How to grow your business across diverse cultures

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# 1: Prepare to approach the carriers.

To successfully serve diverse communities, one must first establish partnerships with appropriate carriers. Think about the process and think of it as a marriage – you are together for the long haul, so being picky about choosing carriers is essential. Research the demographics of the area and write a plan that shows how the market you will be serving can help the carrier profit from it. Most importantly, look for carriers that match the authenticity of your agency.
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# 2: Ask the right questions.

Don’t go to a carrier meeting without a list of questions to ask. Ask each company the same questions for a better comparison when making your final decisions about which carriers to partner with. Here are some helpful questions to include:
What types of training do you offer to agencies?
What is the process for doing business with you?
How? ‘Or’ What is it easy to do business with you?
What is your turnaround time on policies, quotes and endorsements?
What what does compensation look like?
If we grow up, Is there any profit sharing?
What niches do you serve?
Are you engaged in our territory?
Do you do you have a multilingual / diverse team to support diversity efforts?
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N ° 3: Build networks.

Active networking is essential for continued growth, and the insurance industry is full of people who love to help each other. Start your network of insurance peers by getting involved with national and local associations, including Professional Insurance Agents (PIAs) and Insurance Agents and Brokers (IA&B). From there, look for opportunities with national associations including the American Insurance Marketing & Sales Society (AIMS), AUGIE Group, and tech user groups like NetVu or the Applied Client Network. The more connections you have in the industry, the more likely you are to find someone else facing the same challenges or obstacles to growth. Connect and learn from your network.
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# 4: Be a student.

Knowledge is power, and this is especially true in insurance. Invest in yourself and your agency through education and designations – two things no one can take away from you. In addition to insurance education, we also recommend niche education. If you want to serve a particular industry or community, take the time to learn as much as you can about them. No one likes to buy from a used car dealer, so let your knowledge and experience show you the way to be genuine yourself when communicating.
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No. 5: Understand customer expectations.

When was the last time you asked customers what they expected from their insurance agent? Knowing the preferred communication methods, how often they want to hear from you, and what is most important in the insurance transaction sets you apart from other agencies. Also, recognize and take into account the cultural differences between the various communities you seek to attract and serve. Once you know what customers expect, work with your team to implement procedures and processes that meet or exceed those expectations and deliver the ‘mind blowing factor’.
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# 6: hire the right team.

The more diverse your team, the more successful your agency will be in attracting and serving a diverse community or niche market. It is beneficial to have multilingual staff who can communicate with customers in their native language. Find out which languages ​​are used the most in your community or niche by doing market research. Then recruit team members who have cultural knowledge and those valuable language skills.
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# 7: build relationships.

As it is important to network with peers, it is also essential to build relationships in your community. Attend community events and empower team members to do the same. The more your brand is represented and recognized, the more ideal clients will find and trust your agency to help them with their insurance needs.
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N ° 8: Invest in the community.

How involved are you in the community now? Clients want to see that their investment in your agency will be reintegrated into their community. Sponsor local events, donate to schools, partner with other businesses in the area for giveaways, and show that you are investing in their livelihoods and caring for their well-being.
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It’s no surprise that diversity was a growing topic in the United States last year, with 76% of organizations stating it as a stated value, according to the PwC Global Diversity and Inclusion Survey. As the nation diversifies, insurance agencies should identify ways to best serve intercultural communities.

Agencies that understand the importance of serving diverse communities will experience growth if they plan an outreach strategy wisely and intentionally make decisions and changes. Whether you’re already taking action or just starting the process, the eight ideas presented above can help you grow your agency in diverse cultures.

Growing up while serving diverse cultures is new to many agencies. Remember to start small, keep an open mind, and stay genuine with yourself and your agency.

Serving diverse cultures and communities is an important topic and conversation insurance agents need to have to continue growing in 2021 and beyond. The American Insurance Marketing & Sales Society (GOALS) and Chartered Professional Insurance Agent (CPIA) seminars encourage these types of useful discussions so members can learn from each other. The AIMS Society offers programs and services that help insurance agents develop their marketing and sales expertise. To learn more about the AIMS Society, visit www.aimssociety.org.

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