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October 22, 2013

Have you CAPped Your Capabilities?

1 min read

Topic: Insurance Agency Growth Strategies Grow an Agency

We live in a world in which consumers are increasingly using the Internet and other electronic media to not only do research on insurance but also to purchase it.  I know this is obvious to you.

This rise in consumer behavior is relentless and is the reason that your carriers are now competing with you for sales on their Internet sites and why firms like Esurance, GEICO and others are taking an ever-larger share of the market you once dominated.

The conundrum for the small agency is that there is no way to compete economically.  This was recognized by the Independent Insurance Agents and Brokers of America (IIABA) pretty late in the game but they did recognize it.  The IIABA is finally rolling out an answer for independent agents through Project Cap.  It is too late, too little and something of an excuse to keep propping up the “Trusted Advisor” white elephant, but it does offer some opportunity for you.

Project CAP promises to funnel insurance leads to enrolled agencies that come to its consumer website.  Some key independent insurance agency companies are funding most of the advertising costs so it will have some SEO reach.  I don’t think it will set your agency sales on fire, but I do think it’s worth signing up for.  Any business you do derive will be a bonus.

More information about Project CAP can be found at IIABA’s Trusted Choice website