AM Best Review Magazine released an interview with Troy Korsgaden. Embedded in this 3 minute read is a video blog with Troy discussing Specialization. Today everything is moving so quickly, and you can't be an expert at everything. We want to be, but as a generalist, you just never can learn everything.
In his book, Troy Korsgaden discusses why agents need to change their organizational structure to grow their businesses.
LORI CHORDAS | APRIL 2022
As insurance agents look to grow their businesses across various lines of insurance and meet evolving customer needs, it's important that they shift from being a generalist to a specialist to increase eﬃciency, retention and revenue, said Troy Korsgaden, founder and principal of consulting ﬁrm Korsgaden International, and author of the book Specialization: The Master Key to Agency Transformation.
Following is an edited transcript of an interview with AM Best TV.
Today everything is moving so quickly, and you can't be an expert at everything. We want to be, but as a generalist, you just never can learn everything. By focusing your team members on one thing, they learn more quickly. They become proﬁt centers faster. They give a better experience to the customer. Today it's all about putting the customer ﬁrst in everything you do. You need a collaboration of experts or specialists.
It's not only agents who are resistant but also current team members. It's also tough for ﬁrm owners because they need to get out of the old mindset. Many want to, but they're afraid of their current teams pushing back.
You have to get everybody on board with the idea that the next person who comes to the agency is going to be a specialist and it's going to be good for everyone. When you get that buy-in, it becomes very easy. You might start with business lines and have somebody just be an expert at business. It might be auto insurance or home or ﬂood. You begin with one area and keep building on it.
I lucked out when I ﬁrst started. My company gave me a big old book of business called the phone book. I know what it's like to scratch out an agency and work by myself.
When I started putting on what I call productive capacity, people to do what I did and do it better, then I grew. We went from zero employees to 25 in our agency ﬁrm.
It's a quick takeaway for them to start the process. We know what customers want and what ﬁrms need to do into the future to become a gateway to all things insurance and ﬁnancial services. That helps block out existing and future competition. If you do that, then it's easy to start to execute. Execution is everything. Ideas are awesome, but without execution, we all know it is delusion. It's all about doing and doing it now.
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