Tim Stolly of Stolly Insurance located in Lima, Ohio recently spoke on the topic of business insurance to a group of 27 young professionals. The presentation was intended to make these professionals realize that there is “a lot more to business insurance” than they think. It’s important for young entrepreneurs to understand the need for protection of all types; Professional Liability Risk Coverage, Cyber Liability, Employment Practice, etc. Equally important, or perhaps even more important, is the need for the millennial generation within the insurance industry.
It’s no secret that baby boomers are the majority when it comes to the property and casualty insurance industry. As many of these individuals begin to retire, however, the need to recruit the younger generation has become even more important. There’s a sort of stigma though, when it comes to businesses hiring insurance agents; many business owners assume that an insurance agent in their 20’s is “too young” to really understand their needs. So if you, young insurance agent, are reading this, what can you do to build your reputation and battle this stereotype? Here are some strategies below compiled by Brent Kelly, insurance agent and contributing author to Insurance Business America.
Don’t Fight the Stereotype. Whoever your prospective lead is, you should acknowledge that you are younger than many of your peers. Address where your areas of expertise are of course, but if your age is truly a deal breaker for the lead, they might not be worth spending your time with.
Or Use Youth as a Strength. As a new agent, you haven’t built a huge book of business yet. As such, you likely have a lot more time to dedicate to each individual client than many of your peers. Kelly recommends using this time to your advantage; over deliver, call prospects back right away, and follow up immediately. These are some of the best ways to gain trust and build your insurance agent reputation.
Find a Niche. You know better than anyone how complex insurance policies and programs can get; especially for large and/or high-risk companies. Finding a particular niche you excel in can make your presence better known and build your credibility as an agent.
The above mentioned strategies are just a few ways you can build your insurance agent reputation if you are still considered “too young” for the industry. In our next post we will look into some further strategies to create that authority. For more information on the niche products we offer at PL Risk, please contact us today at 855.403.5982.
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