How To Recession-Proof Your Insurance Agency
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An insurance agency and you think you’re recession proof, think again. In today’s video, I’m going to teach you what might be the biggest risk to your agency today with this recession we all find ourselves in. You see, in the insurance industry, there is this belief that if you grow your book of business to a certain level, you can take your foot off the gas and overnight the business becomes a lifestyle business if you just maintain the book you have.
You don’t have to grow as much anymore and you can just earn a nice living to help pay for your lifestyle. And although that is true, I want to tell you why the recession could have a big impact on that philosophy. You see, if you’re just sitting on a book, a business right now, hoping that you can just maintain what you have and you have taken your foot off the gas pedal when it comes to business growth.
This recession is going to have a negative impact on you. Why? Because the book of business you have is going to start shrinking naturally. Why? Because you’re going to have clients who have to lay people off. You’re going to have clients who might go out of business. You have clients who might get acquired during the recession. And before you know it, that $1 million book of business is now an $800,000 book of business, and you did nothing wrong.
It just shrunk because of the recession. So instead of taking the foot off, the gas now is the time to put the pedal to the metal. You have to be in full business growth mode. That is how you become recession proof. You see, you have to figure out what you’re going to do in 2023 to market your agency so that you can go identify the right prospects and attract the right prospects so you can continue growing your agency.
Because at the end of the day, if you’re just going to sit there and think you will be able to maintain the book you have next year, my friend, unfortunately you’re going to start to see that book shrink y because the recession is here. It is hitting us all and it’s going to hit your agency. So instead of taking the foot off the gas and putting your arms tight around what you have, open those arms up, put the pedal to the metal and focus on sales and marketing next year, because that is the number one way your agency is going to become recession proof.