Best Alternative Lines of Business for Property/Casualty Agents

Here in California, the world of insurance is changing rapidly. The fires in SoCal are speeding up issues that were already occurring in the property and casualty space, as many insurance agencies seek to protect themselves from the challenges associated with the risks of today’s climate.

This change has affected property and casualty agents, especially. It’s becoming harder to find insurers willing to take the risks of properties in the area, which means agents are often left scrambling to get help for their clients.

Now is also a great time to consider expanding your services.

You already have a book of business and connections to leads. You just don’t necessarily have the right products to offer them. While it may be harder for people to get homeowners insurance (among other insurance types), everyone still needs insurance and insurance products, and you can be the one in a position to offer it to them.

For example, these lines of business are still in high demand:

  • Long Term Care Insurance – It’s recommended that nearly everyone over age 50 have long term care insurance, and yet the number of people that actually have this type of insurance is less than 5%. This, despite 75% of adults likely needing long term care after age 65, shows that there is a significant need for this type of insurance product. You need an Accident Health/Sickness license (or a Life / Accident, Health or Sickness license) to offer this type of insurance.
  • Limited Pay Life Insurance – Most people are unaware that there are limited pay permanent insurance products, the most common being limited pay whole life insurance. The idea that a person can pay their premium for a set amount of years and then be done can help people feel more confident about their financial planning, and the possible retirement benefits of many of these insurance policies – at a time when most people do not have any retirement –  can help people feel like there are reasons to consider obtaining this type of insurance now.
  • Disability Insurance – Similar to long term care insurance, the effort to educate people about disability has led to people recognizing that disability insurance may be beneficial for them. You can also sell this insurance with an Accident, Health or Sickness License.
  • Commercial Insurance – Even though property and casualty may be struggling, commercial insurance is where many agents can really profit, and many businesses still need this type of insurance. If you already have a property and casualty license, then the upgrade to a commercial license isn’t as difficult.

Life and health insurance will always be important as well. Although the insurance landscape may be changing, there are many opportunities there. Now is a great time to think about expanding what you offer so that you can start growing your business instead of allowing it to shrink around you.

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