Specialization—the accumulation of a high degree of expertise in a particular area—is a fast-growing way for agents and brokers to differentiate their firms, winning and keeping clients in the interim.
That's one of several findings in a 2013 study of insurance agencies by Reagan Consulting. According to the study, agencies that develop the skills and expertise in managing and transferring the risks that confront a particular industry, or accumulate in-depth knowledge about a specific insurance coverage like cyber risk liability, are generally sales leaders.
Specialization doesn't mean purely focusing on one class of business or one type of risk, either. In fact, the majority of top-performing agencies in the study had built one or more industry vertical specialties and/or one or more product-focused specialties.
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