The insurance industry in California has been changing rapidly, with carriers leaving, shifting focus to new markets, and so on. Agents that are looking to compete in today’s market need to find ways to differentiate themselves, not only in the quality of their services, but in what they offer and what they prioritize.
Life insurance, health insurance, and other primary insurance markets are still profitable for the right agents. But one area that may have a lot of opportunities lies in specialty insurance.
Why Specialty Insurance?
Most people are aware of standard insurance policies, such as life insurance, auto insurance, and health insurance. They still need those forms of insurance, but they are also more likely to seek it out themselves or may already have a policy.
Where there may be opportunity lies in specialty insurance – the insurance policies that the average person may not be aware of, or may not be actively trying to obtain. Examples of these types of policies include:
- Long Term Care Insurance
- Travel Insurance
- Flood Insurance
- Cancer Insurance
- Pet Insurance
- Drone Insurance
- Kidnap and Ransom Insurance
This situation is not uncommon. For example, most people are surprised to find out some of the limitations on health insurance if they are diagnosed with cancer, or they did not realize that their properties were not protected from floods. After the heavy rains of the past two years, they may be open to the idea that flood insurance may be valuable.
Finally, specialty insurance is a type of insurance that you can often sell to your existing book of business, which means that you may not need to find new customers right away in order for it to help you turn a profit. There is considerable opportunity there to convert existing customers, adding to the value that it may have for you as an agent.
Expand Your Licensure and Build Your Business
Seeking out these opportunities has always been useful. But in today’s increasingly complex market, now is a great time to consider offering more lines of business and giving yourself a better opportunity to sell products people truly need.
If you find that you need to get licensed in other forms of insurance in order to expand your lines of business, turn to LyteSpeed Learning. We offer pre-licensing and continuing education courses for all insurance licenses in California, all in ways that are easy to consume and designed to help you pass your exams. Order your classes today, online, with LyteSpeed.