As an independent insurance agency broker or agent, you’ve likely worked hard to build your foundation. To build on that success, it might be time to think about adding specialty or niche coverage lines. By diversifying and also specializing, you can expand your services while also adding more value to your ideal customer. How can you go about finding the right niche lines? Keep in mind the following points:
Focus On Your Specialties
Consider the experiences you’ve had in the past. Use that knowledge to discover your greatest strengths as a broker or agent. Consider any past industries or corporations you’ve worked for and use that knowledge as a guide.
Inspire Yourself With Your Passions
You could find a role that you’ve always wanted to learn more about, or a skill you’ve wanted to develop, and use that as inspiration. Think about the types of industries you personally enjoy accommodating. It can be anything such as food, vehicles, technology, or any hobbies from fitness to sports. What are the fields you find yourself interested to learn more about?
Look At The Market
While you can look toward your hobbies and experience to find a niche, occasionally there may not be an appropriate market in those fields. In that case, you can simply look at the most active and successful insurance markets and grow into those fields.
Look At Opportunities Your Niche Provides
When you consider your niche, think about the size of that potential market and how you can expand within it. Familiarize yourself with the prices for coverage in these fields and take a look at the competitors in the markets you want to develop. Also, look how much you could grow your market geographically.