How to Start an Insurance Agency in a Post-COVID America: Everything You Need to Know

Built on risk analysis and crisis management, the insurance industry has adapted well during the coronavirus pandemic. However, despite signs of recovery, the rest of the world is still in financial turmoil. Is this, then, a good time for insurance agents to go independent? How would you fare in a post-pandemic America?

With everyone working remotely, it’s easier than ever to run a business without a physical address. But working from home isn’t a permanent solution, and numerous vulnerabilities have been exposed during the process. Cyber liability is a big problem, and data breach is a real threat for insurance agencies.

How can insurance agents adapt to the big changes the pandemic has wrought upon the world? Is substantial financial backing enough to get you up and running? Let’s discuss.

In this blog

Should you Start an Insurance Agency?

If there’s a silver lining to the pandemic, it’s that it illuminated the importance of insurance. As the novel coronavirus spread, millions of people lost their jobs and the ability to travel freely. People became more aware than ever of how unpredictable life can be. As a result, CNBC reports that insurance agencies witnessed a dramatic increase in the number of insurance policies they sold in 2020.

Right now, consumers are more open to purchasing insurance than ever before. That puts you in a good position to start your business and make a difference in the world. Insurance isn’t just a financial safety net; it provides reassurance to consumers that instability can be managed. There’s no reason why you can’t start your own insurance agency as well.

How to Get Started With an Insurance Agency 

How do you start an insurance agency in this post-COVID world? These 4 suggestions should help get you going.

Covid Precautions Are a Must for Your Insurance Agency’s Safety

If you haven’t been vaccinated yet, do so ASAP. Until then, make sure to always wear a mask when you go meet clients. Masks will eventually be unnecessary if and when a majority of Americans are vaccinated and herd immunity is achieved. But until then, wearing one is the prudent and courteous thing to do, as is maintaining social-distancing guidelines. 

Digital Marketing Strategies for Your Insurance Agency

During the pandemic, conventional marketing strategies went haywire, and compelled business owners to prepare new ones. Invest in digital marketing as a sustainable strategy of generating insurance leads. If you don’t already have a website, create one. Learn about SEO and SEM, and incorporate that into your website and blogs.

Automated emails and marketing systems can make your life much easier. Tools such as Leadsurance, Right Inbox, and more will take a load of work off your hands where your emails, blogs, and social media content are concerned.

Join an Insurance Agency Network

Running an independent insurance agency on your own is not an easy task. When you consider the pressures of working with multiple clients and carriers while maintaining your employees, you could be taking on more responsibility than you can handle.

Joining an insurance agency network may be the better option. It can open up new avenues for you and your business. Small and independent agencies may not have the opportunity to land bigger carriers or clients. Agency networks can assist these agencies with the carriers they want and help them work with clients more effectively. 

One of the most important skills as an insurance agent is the ability to network. Agency networks are a great way of fielding opportunities, learning from more seasoned agents, and networking with clients and agents alike.  

Work Remotely When Possible

According to the Pew Research Center, 65% of surveyed employees telecommuting during the pandemic found remote work to be a good substitute for working onsite. Selling insurance from home is actually a viable option that employers need to realize.

Working remotely may not be advantageous to an insurance agent that thrives on face-to-face consultations with their clients. But reaching out to them via phone calls or video conferencing can be an acceptable substitute. And you can use your website to introduce your products more effectively. Digital technology can actually save you time while increasing your clientele.

In Conclusion

Although the pandemic has been tough on us, it has also given the insurance industry a much-needed kick in the pants. Insurance agents all over the country are finding new ways of connecting with their prospects. Similarly, the general population is recognizing insurance as an important investment. In short, there is no time better than right now to start your insurance agency.

Did you find this article insightful? Leave any questions in the comments below.

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