Page 25 - COVID-Proof-Your-Agency

Chapter 3 – Tried and True Best Practices | Blew, Caldwell, Masiello

 Agencies without strong marketing and targeted new business programs may see income

fall off more rapidly as the crisis proceeds and perhaps in a weakened economy moving

out of the crisis.

 Agencies may not represent insurance companies that can respond adequately and timely

to the crisis and provide a stable market.

Opportunities:

 This is a great time to build and reinforce relationships with clients, carriers, staff, and

within your community. This can lead to increased retention, better account rounding,

and more new business.

 You can increase focus on retention. Can your client and policy retention be improved

right now?

 Cost considerations will drive business with consumers thinking about insurance whether

in personal or commercial lines. This will lead to new business opportunities for

aggressive agencies.

 There will be opportunities to upgrade agency talent as unemployment increases.

 This is a great opportunity for an agency to focus on growing (or more effectively using)

their digital presence. New communications methods that are becoming commonplace

may allow agencies to increase their geographical footprint.

 This is a great time to identify and target new markets for producers to approach,

especially segments or classes of business that were not as affected by commission and

premium reductions.

Threats:

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