How to grow your insurance practice during challenging times


The following is an opinion piece, written by David Estrada.

This article will provide guidance for insurance professionals experiencing difficult circumstances, regardless of cause, that are external to us and beyond our control. Please consider the following in terms of ‘what you can control’ during a difficult period of time that will serve and further your practice and career. Here they are:

The external forces that affect us which are beyond are control are the same ones affecting everyone else. The insurance profession is about serving and protecting others – so keep in mind that our actions and messaging to others during this time is ideally consistent with that fundamental tenet of our profession. This is especially important for those around us, our clients, and those we wish to do business with in the future. People will remember you by how you conduct yourself during this time – which will either perpetuate and deepen relationships, or disenfranchise you from them forever.

You have not lost your skills, resources, ability to transact, experience, judgment, and all the other great things you bring to the table. Nothing has been taken away from you in terms of your ability to generate new clients and develop great long-term relationships with them. Nothing has been lost here…and those characteristics are among the core drivers of your ability to sustain troughs and rebuild over time. “The engine is still running.”

Take advantage of the time
Learn new skills such as new ways to use LinkedIn, how to do a capability presentation with a webinar/teleconference/virtual meeting platform, how to use an email marketing capability, how to post a short video, etc. Add to your transactional ability by studying for a designation, post content, write articles, research prospects, check in with your clients and prospects as well as everyone in your circle of influence. Let them know you’re thinking of them and available for any support they need. Send them notes, make ‘check-in’ calls, and re-circulate articles that you feel might help them… like “How to Work from Home” for example! And…. don’t forget to throw away all that junk you’ve had sitting on your desk for the past six months! Eat your veggies!

“…and this too shall pass…”

So think about where you want to be when it does. Do you want to be ready to go with new skills, new capabilities, the ability to transact more sophisticated and larger accounts? To have a well-researched list of prospects that you can be ready to contact when this passes? Or, do you wish to have done nothing during this period of time other than cry in your beer and are unprepared when things start turning.

Don’t stop
It’s easy to sit and wait things out = doing nothing. In which case you will be behind – the period of time then will represent a true setback when things turn. You can do a lot, as I have touched upon in this article. Think about your competitors for a moment…many will do nothing…which means if you keep moving and use this period of time productively you will have the benefit of being ahead of a significant number your competitors who were fatalistic and complacent. You can have a faster return to ‘normalcy’ and rejuvenating your book of business if you can take action during this period than those who did not – who, essentially will be attempting to recover with the same set of skills they had before. So their recovery will be slow… yours can be fast if you keep moving! You only lose if you stop… your choice.

If you need help or want to discuss a specific set of priorities for you to focus on that are unique to your circumstances, please contact us at: [email protected]

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