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.
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
Insurance Network CEO Says Independent Agents Must Prepare for Looming Workforce Crisis
John Tiene, CEO of Agency Network Exchange, warned ANE member insurance agents that a workforce gap in the next decade will make it harder for independent agencies to find, recruit and keep new talent.
John Tiene, CEO of Agency Network Exchange, warned insurance agents at the ANE annual conference today that an unprecedented workforce gap in the next decade will make it harder for independent agencies to find, recruit and keep new talent, and ultimately stay in business. The Bureau of Labor Statistics predicts the insurance industry will have an estimated 400,000 job openings by the year 2020.
“The workforce crisis will be hardest on smaller insurance agencies with aging staff in their 50s today. Fewer producers and personnel could have big impacts on revenue and customer service that will drive existing clients away,” Tiene said.
“Tech-savvy agents who embrace mobile technologies and social media will be in a better position to compete for talent.”
Nearly 50 percent of the industry’s workforce is above the age of 45, with only 27 percent under age 35 in line to replace them. Millennials, the largest group entering the workforce, make up 25 percent of the U.S. workforce today and will be 50 percent of the global workforce by 2020. (BLS)
According to Tiene, “Insurance companies are creating innovative internship and training programs that give Millennials an opportunity to explore careers in insurance and help attract talent from outside traditional channels.”
The keynote speaker at this year’s ANE Conference was Noelle Codispoti, executive director of Gamma Iota Sigma, an international fraternity for students of insurance, risk management and actuarial science. She discussed the talent gap statistics in the insurance industry and how Millennials are responding to recruitment efforts.
“Students starting in entry level positions today are more focused on company than cash,” said Codispoti. “Companies should be open to discussing not only compensation and career growth, but also the support they are willing to give the individual in terms of professional development, as well as the company’s community outreach efforts and commitment.”
The ANE conference was attended by more than 160 independent agents and other insurance professionals from New Jersey, Pennsylvania and Delaware. In addition to the keynote presentation, the event featured breakout sessions for agency owners, producers, account managers and CSRs.
See the full press release on PRWeb 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.
ANE Adds First Independent Board Member Neal Stanley, Raymond Pavese Elected Chairman of Board
ANE, Agency Network Exchange LLC, announced that it has added Neal Stanley as the first independent member of the ANE Board of Directors. ANE has also elected Raymond Pavese as Chairman of the Board.
"Neal Stanley, who adds greater depth and expertise to our Board as we pursue new strategic directions that add value for our agency members and their clients," said John Tiene, CEO, ANE. " As Chairman of the Board, Ray Pavese continues his commitment to ANE that started when he helped to found the company seven years ago."
"ANE is one of the most innovative models for agents," said Neal Stanley - recently elected to the ANE Board of Directors. "I'm very pleased to continue my involvement with independent agents working with ANE."
Stanley has more than 30 years of experience in the management and direction of insurance companies and agencies. He recently retired as Chief Operating Officer for United Valley Insurance Services, Inc., an agency cluster in California. He joined United Valley in 2002 as executive vice president to manage its Retail Agency and to lead the Agency Acquisition Program. Stanley has served on the Board of Directors of various industry organizations and is an active member of the State Bar of California.
"It's a privilege to serve ANE in this new role," said Pavese. "Our industry is changing quickly and in dynamic ways. ANE is committed to helping independent insurance agents remain independent."
A founder of ANE, Pavese began his career at the Prudential Life Insurance Company after graduating from Roger Williams University in 1986. Within a year, he joined his father at the Pavese-McCormick Insurance Agency in New Jersey, where he expanded the agency footprint from Middlesex County to thousands of clients throughout the state. He bought the agency with Michael McCormick from their fathers, and today it is one of the largest in central New Jersey with clients across the Mid-Atlantic region. He is the past president of the Middlesex County Independent Insurance Agents, Exchange Club of New Brunswick, the Brunswick Bank and Trust Advisory Board, and the Executive's Association of New Jersey, one of the oldest and most prestigious networking organizations in the state.
ANE has grown from just seven members on 2009 to more than 45 independent insurance agencies with over $150 million in controlled premiums. In 2014, ANE announced plans to expand into Pennsylvania and other mid-Atlantic states. In the last three years, ANE has helped its members write more than $75 million in organic new business. The network paid more than $1.8 million in profit sharing to members last year.
Brave New Omni-Channel World: Adapt or Bust
As seen on IAMagazine.com, CEO of ANE, John K. Tiene, asks independent insurance agents what they are doing to transform their agency to embrace Omni-channel technology?
According to Google Research, 98% of Americans switch between devices throughout the course of one day.
Technology is changing the buying patterns of insurance consumers, and not just among millennials. Every baby boomer has a smartphone and knows how to use it. This emphasis on ease, convenience and mobility has opened the door to new insurance competition from retail goliaths like Wal-Mart, Amazon, credit card companies and a host on insurance startups.
Meanwhile, large insurance carriers are using data analytics to leapfrog agents and sell directly to consumers. Mergers and acquisitions, perpetuation headaches and carrier-retailer partnerships are also putting the squeeze on agents.
In almost every service industry today - from banking and investing to local pharmacies and car dealerships - consumers want to interact on their own terms, whether that's in person, via phone, text, email, social media or the Internet. They expect an Omni-channel experience that leverages a convenience cocktail of technology and customer service that provides them with access to products, services and information in real-time, 24/7, 365 days a year.
Aberdeen Group found that companies with extremely strong Omni-channel customer engagement retain on average 89% of their customers - compared to 33% for companies without it. Change is happening so rapidly that agents who don't adapt soon will find their customers going where they can get the seamless service model they demand.
The nature of agent-client relationships has changed drastically from what it was years ago. Agents who gave smart, professional advice used to have the edge. Now, people still value consultation with an agent, but they also want the convenience of Omni-channel access to get their information or complete service activities seamlessly. Whether the customer is shopping online, by telephone or in a brick and mortar store, these are the options they want.
Read the full article online here.
2nd Annual SalesPro Producer Boot Camp
MarshBerry and ANE are teaming up again to offer the 2nd Annual SalesPro Producer Boot Camp to all ANE Member Agencies.
This intensive sales training workshop is designed to drive book of business growth through enhanced new business production. This session, created from top producer methods for building a sustainable and predictable book of business, is specifically geared towards Property & Casualty industry agents.
New and experienced producers looking to achieve a higher level of new business production are welcome to register and attend. Session topics will include:
- Defining success in terms of book size and years to reach milestones
- Breaking down new business goals into manageable activity metrics
- Using six levels of prospecting to open more doors
- Time management techniques
- Using LinkedIn and leveraging centers of influence for better referrals
- & much more!
All of our attendees will be going home with a comprehensive sales planner that encompasses all aspects of a proven successful selling system, as well as a Producer Benchmark Report which will help dissect your current book of business and set a roadmap to achieve yearly goals.
Dates/Times:
Day 1: Thursday, October 15, 2015
9:00am-5:00pm: Training (Breakfast & Lunch included)
6:00pm: Networking Dinner (included)
Day 2: Friday, October 16, 2015
9:00am-12:00pm: Training (Breakfast included)
12:00pm: Class Adjourns
Location:
Stockton SeaView Hotel & Golf Club, 401 S. New York Road, Galloway, NJ 08205
Phone: 609.652.1800
Cost:
$625.00 per attendee
Register today at https://anebootcamp2.eventbrite.com
For more inforation on this training, click here