I started my independent agency in 2015, focusing mostly on personal lines, specifically home and auto insurance. When the time came to grow my agency I decided to go a somewhat different route from many prominent personal lines agencies. Instead of growing through commercial property-casualty lines, I decided to focus on the life insurance market.

If you are looking to grow the life insurance business side of your agency, here are a few things to consider:

1) Life insurance is a natural extension of home and auto. If you predominantly write home and auto insurance, life insurance is a natural conversation to have with your existing clients. You may be surprised by how open they are to speaking with you about it, especially if they have just experienced a major life change, such as buying a new home or having a child.

2) It helps to be consistent. Before I started focusing more on life insurance, I wrote a handful of policies every year, but it was mostly because current clients asked me about it. Now, I bring it up with everyone I speak to, including the prospects I am not able to help with home and auto.

In 2020, I brought on several new life insurance clients even after not winning their home and auto business. This creates an opportunity to revisit and cross-sell their p-c business in the future.

3) Technology and processes have come a long way. Most life insurance carriers now offer electronic applications with e-signature, as well as an e-delivery process. Some even offer drop-ticket solutions where you and the client decide what product they would like, then you fill out some basic information and the carrier takes care of the rest, including taking the application, getting signatures and ordering the paramedical exam if needed.

4) Life insurance sales can have a noticeable impact on your bottom line. Some life insurance products are not going to offer the type of renewal income we are used to on the p-c side of the business. However, that doesn't mean expanding the life insurance side of your agency won't have a positive impact on your top and bottom line revenues.

With technology enhancements, you can write life insurance very productively. This can help drive additional revenue from your current book of clients or create new opportunities altogether.

If you are considering expanding your personal lines centered agency, I'm sure attracting commercial clientele is high on your list. However, I would strongly consider looking at life insurance. You may be surprised by the results.

Michael Cohen is the founder and president of Bering Insurance Partners in Johns Creek, Georgia.