You can get a P and C insurance certification after you pass your property and casualty insurance license. This helps you in certifying yourself to sell any form of P&C insurance policies. Such policies include personal lines and commercial lines.
However, commercial lines have the real hidden potential. Selling only personal line cannot guarantee a secure hold on to the highly competitive industry. As per the Independent Insurance Agents and Brokers of America (IIABA), independent agents wrote 83% of commercial lines premiums compared to one-third of personal lines. Therefore, the premiums and commissions in commercial line are higher than those of personal lines in the property and casualty insurance Massachusetts.
Personal insurance does have plenty of opportunities, and agents can sell insurance according to the varying needs of different generations. But the bigger ones are in the commercial line’s arena.
How to get your P and C insurance Certification?
Personal lines have been a huge dimension for the industry. In comparison, commercial insurance requires more expertise. However, for insurance agents who wants to grow their book and get leads, the same ways to target personal line clients might not give the wanted results. And generating leads for insurance has never been easy. Business owners need professional financial advisors — experts who can work with their business portfolio.
Unlike personal lines, commercial lines are complicated in getting prospects and referrals. The simple steps in personal lines are: First of all, while marketing for insurance, make sure you maintain good relationship with clients, connect them with reputed carrier. Also, get them a reasonable price. If an insurance agent is good at it then the work flow is easy. However, in commercial insurance it is bit complicated because when you sell to clients, they might not agree at first. But, selling commercial line can repay in huge commission.
Cold calling and prospecting can take longer than a few days. An independent insurance agent needs to know about the business in detail. Also, understand the risks and exposures on a deeper level. Similarly, building referrals might not come as quickly too.
Also, update your portfolio and ask your customers to provide feedbacks in Google My Business. When a prospect searches for “insurance agent near me” your name should be the first to pop up in the P&C landscape.
Focusing on a single line in property and casualty insurance can slim chances in surviving and thriving in insurance. Therefore, keep up with the competition and diversify on new niches. Come up with new insurance marketing strategies that considers commercial insurance’s potential in the P&C industry as well. Commercial insurance has lots of opportunities to explore and is not as rigid as personal insurance. Once you demonstrate an expertise in the selected niche in commercial insurance, you’ll unravel an important profitable market pool.
Also, if you are planning to expand your services to Jacksonville, Florida, then there are some more benefits of tapping in to commercial line of property and casualty market in Jacksonville.