In any business, effective leadership is critical for anagency's success. As the insurance market evolves, insuranceleaders need to be visionary and adaptable. The prevalence of smallbusinesses in the industry, however, requires a different approachto the traditional leadership model.
Although there are exceptions to the rule, as some agencies havesophisticated business models, many small agencies lackstructure.
“Ours is a small business industry, which typically signifies abusiness with little structure,” said Tom Barrett, president of theMidwest and Southeast regions of SIAA, Inc. “These agencies donot have detailed marketing and business plans, do not follow salesprocesses, have not created business budgets and take orders ratherthan selling products. Most have an inventory of nine coveragelines to sell, yet they only offer three. These agencies providewhat the customer asked for rather than selling additionalvalue.”
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