Though the insurance industry may not be the most glamorous industry, it offers a strong growth to the insurance companies willing to step up to the challenge. A report by Munich Re found that the insurance industry will grow by 4.5% on average in 2018. It all comes down to how you choose to structure your insurance company to obtain the growth desired. Growing an insurance company can be an easy thing to do once you put your mind to it. Follow these 5 steps to better structure your insurance company to obtain the growth needed.
5 Steps to Structure Your Insurance Company
- Create an Annual Plan: Take the time to write an annual plan that will make your company successful and create a foundation for you to rely on. Do some research on the industry to find what works best and what will have the greatest impact. A SWOT analysis, which looks at strengths, weaknesses, opportunities, and threats will help you find areas to improve and challenges to overcome.
- Have a Systemized Business Process: Once you have an annual plan in place, you have a better idea of what you want to see happen with your insurance company. It’s important to remain organized and create a systemized business process to better help your clients. Documented procedures make it easier to help you reach out to prospects, better serve current clients and hire help as the company grows.
- Market on Social Media: In today’s digital age, many clients will rely on your appearance online. Your social media accounts are basically free advertising for you to grab the attention of potential clients. Build brand authority for your company by providing quality resources and information on all social media.
- Form Partnerships: Now that you have a foundation and put your company online for clients to see, it’s time to reach out to other professionals for help that you will need. You alone will not know the answer to every question your clients ask. Contact local accountants, lawyers, and other professionals to partner with you and answer the questions your clients have. While being a great way to become more visible to others, it also becomes a great way to increase leads and referrals.
- Hire and outsource workers: You’re almost ready to start seeing some real growth. Hire and outsource workers to help in areas that you are unfamiliar with. This can include hiring those who post on social media, prepare client materials, and many other tasks. Hiring and outsourcing should give you the time to focus on providing a quality, personal service for your clients.
The insurance companies willing to step up to the challenge will see a strong growth. Structuring your insurance company to obtain the growth it needs will improve how you conduct future deals with clients and other professionals. Grow your company more with the help of a new structure.