When it comes to running a successful business, profitability is the ultimate concern. With shifting markets due to changing legislative requirements and the fluctuating economy, insurance agents, now more than ever, are facing pressure to strive for more profit on the bottom line.

There's no question that the industry is evolving, and agencies need to examine their current practices in order to look ahead. Daily agency practices crave evolution in order to keep up with the changing times and profit in the process.

For insight on growing agencies to maximize profitability and growth, click through the following slides.

It can be difficult to keep up with the ever-changing market, especially after a decade of relative stability. Agencies must consider their sales process and perspective in order to evolve their practices to fit the changing times.

In order to keep up with the new markets and make more money in the process, the following steps can be lucrative:

Cross Sell Your Accounts
Make Quality King
Get Involved in the Digital World
Maximize Professional Development Opportunities
Create a Solid Business Plan and Sales Process

To find out more about ways to increase your bottom line, read 5 Ways to Grow Agency Profitability.

Pre-Qualify With Purpose

Insurance companies rely on independent agents exclusively as sales distribution channels. Unfortunately, this can put a lot of pressure and responsibility to deliver revenue on the agents and brokers.

When it comes down to it, customers are looking for value. However, it is up to the agent to identify whether the customer values price or better protection. By using this information, agents and brokers can tailor their selling approach to align with the customer's needs.

By finding out what the customer is looking for in an insurance policy, agents are more apt to make a profit while also satisfying the client. To find out more about what clients value in a policy, read Pre-Qualify With Purpose.

Four Cross-Sell Income Protection Products for Agency Growth

In this economy, business owners often feel a little strapped for cash, with customers failing to pay on time and health care costs rising. So when a key employee is unable to work for a year, the results can be catastrophic.

However, many business owners are unaware that insurance can cover these exposures. Overhead expense policies, individual disability insurance and disability overhead expense plans have the potential to save a business that would otherwise crumble in the event that an employee required disability payments.

Agents can take advantage of this need in the market. Not only can business owners benefit with protection from these risks, but agents can reap the profits by offering coverage to this area of the business that is often neglected or overlooked.

Read Four Cross-Sell Income Protection Products for Agency Growth to find out why income protection is an easy and lucrative cross-sell for P&C agents.

High Risk, High Reward

Although agents serve to manage risk, advocating risk does not necessarily mean reckless abandonment of client needs. By embracing the concept of risk, agents can become more effective advisors

With carriers continuing to search for growth, they continue to develop new highly specialized coverages for niche industries that are at risk.

These high-risk areas give agents and brokers the opportunity to take advantage of these coverages and find creative solutions to protect the assets of their customers while at the same time, generating a profit.

Laura Toops' High Risk, High Reward examines the profitable but tricky world of high-risk coverage. Find out what the experts have to say on trends, market conditions and projected growth for this evolving part of the industry.

Integrate Success

Profitable agencies and producers are not afraid to integrate. They set goals for the future, but also recognize that unity is an integral part of success.

These agencies draw their focus toward key areas of their business, assuring that their processes and procedures are integrated into the total effort of the agency. Building consistency into the sales process, developing strong leadership and facilitating discussion between employees on company goals and growth are just some of the ways that these successful agencies solidify their business practices.

Read Integrate Success to learn more about 10 key areas of business that require attention in order to grow agency profitability.

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