Three opportunities to spark business growth in 2023
Agents and brokers who continually help clients assess and mitigate risks will continue to evolve their businesses to provide quality service.
We saw and felt the impact of a myriad of crises in 2022. From spikes in cybercrime, to uncharacteristically catastrophic natural disasters, to the growing use of social media as a news source, the insurance industry had to rise to occasion after occasion to advise clients on the best path forward through risk-induced scenarios. Whatever the case, 2022 came with no shortage of risk, and those risks are likely to evolve well into 2023 and beyond. It sounds daunting, but every risk and insurance professional knows that risk brings plenty of opportunities to adapt and evolve to better serve their clients and grow their business.
Here are three ways to grow your business in 2023.
Expand on client offerings
As a result of the global pandemic, risk and insurance professionals can now solve for a wider range of issues that impact our clients daily. For example, in the past year we’ve focused on educating our clients on their coverage options when it comes to liability insurance. Many of our restaurant clients weren’t aware of all the ways to get more out of their insurance coverage beyond a general liability policy, but by taking time to sit down and explain how they might benefit from a trade name restoration program or an equipment breakdown coverage policy, we were able to protect countless clients from threats that would have otherwise had a sizable impact on their business operations.
Taking time to evaluate the risks that routinely impact your clients, and where you can build on your current roster of client offerings, is a critical first step to ensuring that your business is always evolving to provide the highest quality of service to clients. In doing so, you can create a valuable opportunity for business growth and continue to be a valuable resource for clients who need your help when trouble arises — because it always does, one way or another.
Commit to flexibility
One thing is always certain about risk — it can’t be successfully managed without a strategy that allows for flexibility. Risk throws countless curveballs, and it throws them fast. Our team operates under the mantra, “No borders, no boundaries.” We have learned to embrace the fact that risk brings quick changes to our clients’ operations, which means that we have to be perpetually prepared to change course at any moment.
By working with your team to wholeheartedly commit to flexibility, you can take advantage of a significant growth opportunity that comes with risk management. The ability to adapt quickly and be flexible in order to best serve your clients is something that clients will appreciate and take note of.
Invest in your business’s brand
This year, we celebrated 115 years in the insurance industry — something that still doesn’t feel real, considering how much we’ve witnessed in the industry this year alone. As a company that has always been family-owned and operated, our number one priority has been to stay loyal to the values that make up the foundation of our company. We’ve worked hard to maintain our authenticity by investing in ways to communicate our values and our “why” to existing and potential new clients, with resounding success.
Authenticity is the key to a successful partnership between an insurance partner and their client. When risk befalls a client, their priority is trusting their insurance partner to provide the right counsel on how to move forward, and authenticity and trust go hand in hand. How you invest in your brand is up to you and what’s best for your team, but there’s no question that making sure you stand out to your clients as an authentic partner will always pay off.
Matt Mallory is the CEO of the Mallory Agency, a leading property and casualty insurance broker serving clients in the United States and beyond. He primarily partners with larger companies and organizations on their insurance needs. Contact him at mattm@malloryagency.com. Opinions expressed are the author’s.
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