Specializing Vs Generalizing

[leeleerambles]

Does anyone think specializing in one type of insurance like nursing home insurance or other specific business insurance is better than simply offering all coverage to all types of companies? Just wondering what the general feel is. We have some specializations but mainly just are business insurance brokers...I'd love some input.

 

[kuri3460]

Neither. If you try to do everything, you won't do anything well. If you only focus on one thing, good luck when that market has it's inevitable ups and downs.

Try focusing on a handful of industries, which gives you the ability to become on expert on them all without putting your eggs all in one basket.

 

[leeleerambles]

Thanks Kuri3460. I think you're right, it makes sense. I do think every insurance broker should have a little bit of specialization...and not just insurance brokers. In general people tend to have a niche. It's not usual that a business insurance broker is also specializing in selling personal coverage but maybe they also do that? Just not as a "specialty". You know what I mean?

 

[bobwise23]

Thanks Kuri3460. I think you're right, it makes sense. I do think every insurance broker should have a little bit of specialization...and not just insurance brokers. In general people tend to have a niche. It's not usual that a business insurance broker is also specializing in selling personal coverage but maybe they also do that? Just not as a "specialty". You know what I mean?

I couldn't agree with Kuri anymore. BUT, if you find your niche then you can find out how you can still sell in the down's. Or have a range of products from F.E, Term and IUL. Where it is the most affordable vs. highest returns. If you present this correctly to any one they will at least here you out. Anyone somewhat interested, ofcourse.

-Bob

www.thirdlakefinancialcorporation.com

 

[Sales71]

I think specialization in commercial insurance is a must. You also have to see what is your company that your represent has an appetite for. A few years back I became a specialist in dental office insurance. I marketed to quit a few offices that I found my rate was very good.. Wrote lots of dentist office and also they gave me there personal insurance as well.

 

[Josh]

As much as I hate to agree with anything Sales71 says, he hit a valid point.

You'll most likely find yourself with a niche that you didn't realize you had, like in his example, dentists.