Training for Independent Insurance Agents: Use These Methods to Help Your Agency Win

When growth at your agency starts to slow, how do you start to turn things around? Training for independent insurance agents can help spark growth by improving and streamlining your processes. 

Most businesses think of training as a way to help build a more educated and experienced workforce, and while this is true too for insurance, training for independent insurance agents is more focused around mitigating the challenges that an agency is facing as a whole as the industry grows and changes. 

If things are starting to fall off track, providing education for your employees can help to put everyone on the same page with what needs to be done to reignite growth. Independent agencies today face many challenges. Today’s insurance marketplace is crowded, and your agency needs to be able to stand out and figure out the answers to tough problems to avoid a downward spiral. 

Why consider training for your agents? Many independent agencies are facing the same challenges, but the top performers can avoid these hurdles. You can echo this success by recognizing the shortcomings you’re currently dealing with and implementing training to drive your agency to a higher level. 

Without it, your agency risks being forced to sell because you’re unable to fight your way out of a downward spiral. Use smart training for independent insurance agencies to combat these common challenges facing the industry today.

These Strategies on Training for Independent Insurance Agents Will Help Your Agency Build a Better Team

Consistent, organic growth is something that every independent agency is chasing, but when growth starts to slow down, the red flags appear. Growth is the rate of new business an agency sees. If the number of new commissions that your agents are writing isn’t where you want it to be, take a step back and look into how your sales process is currently functioning. There’s also a lot to learn from the top players in the industry. 

Your agency relies on your producers to bring in new business, and something that might help them reel in more clients is to give them more time. Try teaching your team that their number one focus should be managing new client relationships. As a leader, you can assist by providing modes of support and resources they can use to make their process more efficient. 

In regards to the top agencies or even your top competitors, use what they’re doing right with their sales strategies as a way to educate. Make sure that your entire team understands who your target clients are and how to connect with their challenges. This can also be a way to hold them accountable by giving them a goal to strive for when they’re establishing and nurturing new relationships. 

If you’re trying to stimulate growth by bringing in new employees, make sure you’re providing them with training that will get them up to speed with where you want the agency to go and how their role plays a part in finding success. 

Another challenge that independent agencies struggle with is the fight to stay independent. As the marketplace becomes more and more consolidated, it’s common to see independent agencies end up selling. To avoid an M&A transaction, your agency needs to hone in on the culture you’ve created internally, and it might even need a change. 

millennial independent insurance agents

Talented employees are the key to keeping your agency independent, and as younger generations like millennials and soon, generation X enter the workforce, your agency has to have a prominent culture that attracts young talent. Culture training is how you can get your current producers on board, but it’s mainly useful for leaders as their behaviors will trickle down to the rest of your agency. 

It’s likely that with an aging workforce, the average age is 59, your culture fits an older demographic. Taking a look at how you can cater to younger employees will help you build a lean, winning team of producers.

Considering that aging workforce, the third challenge that independent agencies face is handling how their older producers will move on when they choose to retire. Succession plans are crucial when you’re trying to manage both investing in young, new players and your experienced employees’ retirements. The best thing you can do to manage this is create training plans for how your aging employees will pass on their clients to other agents. You’ll also want to provide training on how to take on new clients and the best way to handle the transition. This will help succession plans run much smoother, and you won’t have to worry about any business interruptions or lost clients. 

Independent agencies also struggle with losing clients to new technology products that aim to offer streamlined processes and ease of access. You can find these “InsurTech” startups in every corner of the industry, and the best way to beat them is to do it at their own game. Providing training on how your agency can take positive steps into improving their value propositions will help make sure everyone is on the same page with where you want to take the business and give them an actionable plan on how to get there. 

They say that within your challenges lie your greatest strengths. Training for independent insurance agencies can help reveal your advantages so your agency can continue to be independent and a thriving staple within your community.