In my work with carriers, I spend a lot of time helping assess their current distribution model and plan for future changes. The insurance industry is shifting rapidly, and new distribution channels – including websites and 1-800 numbers – continue to surface and are increasingly becoming more fierce competitors to the traditional agency model. However, even with these developments, there is still a great deal of value in maintaining a local distribution force.
These days, keeping your agencies profitable depends on putting resources in two essential areas:
Recruiting and Onboarding Strategy
Choosing the right agent(s) is important. But sometimes we forget to focus on setting them up for long-term success through a structured onboarding process. Without a strategic onboarding protocol, an agent can have all the right skills, but won’t be able to live up to his potential.
Creating a successful company depends on building a roster of agents that are clear about what they are required to produce, and have all the tools needed to achieve those results. Everyone must be working toward the same goals, and those goals should be clearly laid out during your onboarding process.
Commitment to Technology
Incorporating technology into your distribution systems will help agents reach maximum productivity. This means a commitment to retooling legacy systems and adding new technologies in order to help agents reduce cost and improve efficiency. Today, tools are available to improve every process within an agency, including new business development, client retention and management of staff.
Technology can also help companies measure and build on results. When you understand the opportunities available, you can position agency forces to take advantage of them and stay one step ahead of the competition.
After more than 30 years of insurance industry experience, I have a track record for delivering measurable results. Let my team at Korsgaden International help you assess your current distribution model and plan for change. We are dedicated to creating long-term relationships with carriers in order to help you improve operations and increase profitability.