How Insurance Can Provide Stability in Uncertain Times

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This pandemic is changing the face of business as we know it. Learn how insurance companies can help your business thrive in this new landscape.

The pandemic has certainly changed the business landscape as we know it. Walk down the main street of any American city and you’ll see restaurants, shops and service businesses that are now closed, with uncertain long-term prospects for reopening, at best.

For insurers, this means better opportunities to serve more clients in need of coverage. But this does not mean that the same employee does not experience the discomfort of the unknown, especially when it comes to the company itself.

Is there a “stable ground” in the service industry that focuses on the unexpected? Fortunately, there are insurance companies and companies, called insurance companies or groups – groups of insurance companies.

Is it an Insurance Network or a Cluster?

How can an insurance network or cluster help my business?

Membership in the network helps insurance companies in many ways and supports career success in many ways.

In particular, membership gives access to multiple insurance companies, which would prove unsustainable if a single agent attempted to act alone. In some cases, especially with high-end carriers, membership can open doors that would otherwise be closed to individual agents or smaller agencies.

The right insurance group can take some or most of the administrative tasks away from busy agents, freeing them to do what they do best. You can write multiple policies and contact multiple prospects without wasting time on payroll, accounting, claim processing, and data entry.

Ideally, insurance cluster membership will have a strong online component. The opportunity to interact and learn from colleagues in online, virtual or physical events is an important part of professional development.

In other words, an insurance network or cluster is a prime example of power in numbers. Instead of a series of agents trying to navigate the obstacles, setbacks, and problems inherent in doing their “heavy lifting,” the network instead creates a path for members to follow, making the path easier for everyone.

Similar to the multi-store concept required in a retail environment for members, insurance networks provide agents and agencies with access to products, services, prices and discounts. Additionally, this access allows agents to better serve their customers and expand their range of services to attract more potential customers or sell existing ones.

What should I look for in an insurance network?

For agents looking for insurance grouping, autonomy is usually one of the most important aspects, and for good reason. Any diligent agency may in fact be willing to compromise for membership, but some restrictive group agreements may require these commitments.

If possible, find a network that allows you to retain control of your agency – this will put you in the best negotiating position if you want to sell your business, join an agent or other agencies, or even acquire more additional business opportunities late

Finally, the same rules apply to selling policies as they do to selling subscriptions: the stronger the pressure, the weaker the product. If you take time to join and don’t offer a transparent “edge,” critically examine what they offer and what they want—it’s likely to be balanced in their favor.

If you’ve been debating joining an insurance network, there’s never been a better time to test the waters and increase your business potential. Contact Voldico today to see what we can offer your insurance company and learn how we are supporting our valued members during these unprecedented times.

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