From the Front Line: Pivoting Amid Industry Challenges
By: Mary Ann Smith, Marketing Production Director, Smart Choice®
One of my favorite “Friends” episodes is the one with Ross, Rachel, and Chandler working together to move a sofa up the stairs. They get stuck trying to maneuver around a corner and Ross keeps yelling at them to “PIVOT!” It’s a hysterical scene and try as he might, Ross’s bright idea does not get the sofa around that corner.
His advice, however, is exactly what independent agents need to do to combat the current state of the industry – pivot.
Of course, by now you’re well aware that we’re in a hard market. You’re probably sick and tired of hearing those two words, but the bad news is that they’re going to continue to be used for a while. In fact, you’ll find them on many pages of this issue of Smart Choice Magazine. The good news, though, is if you can get past those troublesome words, this edition is full of tips and advice to help you pivot and steer your agency toward new revenue streams despite the existing conditions.
Even better news –you’ve already taken the most important step to navigate through these rough waters – you’ve partnered with Smart Choice! This alliance gives you access to a variety of markets that you didn’t have on your own. Use this partnership to its fullest extent and you will discover new channels to success for your agency. Here’s how:
1. Explore Express Markets.
This program is ideal for those hard-to-place risks and market options where other personal lines carriers may be tightening restrictions in your state. Visit expressmarkets.com for all the details.
2. Expand your business with commercial.
Check out the article on page 18 “Commercial Lines - Open for Business” for tips on creating an entire new niche for your agency with commercial. Remember that the Smart Start team assists you through the entire quoting process, so don’t let the complexities of writing commercial stop you from capitalizing on this potentially lucrative revenue stream.
3. Consider adding Life Insurance to your line-up.
Ohio and West Virginia State Director, Matt Milnor, is seeing great results from agencies offering Smart Choice Life platform options to complement their infrastructure and goals. He explains how to take advantage of this opportunity in more detail in his article on page 14.
4. Engage your Territory Managers.
Don’t be shy about reaching out to your TM or State Director – they are there to help!
Together you can navigate carrier options, set goals, explore new programs, and more. It’s called a hard market for a reason – it’s not going to be easy! But with Smart Choice in your corner, you have many options to help you not only survive but thrive. And just think – when the market turns soft again, you’ll have a plethora of new programs and know-how to attract new customers and continue to grow your book. Just don’t forget to “PIVOT!”