There’s an old adage that success in business is all about who you know. Well, when it comes to success in the insurance industry, it may just as likely be what you know and what you’ve been doing that can bring some real success.
Unlike many industries, insurance is unique in that everyone needs it. And, you might be surprised to learn that the knowledge you acquired on a previous job or even in college might help you develop a niche as a new agent.
Let us explain by example:
- Philip Wise (Insgroup Inc) spent years in the ice cream vending business before joining an insurance agency. Phil used his contacts in the food industry to write a lot of food-related insurance policies for restaurants, distributors and manufacturing.
- Virginia Goff (Durrett Insurance Agency) Goff worked for a payroll company. When some of the company’s clients asked about workers compensation insurance the policy was to send them to a company out of the area. She recommended they find a local agent to refer to…she now works for that agency as a worker’s comp expert.
- Eric Narcisco (Effective Coverage) wrote his MBA thesis was on renters insurance. His research drew from his own experience in college when a maintenance guy fixing pipes in his apartment complex accidentally lit the building on fire. Eric didn’t have renters’ insurance and lost a significant portion of his belongings. That’s when he realized that renters’ insurance is needed, but seldom promoted.
- Denton Christner (Bay Risk Insurance Brokers) When a gig at a major insurance agency left him wanting more, the 24 year-old Denton seized on the popularity of food trucks, social media and online marketing. He built InsureMyFoodTruck.com and got it to the top of search engine results. Denton claims he ate, breathed and lived food trucks for 18 months to get it launched…it worked!
- Jonathan Reiner (RT Specialty) didn’t know much about cyber insurance when he joined RT Specialty Insurance. But, he noticed that no one else knew much either. On the heels of daily cyber attacks, Jonathan sensed an opportunity so he began finding out everything he could about this unique coverage. Reiner shows clients how a single cyber attach claim meant a huge exposure given the amount of data companies hold in their customer data base. It worked. Jonathan is now the go to guy when cyber insurance is mentioned.
Finally, the experience you have may not be with products at all…just people. For example, I just talked to a customer today who has worked with Toastmasters International as a regional supervisor. Can you imagine the number of people she knows…and they all need insurance.
What contacts or experience do you have that carry over to your new career and could bring you success in the insurance industry?
Example Source: Property Casualty 360 “Profiling Insurance Pros Under 40”