The hard insurance market has made it difficult for agents trying to find adequate coverage for their clients – but hard markets don’t last forever. In fact, there’s reason to believe this hard market will be ending soon. While this is good news, it does not mean that agents should take things easy right now – quite the opposite. As the market begins to soften, brokers must take action to seize the opportunity, grow their books and position their businesses for a stable future. This window won’t last forever. Agents who manage to win customer loyalty now will build a solid foundation for stable growth for years to come.
What the End of the Hard Market Means for Insurance Agencies…
The end of the hard market comes as good news for agents who have been struggling to find coverage or capacity for challenging risks, or those who are dealing with clients who are upset about rising costs and more restrictive terms. However, it’s important to keep in mind that the end of the hard market isn’t just good for you – it’s also good for your competition.
In the hard market, frustrated policyholders tend to shop around for better options. As a result, some agents lose clients, while others gain them. During the soft market, policyholders will have fewer reasons to explore their options. If you can win over clients now, you’ll enjoy their loyalty through the soft market. If you lose clients now, you may have a difficult time winning them back. Download this guide to learn more.