Here are some insights to help bridge the divide - millennials:
- Value job enjoyment above compensation, followed by job security and flexibility
- Are the most connected generation in history
- Want to understand how their work impacts clients, their employers and the world in general
Unfortunately, 80 percent of them have limited knowledge and understanding of the employment opportunities available in insurance. But, once they join the industry, 90% say their insurance careers provide job satisfaction, financial stability, and most plan to remain in the industry.
That’s one reason why we work with GAMMA IOTA SIGMA - the national fraternity for insurance, risk management and actuary science students. ANE can connect member agencies with interested students and graduates for internships and jobs.
If you are facing the millennial hiring challenge, learn more in our article (download). Then give us a call. We can discuss hiring - and help you solve any other issues your agency may face.
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
ANE's IA&B Platinum Profile
ANE is proud to be a platinum partner of Insurance Agents & Brokers Pennsylvania (IA&B). In July, IA&B ran a platinum profile on our organization.
ANE, Agency Network Exchange remains dedicated to helping independent insurance agents stay independent in a quick-changing industry. Our team has a deep understanding of the marketplace dynamics and trends affecting our member agencies.
The insurance industry is changing faster than most agencies can keep up. Profit margins are shrinking. Carriers are paying less contingency revenue and demanding more production. New technologies and evolving customer expectations are challenging the old ways of doing business. Complacency is limiting business growth. An aging workforce is putting pressure on agencies to find, recruit and keep new talent.
More than ever before, independent agents are finding it harder to own, control and operate their businesses. Our innovative approach adds tremendous value to help our agencies grow, compete and stay independent.
TO VIEW THE FULL IA&B PROFILE, CLICK THIS LINK..
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.
ANE Adds Seven Agencies in New Jersey and Pennsylvania
More than $22+ Million in New Business Premiums Written Last Year
ANE, Agency Network Exchange, LLC announced it added seven new agencies in Pennsylvania and New Jersey last year to grow its membership to more than 50 independently owned and operated agencies. The network, which began with just seven agencies in 2009, helped its members write more than $52 million in new business premiums over the last three years and paid more than $5.6 million in profit sharing to members in the same period.
"ANE's continued momentum across New Jersey and Pennsylvania demonstrates that our business model is working for independent agencies that want to stay competitive and grow," said John Tiene, CEO, ANE. "ANE will continue to add talent, realign staff and invest in technology that drives our members' success and helps us achieve our goal of expanding the network across the Mid-Atlantic states."
ANE added four agencies in New Jersey:
- U.S. Insurance (Newton, NJ)
- Richards & Summers (Denville, NJ)
- Livingston Insurance Agency (Livingston, NJ)
- Fidella Insurance (Mount Laurel, NJ)
ANE added three agencies in Pennsylvania:
- Absolute Insurance Agency (Upper Chichester, PA)
- Commercial Insurance Providers Group (Levittown, PA)
- The DeAngelo Company (Wyomissing, PA)
ANE Personnel Announcements
ANE also named Neal Stanley as interim Chief Operating Officer and consultant. Stanley joined the ANE Board of Directors in 2016 as its first independent member. Jocelyn Rineer was promoted to Vice President, Field Operations.
Stanley has over 40 years of experience as the president or senior officer of insurance companies and agencies. He recently retired from United Valley Insurance Services, Inc., one of the nation's largest agency networks, where he was a director and COO. He continues in a consulting role with the company, assisting its member agencies in perpetuation and acquisitions.
Rineer joined ANE from E&K Agency, Inc. of Eatontown, NJ, where she served for 15 years as Commercial Lines Marketing Manager with responsibility for placing a wide variety of commercial lines risks with numerous standard and wholesale outlets. As Director of Field Services, Rineer was the primary contact for ANE's New Jersey members. A licensed producer, Rineer is also a Certified Insurance Counselor.