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What Insurance Agents Can Learn From Entrepreneurs

en·tre·pre·neur -noun: entrepreneur

a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

As an independent insurance agent it is important that you think of yourself as an entrepreneur. Have you been operating your business like an entrepreneur would? You should be and here’s why.  You are the sole figurehead, salesman or saleswoman, and marketer for your business. That means you bear the sole responsibility for its success and failure. Insurance agents and entrepreneurs need to have the same skill sets which can make or break your business:

1. Communication-you have to know when to talk and when to listen. When it’s time to give your pitch it has to be clear, and to-the-point. Beneficiaries need to know why this product works for them and what the benefits are. Encourage questions and always make yourself available to answer them. Transparency is your best policy.

2. Branding-Is one of the most crucial aspects of being a successful agent. One of the most common mistakes we see at NCC is an agent unwilling to spend the time to brand themselves and their business. You need a website dedicated to your business and a way for potential clients to contact you. Facebook is the most popular social media platform for seniors so create a business page and advertise it!

Branding doesn’t have to mean digital. Networking in your local area, supporting causes that are related to your business helps get name recognition. Face-to-face interactions are incredibly powerful.

3. Sales-Having a product, but no desire to sell it will get you nowhere. Know the strengths and weaknesses of your products. Listen to what your customer is saying and able to cater to their needs. Be able to verbalize what you can offer. Most sales are closed on being able to solve a client’s problem.

4. Strategy- Think long term. Can your business survive 5 years? 10 years? Making a sale today is great, but start thinking of how the business will change in a few years. Will all leads come from digital and social platforms? If so, start planning ways to adapt to the changing industry.

5. Finance/Organization-Understand where your cash flow comes from and be able to track your expenses.   You need to know when the right time to save money, and invest back into your business.

Think like an entrepreneur and think your way to a better business.




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