COVID-19 has changed the way we do business. In many ways, it has actually improved the way we do business. Many were forced to implement technology in ways they had not tried or imagined. We realized we can sell and service insurance virtually, with no physical, in-person interaction. We are surviving, and in many cases, thriving.
We hear everyone talk about the “new normal." How will the world look in the new normal? How will the insurance industry function in the new normal? How will we make money in the new normal? At OAA, we have been adopting tools and resources as quickly as possible to help our members adapt to the new normal, whatever it may be.
But let’s face it, there really is no normal, new or otherwise! If nothing else, COVID has taught us that everything we know can change at any given moment. Instead of trying to acclimate and create a new normal, we should be learning to adapt and pivot quickly. Develop a Plan A, Plan B, Plan C, etc. Be prepared and have the confidence that you can find opportunities in any situation. Dan Sullivan says,
“Confidence is having the ability to transform fear into focused thinking, communication, and action.”
Pivoting as an Insurance Agency
We are at the halfway point of 2020, and this is the time to strategize for maximum profitability at year-end. Things are still so unpredictable, you need to have a plan in place and be ready and willing to pivot if needed. Insurance companies are operating with the same fears as any other business, especially those with health insurance products and health insurance coverage.
The fallout from COVID will be felt for the next few years: health care will be unavoidably affected, along with the requirements for a health insurance plan, pre-existing conditions, and short term medical plans. As a result, carrier appetites will change. Their rates will change.They will look for the best partners to keep their business profitable. You must be actively looking for ways to be that desirable partner to your insurance carriers.
Make the Most of Opportunities
You can capitalize on increased revenue opportunities by strategizing with your Agency Growth Coaches and taking advantage of large incentives, increased commissions and book consolidation offers from our Strategic Partner Carriers. Take the time to review your current book of business. Check your loss ratios. Keep your retention high. Identify carriers that are offering you more income and build on that book. Work on new marketing strategies. Adopt helpful technology. Go after new business.
There’s no better time to maximize the benefits that come from being a part of SIAA and OAA. You are automatically big because of this relationship! Take advantage of that! Make plans and be ready to pivot with confidence when you need to. Do not sit still.