Diversification of products, standing out, and creating unique content are all ways to insure your insurance business.
What do health insurance agents, benefit advisors, and property and casualty (P&C) agents all have in common? They are all working in industries that are being disrupted at a rapid pace. From government regulations to tech companies, various factors are changing the playing field, and the pace of change will only speed up from here.
There are three ways anyone in these industries can stay relevant and prepare for both the short term and long term future.
1. Diversify Your Insurance Business with Additional Product Lines
Most agents in the area of health, benefits, and P&C can offer life insurance to their clients—without having to earn additional licenses and certifications. Selling life insurance has multiple advantages. Normally, if the clients of a P&C agency pass away, that is the end of the business relationship. The next generation will not remain clients for long, UNLESS the agency helps deliver a death claim. Life insurance also generates more revenue dollar for dollar then any of the products typically offered by a health, benefits, or P&C agent. And clients who come your way to buy life insurance—and might not have signed on otherwise—may go on to buy some of your other products. The more you can offer (while still remaining focused on your core), the larger your pool of potential clients will be!
2. Make the Insurance Business Stand Out
Most health, benefit, and P&C agents say their differentiator is the variety of products they offer, their prices, or their service–all good things, but are these really enough to make you stand out from the crowd? Dig deep. Try something really new. Maybe help your clients create new strategies for their own business. Or maybe create a network of people where everyone exchanges services. Or offer additional services, such as payroll, HR, legal, and accounting–and all the while maintain your expertise in your specific niche. Or take a look at number three below.
3. Create Unique Content
But you can’t offer any services or products to anyone if nobody knows you exist. How are you going to get yourself on people’s radar? Traditional marketing might not give you the results you need anymore—at least not by itself. Instead, let your unique stories, ideas, and thoughts bring people into your world. Are you a thought leader? Can your content teach and entertain? If your public face can itself provide value, then potential customers will come to trust your experience and opinion, and when they are ready to seek out financial or insurance products, who better to trust with their needs than you?
Insurance, generally, is a kind of safety net, something you can rely on when your plans fall through. Well, the rate of disruption in our industries is so fast that a lot of plans are sure to fall through. Diversification, uniqueness, and content marketing can be your insurance policy so that your business will thrive no matter what changes come our way.
And just in case you think I am blowing smoke, let me tell you I’ve already followed my own advice. We started out as a life insurance brokerage group, then became the only such group that helps business owners build and protect their companies by adding a content marketing agency that creates unique content for our clients. I wouldn’t offer up these ideas if we hadn’t done it in my own business.