MARKETPLACE
direct writers . Their strategy is typically built around advertising and promotion of “ savings ” on auto insurance . Market changes may directly impact that strategy . Independent agents that have focused more heavily on commercial may have a great opportunity to cross-sell clients on personal lines when dissatisfaction grows with direct writers .
While Moody ’ s feels the overall insurance marketplace may trend downward , they believe the U . S . commercial insurance sector will remain stable . One of the biggest reasons independent agencies have weathered so many economic storms is the diversity of their books of business . If we do see major personal lines impacts in the next 12-18 months , focus on leveraging more opportunities on your commercial lines business to offset them . For example , put additional resources into accountrounding , develop additional prospecting tools , and invest in commercial lines education for your team . In addition to these responses , consider using any
market “ difficulties ” as a chance to set your agency apart . We talk all the time about how independent agents provide more than just price , so let ’ s lean into that . If it fits your client objectives , position your marketing to show that your agency can help people develop real risk management solutions . Talk about how this is the time where options and solutions really shine , as opposed to price-shopping and quick quoting .
Independent agents have the knowledge and resources to turn economic impacts into opportunities . Harness your competitive advantages and deploy them as ways to grow if the marketplace takes a turn . We ’ re confident you ’ ll come out even stronger in the end . •
Daniel Smith , CAE is the CMO and a co-founder of Market Retrievers , a digital marketing agency focused on serving the insurance industry . He is a licensed P & C agent and has over 16 years of insurance industry experience . Learn more at marketretrievers . com .
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