From the Front Lines: Personal Auto
How did you get started at your agency?
I acquired my family’s agency in 2007 during my father’s illness. I ran the agency—as the third generation—for seven years and then merged my operation with Howland & Sargent in 2014. Shortly afterward, we determined that the best roadmap for giving our employees more opportunities and our clients more resources was to scale with intent. We merged with SmithBrothers in July 2015, which has been the best professional decision I’ve made in my nearly 20-year career.
Why the auto insurance market?
I love being a “large yet local” broker that serves clients who appreciate our family-like confidence and our risk management approach. Personal lines represent the largest buying tranche in the U.S. insurance economy and small business is the backbone of our economy, so we want to be reliable and sustainable professional advisors to both.
The auto market continues to drive our account-based decisions because it represents the largest share of costs. As a result, it has the greatest opportunity to generate new business and is our leading line when targeting account-based buyers.
Challenges in the auto market?
I don’t see challenges; I see opportunities to innovate and optimize. The greatest opportunity is to use artificial intelligence (AI) to relieve our teams from repetitive and mundane processes so they can spend more time delivering advisory and risk management support. The real risk is that AI will, at some point, be able to offer similar advisory support to a buyer and threaten a multiline account.
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Future trends?
Independent agents will continue to serve businesses and individuals with greater complexity, particularly those who value a consultative and diagnostic approach.
Carrier partners will also need to help educate and support customers regarding these products that the world thinks can be simply placed through online marketplaces. Even though auto commands so much attention due to cost, we must elevate and focus on account-based sales.
Advice for a fellow agent?
The days of being a generalist in the insurance market are coming to an end because agents are being asked to deliver more expertise. Agents are no longer the sole solution for placing insurance. As the internet and AI increasingly support these journeys, your value will not come from simply facilitating transactions. Instead, it will come from the depth of your expertise and experience in a specific area.
To remain relevant and trusted, position yourself as more than a placer. Strive to be seen as someone who provides insight, foresight and tailored guidance. Your ability to understand unique risks, anticipate challenges and offer strategic advice is what will differentiate you in an evolving landscape.
Olivia Overman is IA content editor.
