Diversify to accumulate

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More and more brokers are beginning to see the value in building a general insurance business for themselves.

However, many, though willing, are unsure as to how to begin.

The simplest and most obvious starting point is your current customers.

Most people like to get all their products in one place – hence why supermarkets have become the one-stop-shops they now are. As such your existing clients will no doubt be pleased that you are able to offer another service to them.

Speak to your clients, find out what they need and make sure they are aware of what you can offer – if you don’t tell them, they’ll never know to come to you.

Be sure to explore all their insurance needs, not just the obvious ones.

Make use of your contacts and not just your clients. You may not currently sell any products to your solicitor or regular taxi firm but you have a relationship with them and they may have insurance needs you could satisfy.

You should also get savvy with your marketing. Potential clients will not use you if they don’t know what you offer. Printing new brochures/leaflets is one simple way of making sure they do.

If you’d rather not do the business yourself consider becoming an introducer. By doing so you’ll be able to help your client and earn a commission without having to change your business in any significant way. Your GI provider should be able to help you with this.