Are you frustrated with the lack of growth in your agency? It may be time for a structural change. A generalized insurance agency will eventually stagnate, as you fall into the trap of spending too much time servicing policies, and not enough time selling new ones. The solution? Specialization.
Specialization means transforming the organizational structure of your agency from a team of generalized sales associates to a very specialized sales force. This system can have an immediate impact on your business, and put you on the path to achieving your revenue goals.
If it seems overwhelming to change the whole structure on which you have built your agency, keep in mind that you don’t have to change it entirely over night. There will be small but strategic steps you can implement over time.
The first step to take when transforming your agency is to train a single specialist agent. When you hire a new agent, train that employee to develop a deep expertise in only one line of insurance (i.e. auto) with just enough knowledge in all the other lines of insurance to recognize a sales opportunity and to pivot to it.
When training their employees, most agents try to teach them everything there is to know about the insurance business. Every person is expected to sell and service all lines of insurance. That kind of structure means that not only does the agent have too much to sell and do, but all the other staffers do as well. Everyone is struggling to keep up with paper work, take care of customer service and make new sales. There is simply too much work to be done and too few profits being made.
When you implement a specialist, this employee will avoid juggling the demands of multiple lines of policies and servicing them all at once. Instead, a specialist will be able to properly answer every question about their specific area and won’t be overwhelmed and overworked. Instead, they will feel like the expert in their area, and that confidence will make them even more productive. Eventually, you will build up to having specialists in life, commercial, fire, auto and more, and these agents will be able to focus their duties on each specialized area of insurance.
This system creates a profitable agency that runs smoothly. With a staff of specialized agents, nobody feels overworked. The office positively hums with activity and everyone in the agency is busy, but nobody is overwhelmed.
Once you have achieved specialization, you will have laid the foundation for unprecedented growth in your agency.
If you’d like to learn more about Specialization, and how to implement it in your agency, check out Troy Korsgaden’s book, Specialization: The Master Key to Agency Transformation.