October 20, 2021
Life as an insurance agent doesn’t have to be a solo journey. Especially if you are a self-employed agent, working alone might feel instinctual. While you may be wary of teaming up with rival insurance companies, a collaboration can bloom from just about anywhere. As long as you both benefit from the partnership, you are in for a successful endeavor. A partnership could mean more clients.
As a workers’ compensation insurance agent, what companies do you think you should seek a collaboration with? Let’s take a look together.
Again, a partnership between you and another workers’ comp agent is on the redundant side, but partnering with a different type of insurance agent is a perfect idea! Take, for example, life and health insurance. In 2018, the Bureau of Labor Statistics revealed that 88% of employers with 500 or more employees are offering medical benefits. The number of workers who accept their company’s supported insurance plan is pretty high; around 74% of full-time employees who qualify end up signing up for the health plan.
As a team, you and a health insurance agent make the perfect duo. While health insurance focuses on maintaining an employee’s overall health, your mission is to cover employees when they are hurt or injured. You are the peanut butter to their jelly! With the other agent, you could bargain to make your workers’ comp insurance and their health insurance a package deal. You could advertise each other with discounts and other deals. If you scratch their back, the other insurance agent will no doubt scratch your back as well.
You aren’t limited to other insurance agents as a potential partner. While you might think of workers’ compensation as insurance built for places like construction companies or businesses prone to more physical labor, even desk jobs come with their own risks.
Besides being a potential client, collaborating with a financial advisor can help you scope out other clients. Financial advisors and accounting firms work with entrepreneurs and small businesses. By coupling up, you can lean on each other for introductions and perhaps even offer dinner presentations to groups where you agree to split the bill.
A collaboration with a gym could be very beneficial on both sides. When people are hurt at work, they are often provided with a regimen of exercises to get back to 100% healthy. Where do they go to work on these exercises? Health facilities, physical therapists, and gyms! This is a great partnership to form as you can refer your clients to the gym, possibly with discounts. For your part, you can offer a free consultation for members (many small business owners choose to relieve stress in the gym!) and host presentations in the facility.
As Fast Company states, making alliances may seem intimidating at first, but it’s not all that difficult to form alliances. (Think of it as networking with a purpose.) First, look for a common customer or audience. Once you’ve identified a company that fits the bill, open the lines of communication. Then, answer the following questions for your potential partner:
Partnerships are a great way to reaching more potential clients in your area. Getting appointed with Normandy Insurance is another way to reach more clients. We’re a workers’ comp carrier that puts customer service first. With us, you get easy quotes, no maximum MOD, one shock loss, lapse forgiveness, coverage for those hard-to-cover clients (Got construction codes for artisan contractors? Send ‘em over!) and no prior coverage necessities for non-construction businesses.
At Normandy Insurance, we pride ourselves on providing the personal touch clients deserve. If you are interested in writing with us or learning more about our services, please check out this page for more details: www.normandyins.com/become-agent