Specialization is one of the keys to successfully growing an independent insurance agency according to Bobby Reagan of Atlanta-based Reagan Consulting. Reagan Consulting has long partnered with the IIABA to publish the “Best Practices Study,” which focuses on determining the practices that make the leading insurance agencies so successful.
During a panel discussion at the NetVU Accelerate conference on April 3, 2024, he suggested that the three most important keys to success are likely (1) great people, (2) an excellent culture, and (3) specialization. He contends that having their people develop specialized expertise in a few key industry sectors or coverage lines enables smaller agencies to compete with the large brokers to succeed and grow.
In partnership with WebCE, International Risk Management Institute (IRMI) has designed six insurance educational programs that help agents and brokers develop expertise in industries and coverage lines that traditionally produce high premiums and commissions.
The six certifications are:
- Agribusiness and Farm Insurance Specialist (AFIS®)
- Construction Risk and Insurance Specialist (CRIS®)
- Energy Risk and Insurance Specialist (ERIS®)
- Management Liability Insurance Specialist (MLIS®)
- Manufacturing Risk and Insurance Specialist (MRIS®)
- Transportation Risk and Insurance Professional (TRIP®)
The courses are not theoretical. They provide real-world knowledge that producers and account managers need to perform at a high level. Obtaining one of these designations will give you the confidence to pursue accounts in the associated industry. Another important benefit of completing these educational programs is that the agent can earn a certification attesting to their knowledge of the industry. The credibility bestowed by these recognized credentials will open the door to sales opportunities that you otherwise might not have been able to access.
Each certification program consists of five self-study courses with a final exam. WebCE’s state of the art technology powers it all, which allows you to add insurance continuing education (CE) credit in any state for a small additional fee.
Bobby Reagan’s conclusion that specialization is a key to insurance agency success developed over years of studying what powers the growth and profitability of the leading independent agencies in the country. If you want to follow in their footsteps, IRMI certifications can help jump start the specialization process for the producers and account managers in any agency. Learn more about IRMI insurance certification programs.