3 Tips to Find the Best Insurance Niche as an Independent Agent

3 Tips to Find the Best Insurance Niche as an Independent Agent

insuranceagentnicheIt’s exciting to start your own venture into the world of insurance. There are a lot of benefits of working in this industry, and there are many challenges. For some, the greatest challenge is simply knowing where to start. If you choose the path of having an agency niche, how do you go about finding the one that is best for you? Here are three important considerations to get you started.

  1. Your own expertise. Even if you’re new to insurance, you very well may have industry knowledge that will help you relate to your clients. Regardless of the niche you choose, you will have to learn the specific terms, coverages, and policy language associated with that field. It may be easier or more interesting for you to learn these things about an industry you’re already familiar with. Additionally, you will relate better to your potential clients. They will like and trust you more when they believe you know what they really need. Look to the careers and jobs you’ve had in the past when considering your niche.
  1. What are you passionate about? This is the most important question you can ask yourself, though many people struggle to answer it. If you find a niche that you are genuinely interested in and excited about, it is going to make your job better in every way. If you’re stumped when it comes t your own passions, ask yourself these questions:
  • What industries do you enjoy? (e.g. tattoo studios, real estate, restaurants, etc.)
  • What kinds of trade shows would you attend if it had nothing to do with work?
  • What kinds of stories on social media are you drawn to? Remember – you should be engaged in social media, and posting stories related to your niche is something you will get to do. What are the kinds of stories you’ll enjoy researching and sharing?
  • What kinds of businesses do you frequent?
  1. Are there prospects? With some ideas about what you know and what you really like, you now have to choose the market that will provide you enough clients to make a living. To determine what kind of opportunity you’ll have in your niche, answer the following:
  • What is my geographic reach?
  • How many potential clients are available within this reach?
  • What is the average premium per client?
  • Who is my competition, and what is their market share?
  • How do I best reach these businesses? Are they best accessed online, through events, in person?
  • Is there a sales cycle for this segment?

As an independent insurance agent, you have a lot of opportunity. You surely want to hit the ground running, and finding a solid niche for yourself will allow you to do so. The more you can match your niche to your own personality, the more you will thrive.

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