For several US agencies, insurance sales can be more successful if there is an extensive portfolio of coverage options for agents to offer their clients. Selling general plans might be profitable for some, but because of all the competition that may likely be offering the same to a similar client base, finding ways to tap into different markets can be an effective way to stand out. For agents trying to break out of a lull, having products that can cater to the unique needs of specific industries can help to do that.
Types of Niche Markets
For agents considering focusing their energy to become specialists in certain industries to sell specialized coverage plans, it’s important to decide which ones to focus on to make into a target demographic. Some industries to consider include:
- Employment services
- Valet and parking services
- Financial institutions
- Special events such as entertainment and sports
With endless niche markets out there, the possibilities may seem endless. However, for US agencies, insurance brokers may be the best resource for making that decision. By seeing what types of plans are available through brokers, it can help to give agents a sense of the type of markets to which they can cater to with a variety of options for client needs.