by Mike Miller, State Director of MN, WI, IA
The Hard Market. Is that a statement or a question? If you ask the carriers or take a look at the insurance market from a macro level, then yes, you can say we are experiencing a hard market.
But is it a hard market?
During my visits to agencies in my region, I can’t help but ask myself that question. One of my agents has issued nearly $440,000 in Smart Start™ Commercial lines over the last two years, including an astonishing $368,000 in 2023 alone. Another one of my agents has the fifth-largest Smart Choice® book with one of our major specialty lines carriers, recently issuing a half-million-dollar policy for a local shopping center.
If you asked these agents about the hard market, they’d likely respond, “What hard market?”
Here’s the trend that I’ve noticed over the last several months: agents who continue to rely on standard personal lines business to grow their agencies are having a hard time. However, agents who have stepped out of their comfort zones and written new commercial and specialty lines business have experienced agency growth, despite the hard market.
If these agents can do it, so can you. Here’s how it’s done.
Learn How to Write Commercial
Did you know that you’re already enrolled in the Smart Start Commercial program? The internal brokerage is available to all Smart Choice agents, and it’s a great place to learn how to write commercial policies for standard business. The online platform gives you access to some of the nation’s top carriers, including Travelers, Nationwide, and The Hartford, without a direct appointment.
Writing business through Smart Start Commercial can open the door to a lot of opportunity in your community. Want to insure your neighborhood restaurant? Smart Start Commercial has you covered. What about your local gas station, auto repair shop, or dry cleaner? There are carriers waiting to write that business for you in Smart Start Commercial.
Once you’ve used Smart Start Commercial to quote and write a few commercial policies, you may feel comfortable striking out on your own. In that case, you can pursue direct appointments with top-performing carriers, including Liberty Mutual, The Hartford, and Travelers. Or, you may want to branch out and starting writing some non-standard business.
Use Express Markets™ for Non-Standard Business
Tired of getting denied on business that used to be standard? What if you could write the business, earn 100 percent commissions, and not pay any production requirements or fees? That’s what the 40+ carriers in the Express Markets specialty lines program offer you. Express Markets carriers can write business across five main non-standard markets: property and home, non-standard auto, artisan contractors, specialty/niche, and wholesale markets. These markets are far outpacing the standard personal lines market. If you have been turned down in the standard market, chances are there is a solution for you with an Express Markets carrier. You can learn more about them by visiting www.expressmarkets.com or speaking with your State Director.
At a macro level, the numbers don’t lie: it is a hard market. But for you and your agency, a hard market doesn’t have to mean pain and loss. With the support of your Smart Choice team and your willingness to step out of your comfort zone and try something new, you can be asking yourself at the end of the year, was it a hard market?
Now, get out there and get growing! This year is full of opportunity. Get in touch with your State Director to take full advantage of your Smart Choice® membership this year.