That's according to several industry professionals who recently participated in a webinar that was sponsored by agency management firm Applied Systems. As reported by Insurance Journal, the consensus among those in attendance was that insurance agents - and in so doing, insurance producers - tend to make more money by specializing in one particular aspect of the insurance sales business when compared with those whose expertise is more wide-ranging, not necessarily in-depth in any one specific area.
In order to determine what aspect of the insurance business to be an authority on, the experts said that it required four steps: Making the proper use of technology, identifying an area of focus that could conceivably be further refined, determining which aspect of the insurance business one is most knowledgeable about and managing change when it develops. In other words, if another opportunity arises, it's important not to let it be a distraction. Staying dedicated to the business at hand is what's most important.
"Specialization requires effort, but it's worth it," said Michael Levins, vice president of production and sales at CNA Insurance, according to the source.
Another important aspect of specializing is listening to one's audience - i.e. their clients - and reacting to their wishes and demands. For instance, according to a recent survey performed by Certified Financial Planner Board of Standards, approximately seven in 10 of the consumers polled wanted their insurance advisers to be more comprehensive with their services. Meanwhile, 30 percent preferred those who specialized in a specific area.
Ultimately, the track agents take is up to them, but by staying in tune with their base, they'll be able to determine the best course.