I'm constantly explaining the importance of specialization to insurance agents. Don't want to keep hearing it from me? Well here's a great article by Independent Agent magazine on the advantages of commercial lines specialization.
A few of the great points I got from this article are:
1. "54% of independent agencies don’t specialize in a specific industry at all." Wow, I knew the number was big, but not that big. Put yourself in the customer's shoes. Do you think they would rather work with a generalist or a specialist in their industry...?
2. The more unique the niche the more opportunity for specialization. Sure the number of prospects gets smaller, but you can go national with your niche because you will be known as the specialist and trusted advisory withing their industry.
3. Education is the foundation to specialization. Anyone can call themselves a specialist, but unless they are studying carrier forms, going to industry conferences, and constantly learning about the industry, the exposures and the coverage, they are not truly specialists.
Here is a link to the full article. If you are a specialist already, it's still worth a read. If you do not have a focus, maybe it's time to think about one. If you need help with your insurance marketing or branding, contact us!