Independent agents have been losing personal lines auto market share for the past 17 years, according to an IIABA property-casualty insurance market study released in February. After stabilizing from 2001 to 2005, national independent agencies carriers saw their private passenger auto market share nearly cut in half, from 14.1 percent to 7.5 percent. And while some regional carriers are bucking the trend is definitely downward.
Before social media, agents had walk-in business from individuals and businesses in their community. With an effective social media strategy, a local agent can grow their base of customers in new ways. Agents have to recognize that as their grow their business through social media interaction and marketing, the footprint of the agents client base shouldn’t necessarily get so large that they struggle with the strengthening of those relationships.
Another effective strategy agents should consider is partnering with some of the more sophisticated online aggregators to find and pursue local opportunities that are identified when they come through the online portal looking for quotes and providers.
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