Insurance producers tend to fall into one of two categories regarding their approach to the marketplace. They usually engage with prospects and clients as either generalists or specialists. While there are advantages and disadvantages to both options, it's critical for agencies and producers to reassess their positions due to dramatic disruptions in the marketplace.

Operating as a generalist has a strong appeal. Generalists are not restricted to certain industries or lines of business and are available to all opportunities in the marketplace. Historically, insurance agencies have even marketed themselves as a "one stop shops" for all insurance needs. And, in areas with less population density, it's necessary to operate as a generalist due to the paucity of niche business opportunities.

Serious emerging risks for generalists

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