How can an insurance agent succeed in a soft insurance market? Finding a niche market can help! Here are a few tips for succeeding in a soft market by identifying the right demographic to serve.
Communication Preferences
How do people prefer to communicate? One type of customer might prefer to meet face-to-face, another might prefer to speak on the phone and another might prefer emails. If you feel best meeting customers face-to-face, you might be best suited to older customers or customers for whom visual communication is helpful. If you believe you can be most helpful through email, consider serving more tech-savvy customers, especially younger folks.
Agent’s Level of Involvement
Some customers might prefer to involve their agent with all aspects of the insurance enrollment and claims processes. This group might include people new to insurance or people for whom English is not their primary language. Other customers might prefer to do the work themselves using an online form and turn to an agent only when there are problems.
These are just two categories to analyze for determining a niche market. There are countless other parameters to use in order to figure out who best to serve. Regardless of which preferences your customer has, determining your specific group will help you succeed in a soft market.
