3 Ways Insurance Agents Can Maintain Business Continuity Amid COVID-19

According to a study by the Society for Human Resource Management, 62% of small businesses stated that the COVID-19 pandemic has created a significant decrease in revenue since early March. And while the insurance industry itself appears to be weathering the crisis better than most business sectors, agents will find themselves facing new challenges in order to maintain business continuity. The following are three ways insurance agents can better prepare for these challenges and pivot accordingly.

Help your clients find the solutions they need — now. With so many Americans struggling to make ends meet, your insureds might not have the finances to pay their premiums on time, or, might not be able to pay at all. As their agent, be prepared to work with your clients and proactively respond to these financial challenges. This can include contacting the carrier to inquire about a temporary extension or setting up a payment plan to prevent a policy from lapsing. Today, many insurance carriers recognize the financial impact COVID-19 has had on their policyholders and have adapted in order to find solutions.

Create useful and meaningful content and put it online. Marketing strategies — now and after the pandemic — should center on using content to create and maintain powerful online connections with your policyholders. Now more than ever, communication is critical to maintaining relationships to help retain customers, and posting content online is a powerful tool to share information and insurance solutions. For example, your business clients will undoubtedly have questions as they struggle with emerging risk exposures when they begin to reopen. This can include issues related to potential gaps in existing insurance coverage, business interruption claims, workers’ compensation coverage for employees, etc. Keep policyholders informed by posting content on your website and social media accounts, sending out email updates, and adding information on customer accounts. Maintaining your visibility, sharing information with consumers and addressing specific concerns are positive ways to build, reinforce and retain relationships with your clients.

Look ahead and plan for the future. It is uncertain just how long the COVID-19 crisis will last. But what we do know is that the impact on insurance agencies and their policyholders isn’t going away anytime soon. That is why it’s important to take a hard look at your marketing strategies for the future, now. Careful planning can help you to determine future plans for your insurance agency’s growth and to make up for loss of income due to policy cancellations and reductions in premiums. This can include exploring and moving into additional niche markets, and expanding your footprint in different industries for greater diversification. Start by establishing a business and marketing plan outlining new opportunities available as well as what it will take in terms of expertise, marketing resources, staff and third-party vendors to turn those opportunities into new business.

This is a challenging time for everyone as we learn how to navigate changes brought about by the COVID-19 pandemic. At FastrackCE, we’re pleased that we can make it easy for you to maintain current CE licensing requirements so you can continue to serve your business clients. When you need us, we’re here to help. For more information, call 800-544-3605 or visit us at fastrackce.com.

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