By: Joshua Finley
Expanding an insurance agency into new markets while specializing in niche sectors requires strategic thinking. Tim O’Rourke and Herb Dorow have grown their agency, Condo Insurance Pros, into a significant presence in Michigan while expanding into Texas.
Drawing from their journey, here are the tips for insurance agents looking to specialize and grow their reach into new territories:
Focus on Specialization
Tim emphasizes the importance of hyper-focusing your agency’s efforts instead of trying to be everything for everyone. “We are a super hyper-focused company. We do that business, and we do it the best—better than everyone else out there. That’s what sets us apart,” he stated. Avoid spreading yourself thin across numerous industries, and commit to mastering one sector.
Tim and his partner Herb Dorow first focused on establishing their agency as a significant player in Michigan before expanding into Texas. Take time to win over your local market before jumping into new regions.
Build Strategic Partnerships
When expanding into a new region, take time to establish key relationships instead of just opening an office. Tim advised, “You have to rely heavily on strategic relationships.” Identify attorneys, contractors, restoration companies, and other partners your clients will need so you can provide their entire support system.
Moreover, as you scale your agency, only bring on employees who buy into the niche specialty that sets you apart. Empower them to become experts in your field.
Join Real Estate Networks
Tim shared that they joined real estate networking groups to build connections and get first-hand education as investors. Look for opportunities to regularly interact face-to-face with the types of clients you want to win over.
Prioritize Client Education
Whether through online content, in-person events, or one-on-one meetings, focus on educating your potential clients. Tim said, “You can’t just pick up the phone once and expect to win. You have to educate your clients.” Position your agency as a specialist from whom they can learn.
Don’t just offer clients a policy at a reasonable rate. Find ways to provide extra value through education, technology enhancements, connections to partners, and expertise to help them reduce risk.
It is not just your clients who must keep investing in your education. Tim highlighted that insurance is constantly changing regarding carrier requirements, risks, and coverages. Continuously advance your expertise to provide clients with the latest know-how.
Utilize Technology for Efficiency
While prioritizing face-to-face relationships, look for ways to automate processes to make things easier for clients. Tim stated, “We want to automate different systems, whether it comes to different coverages, anything we can automate to make it easier for everybody.” Identify pain points technology can help solve.
While it’s encouraged to leverage technology to improve your agency’s efficiency, you shouldn’t lose the personal touch. Tim said, “We think [in-person contact] makes a big difference.”
In the end, track metrics beyond just policies sold and revenue. How many educational resources have you produced? How many strategic partnerships have you formed? How many referrals have you generated?
Insurance is a complex and rapidly evolving industry. By becoming laser-focused experts in a specific sector, insurance agents can provide more excellent value to clients. Developing an ecosystem of strategic partnerships and leveraging technology to enhance education and service allows agencies to expand their reach while maintaining high-touch relationships.
With the right specialization, education, and automation, insurance professionals can establish themselves as go-to thought leaders that clients want to turn to again and again.
To learn more about Tim O’Rourke and his approach, visit his website here.
Published by: Holy Minoza
