In any business, effective leadership is critical for an agency's success. As the insurance market evolves, insurance leaders need to be visionary and adaptable. The prevalence of small businesses in the industry, however, requires a different approach to the traditional leadership model.
Although there are exceptions to the rule, as some agencies have sophisticated business models, many small agencies lack structure.
“Ours is a small business industry, which typically signifies a business with little structure,” said Tom Barrett, president of the Midwest and Southeast regions of SIAA, Inc. “These agencies do not have detailed marketing and business plans, do not follow sales processes, have not created business budgets and take orders rather than selling products. Most have an inventory of nine coverage lines to sell, yet they only offer three. These agencies provide what the customer asked for rather than selling additional value.”
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