Most insurance agents become insurance agents to be able to help out the general public. Everyone needs some type of insurance to protect themselves, their property, and their family. When a person needs to file an insurance claim, they want to have a good experience in what is likely a hectic and anxiety filled time. For this reason, insurance agents must have comprehensive knowledge of insurance and the claims process. If you are an independent insurance agent and you are interested in dipping into another branch of insurance, here are three things that you must do before offering these to your customer.
Current saturation and needs in your surrounding area
Before taking up a new branch of insurance that you must put time into learning through education and money for marketing, you need to make sure that the insurance is viable in your area. For instance, in an area that has high levels of homeownership and owner-occupied homes, renter's insurance may not do as well as you need to make a profit. If you are located in an arid, desert climate, insurance against snow and ice damage is something most people won't bother to pick up. Research the viability of the insurance branch that you want to invest time and money in to be sure the returns can be seen for your company.
Take an online insurance training course
Each state will have different rules and regulations regarding insurance that can be offered in their state. Since these rules and laws can be extensive, you must take an online course for insurance training. You may need to go through several weeks to several months of training in order to become accustomed to all of the rules of offering and filing claims for a specific branch of insurance. Once you know the system and how to go through the process, you will be better equipped to handle customers.
Figure out how it fits into your independent practice
If you are an independent insurance agent you can sell through a variety of companies at your leisure. One thing that you need to figure out before introducing a new insurance offering into your business is whether or not it can be tied into the things that you currently offer. For example, if you offer low-cost car insurance, you may also attract customers who are looking for low-cost renters insurance or deeply discounted life insurance. Be sure that your new insurance branch will be able to tie into your current business and continue to make money.