The insurance industry is changing and evolving every single day. Insurance customers are more savvy than ever, and have a certain level of expectations for the companies they interact with. On top of that, carriers and agents face increases in market demands, local and web-based competitors and government regulations. Specialized insurance programs may be the answer to this.
By working with specialized programs, an insurance agent or agency is able differentiate themselves from local competitors by offering expertise in one particular area. Specialized programs have thoroughly developed and practiced with in-depth knowledge of a specific industry. While specialized programs may initially come with a narrower target market, they offer many additional benefits not seen in standard programs.
Deeper Product Knowledge
While specialized programs may have a smaller pool of potential clients, they make up for this with an in-depth knowledge of a certain field. Specialized insurers know their niche top to bottom, and know everything there is to know about offering tailored, up-to-the-moment coverage.
Authority and Experience
Because specialized brokers deal almost exclusively within their niche market, they are more likely to have strong relationships with their underwriters. In addition, they will have extensive experience with the claims process for their particular specialization, and will be able to provide guidance throughout the process.
Possessing intimate knowledge of a specific niche allows insurers to secure more comprehensive coverage for their clients, and gives them the ability to offer information about industry-related risks that their clients or potential clients weren’t even aware of. This type of expert-level knowledge helps agents build their clients’ trust and allows them to have better client relationships – which, in turn, increases their chances of getting client referrals.
Offering expert-level knowledge to clients can benefit them just as much as it benefits the agent, if not more. Clients who are offered more comprehensive risk management solutions are more likely to be successful in business or personally, which gives the agent more long-term clients.
About Wilmington Insurance Agency
Wilmington Insurance Agency delivers comprehensive coastal property solutions. We are a Managing General Agency and provide independent insurance agents with property and liability insurance solutions for residents and businesses primarily in Maryland and Virginia. We work alongside our sister company, Wilmington Insurance Company, established in 1996 and providing Property & Casualty commercial lines business, homeowners, and condominium insurance in the state of Delaware. To learn more about how we can help you to expand your book of business in the coastal market, contact us at (302) 231-2800.