5 Proven Ways You Can Find Success for Your Independent Insurance Brokerage from Scratch

The route to starting an independent insurance brokerage is becoming the most profitable path for up-and-coming as well as existing brokers. Learn how you can excel and find success with your brokerage if you can stand out in the market.  

You’ve decided to build foundations for your exciting insurance career. Whether you’re a new to the market or a frustrated captive agent, choosing to go independent is the best choice you could have taken. Now that you’ve started your journey with your brokerage, you must be clear about what direction you have to follow to succeed in the market.

In this blog, we’ll explore five proven ways on how you can boost your independent insurance brokerage from scratch. We will discuss this by shedding light on some of the significant problems you may face after starting your insurance company. At the end of the blog, we will let you know which way works best for your brokerage, so stick around!

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Streamline your sales funnel- Prioritize your leads and keep track of them

The process of  lead generation for brokers is continuous. For your brokerage, having new leads in the pipeline and concerting ongoing ones is necessary. This helps you fuel your brokerage for success, but most fail to prioritize it. Why do you think this happens? Because brokerages often get distracted with a lot of other side tasks. Do not forget that there’s nothing more important than having customers.

The first step you need to do is have a good impression on them. Make them feel that your brokerage prioritizes its customers first more than anything. Follow this right from the start, and you’ll see initial leads agree to meet you in no time!

Also, the problem is not always about obtaining leads. Some brokerages may find it difficult to track their leads and maintain a proper sales funnel. According to Ring DNA, a proper sales funnel consists of seven phases. They are: awareness, interest, evaluation, decision, purchase, reevaluation and repurchase phases. all your leads are going to convert into clients. Having an appropriate sales funnel for your business will help you keep track of potential prospects and lost contacts so that you can work on where you can improve continuously.

Many brokerages today are opting for investing in Insurtech platforms and drive solutions that create the best sales funnels for your brokerage. With a tech-based platform, you can have a bird’s view over your leads- track every point of contact, schedule meetings, and arrange follow-ups swiftly.

Tap into the market of Millennials- Grow your target audience by massive numbers!

Let’s face it- insurance is a boring subject that millennials are really not interested in. Hence, selling insurance to millennials is not an easy task. Many brokers find it hard to sell policies to this generation because they cannot connect with them. Also, millennials are online insurance buyers and do not prefer to deal with a broker. 

So why should you consider selling to an entirely new crowd that is not even willing to buy your product? Let me tell you why.  

According to the Washington Postmillennials overtook boomers as the largest US population in 2019. With over 73 million in figures, it just means that their need for insurance will keep increasing.  

The line here is clear- your brokerage needs to develop the right strategy to reach out to the millennials and make them purchase policies from you. They’re not going to buy insurance from you if you use outdated tactics like cold-calling and billboard advertisements. Hence, you need to create your insurance marketing strategy which leverages mediums like social media where you can connect with the crowd more easily.

This generation is slowly starting to realize the need for insurance but are not aware of how it works. Millennials are going to appreciate you if you can guide them with information and help them protect their risks. For example, most entrepreneurs today are millennials. They would need insurance for their new businesses, and that’s when your brokerage should step up!

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!


Explore more niches- Find your market before starting your independent insurance brokerage

The insurance industry has evolved drastically over the years. Here in the United States, there are different types insurance to cover for almost everything. Be it insurance for your wedding, pets, or even your body parts! The need for insuring everything you can own has created many niches of business opportunities.

Brokers can explore these niches and find newer clients for their business. There is an increasing demand for previously unheard niches, like Uber insurance or Drone insurance which was unheard of before. 

Hence, finding the right quote for your client at the right time from different types of insurance niches will help you stand out among your competitors. As a result, you can gain huge profits and increase your book of business faster. 

If your brokerage can personalize and sell products in this niche, you’ll be able to attract newer customers and retain them effortlessly. In other words, standing out in such niches will always be a plus point to push your brokerage towards growth. 

Facilitate and foster a digital work culture – transform paper into electronic data!

Traditional brokerages struggle a lot with paperwork. They spent most of their time managing ACORD forms, drafting proposals, managing certificates, and a long list of paperwork every day. Imagine the time you can save if you could digitize the papers.

Brokerages today are investing their time and resources to transform all their operations digitally. Your brokerage can easily track daily activities and store the data using paid business tools. Brokerages can also use CRMs and integrate them with their existing contacts.  

Above all, a brokerage can use an agency management system to integrate their business processes or work with brokerages having those systems. According to Agencybloc, you can use agency management to track policies, process commissions, and focus on your clients.  

The main problem that comes with embracing a digital work culture is employees’ resistance to change. In the US, the average age of insurance brokers is 59. Most of the brokers have worked in the industry for over a decade with the same approach. Brokerage owners are hesitant to invest time and resources over a shift in work culture.  

However, it would help if brokers rethink their perspective on creating a digital environment with results and not the costs. 

Hence, your brokerage should be able to provide the resources and training needed to help your employees with the transition. With the paperwork out of the picture and a digital workspace, you’ll see your brokerage grow with impeccable results in no time! 

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Embrace Insurtech and automation- a new role for insurance brokerages!

The insurance sector is in a transformational phase. Gone are the days where you could use the same approach and increase your sales for your brokerage. Being digitally flexible is no longer a competitive edge, but a necessity.

Many brokerages are investing in insurance technology to transform their business operations completely. The automation of workflows is slowly starting to take place and is only growing.  

Brokerages can use agency management systems to integrate their business processes or work with brokerages having those systems. From filling out forms, comparing and reviewing quotes, binding coverages, and even renewing them- everything can be automated.  

You might be thinking – if you automate everything, won’t brokers be replaced? The answer is- Not really. Insurtech will not replace insurance brokers. Instead, technology will change their roles from salespeople to risk advisors. They can provide a personalized touch and help clients identify their exposures. As a result, you can help them get the right policy for their needs. Similarly,  independent agents can also increase their client retention by helping them with the insurance claims process more smoothly. 

If brokerages can embrace technology and use it in their favor, they can easily stay ahead with the competition. After that, success will not be an issue unless you act on it urgently.

Grow your Independent Insurance Brokerage in no time!

With all these proven ways, you can seamlessly boost your business into new heights. These solutions will already be available if you work with the right brokerage.  

Consider all of these before and after starting your independent insurance brokerage, and you’re good to go. 

Did we miss out on anything? What are your opinions on what you’ve just read? Let us know in the comments sections down below.

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!


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