Only 6% of independent agencies target large commercial accounts in their prospecting efforts, according to the latest Future One Agency Universe Study—compared to 80% that target small businesses.

It’s no mystery why small commercial is the bread and butter of the book at the typical independent agency. Trying to get your foot in the door with a larger business can involve exhausting, enormous effort with potentially zero payoff. But growing your large commercial book isn’t necessarily an impossible task—you just have to be strategic.

“As you continue to move upstream with account size, a couple of things happen,” says Mark Berven, president of Nationwide Property & Casualty. “First, clients look for their agent to have a deeper expertise about the specific industry or sub-segment that business owner is in. And second, you routinely see larger businesses with a specific risk manager who has deep knowledge of the insurance industry.”

What does that mean for your prospecting and retention approach as an independent insurance adviser? Here are a few strategies to keep in mind when you’re trying to break into the midsize to large commercial space.

Grow your network. Weatherby-Eisenrich, Inc., an independent agency headquartered in Andrews, Texas, targets larger commercial accounts primarily based on producer solicitation and referrals, says Lloyd Eisenrich, president.

“It’s hard to displace an agent from a large account unless the client has a pain point, because so many times you build those relationships really strong,” Eisenrich explains. “We focus on targeting the ones where the relationship has become taken for granted, and there’s not that intimacy between the insured and the agent. But it’s very hit or miss—you have to beat the walls until you win one.”

In this David-and-Goliath environment, a strong referral base can help you avoid “elephant hunting,” says Scott Franklin, president & CEO of LanierUpshaw in Lakeland, Florida, which is almost exclusively referral-based for middle-market and large accounts.

“It’s a challenging space when you don’t have the brand recognition of a large national broker,” Franklin explains. “We’re not typically going to be able to cold call our way into big accounts. But if we can trace them back to somebody who’s already a believer in what we do who can be a referral source for us, we almost always win.”

Specialize. Because many larger commercial accounts have in-house risk management teams, they will expect you to provide “more insights and an extensive understanding of the type of business,” Berven says.

Often, that requires developing a niche in a specific vertical in the large commercial space. “You’re dealing with someone who understands the business, understands the insurance dynamic and is trying to figure out what value proposition you as an agency brings to the equation,” Berven points out. “You will quickly be dismissed from the opportunity to serve a client if you don’t have that level of deep understanding and specialization.”

When courting a larger business, deep diving into the technical stuff can help set you apart from the competition—especially when you’re able to point out an exposure they haven’t noticed yet. The Reilly Company, an independent agency headquartered in Leavenworth, Kansas, performs a needs analysis for all larger commercial accounts—a step the agency usually devotes less time to when working with a smaller, less complex account that produces a lower commission.

“We will look at the current coverage and try to identify the gaps,” explains Sean Dunham, vice president, sales and operations. “At that time, we’re also looking at carriers and carrier appetites. Depending on those needs and those gaps, we’re looking at resources we can offer, whether from our agency or—better yet—the carrier, which may already have that expertise. We want to be able to share that knowledge and get them connected with the right carrier based on what those specific needs might be.”

Once you find the right carrier for a larger account’s various needs, make sure you explain the importance of loyalty. “With the larger accounts, we want to caution people that you don’t want to be out there in the market every single year,” Franklin says. “No carrier wants insureds to be buying their business on low price. There’s going to come a time when you may have claims issues where you’re going to have to move, or maybe there’s something unusual going on, and you want to be able to be fresh in the market.”

Think of it like the boy who cried wolf—it’s this kind of insider knowledge that impresses a larger commercial account.

Set the service bar high. Large commercial accounts expect you to earn your keep, and their demands involve a lot more special attention than your small business book.

“There’s a very clear distinction in service on my mid to large accounts,” Eisenrich says. “They need more advice and counsel on contractual issues. We spend a lot of time advising. They’ll call and say, ‘Hey, I’m going to work for XYZ Energy Company and they’re requiring this type of coverage—do I have that? What will it cost to get that?’”

“Working with larger commercial accounts, their expectations of what they’re going to need from us are greater,” agrees Jennifer Ciesielski, vice president of Tetrault Insurance Agency, Inc. in New Bedford, Massachusetts. “Usually they’re pretty clear about what’s important to them, but you need to determine that up front. How do they want to be communicated with? How often? What other things can we do to help make the relationship easier?”

Some of Tetrault’s large commercial clients prefer a more hands-on approach, while others prioritize speed and responsiveness—“being able to email or text their request or use whatever method works best for them,” Ciesielski explains. “It’s not that we don’t do that on a smaller level, but the bigger the account, the more important it is to set those expectations up front so we make sure we do what we promise and really give them value for doing their business with us.”

LanierUpshaw also reserves certain services for its larger commercial accounts, such as resource libraries, online tools and cloud-based portals for endorsements and policies. “That’s our constant challenge—how do we continue to increase our level of service?” Franklin says. “Customers are always wanting to see more creative ways to serve them.”

Jacquelyn Connelly is IA senior editor.