Building an independent insurance agency can be a rewarding venture, but like all endeavors, it comes with certain challenges that can overwhelm anyone that’s starting from the ground up. You might have many questions regarding which licenses are necessary, where to open your office, and how to find and contract with insurance carriers to represent.The good news is that help is available – and, once your agency is up and running, even though with some hitches along the way, you will also have the opportunity to pursue a long list of rewards, such as the ability to control your business, a nice return on owner’s equity, and being able to open up your product offerings to a wide range of options – which in turn, will place you in a better position to help your clients.
Various industries are adapting to the current digital revolution and embracing digital concepts to streamline their business operations — including the insurance industry.Although the insurance industry has fallen behind in accepting digital best practices in the last few years, it is now finally catching up. More insurance carriers and insurance marketing organizations are adopting digital platforms each day. Data analytics and new technology enable the insurance industry to improve its processes, develop new business models, and transform the competitive landscape.
From retail to real estate, technology makes a diverse range of industries more accessible to consumers. Artificial intelligence is even expected to boost retail profitability by up to 60 percent. So, why should health insurance be any different? More consumers are searching online for your insurance products every year, so what’s stopping you from going digital?
Being in the insurance industry is an exciting opportunity to serve numerous different clients, but as the industry has evolved so too have the challenges that insurance agents are facing. It’s important to be aware of these obstacles so that you can approach them with an open mind and develop a comprehensive strategy for addressing them.
One of the most challenging things for an insurance agent is finding leads. Even if you know life insurance or any other insurance product inside out, you won’t survive without prospects.
On top of searching for leads, you need to make sure these leads are qualified. It can be difficult, as thousands of agents compete for the attention of a few qualified leads. Getting to these leads before your competitors do is crucial to having a long-term and lucrative career as an insurance agent.If you're looking to close as many sales as you can, your first few steps should be to look for leads, determine if they qualify as a prospect, and reach out to them properly.