As the insurance industry grows in scope, profit opportunities abound

The insurance industry is growing as more people try to mitigate risks.

Insurance brokerages are playing a high-stakes game, the parameters of which are largely beyond their control. When you're in the business of selling insurance, you can't really do much to influence the price of insurance policies.  However, by informing your customers on the risks pertaining to their business and providing with suitable insurance solutions you can move the needle one way or the other.

There appears to be a fairly robust insurance market out there, with numerous customers on the market for new policies.

The good news is, in 2017, there appears to be a fairly robust market out there, with numerous customers on the market for new policies. How will the insurance industry respond? Who will swoop in and seize upon all this new business – and perhaps more importantly, how will they fund this increase in activity?

In today's volatile marketplace, these are key questions. Being successful requires both chasing down new customers and having the cash to support your new business plans.

Revenues rising across the insurance industry

Insurance companies aren't always assured of steady revenue, as their results are often dependent upon larger economic factors around them. For example, if no one's buying cars, it's harder to sell car insurance. But at this time, there's good news: Robert Kelly, chief executive of insurance brokerage group Steadfast, recently told The Australian that we're seeing the first signs of underwriters taking action to improve insurance sales results industry-wide.

Generating new leads in a growing marketplace

As the marketplace for insurance grows larger, it becomes more challenging for companies to keep attracting new business and growing their financial clout. Lead generation – in other words, connecting with potential new customers – becomes far more important in this situation.

Connecting with new leads and building relationships can drive business growth.
Connecting with new leads and building relationships can drive business growth.

Knowledge Master advises that companies research the market in front of them carefully and find key strategic areas where they can have an advantage. Is there a specific geographic region they can cover best? A certain type of risk they specialise in covering? By playing to their strengths and targeting the right customers, insurance broking companies can grow quickly and efficiently.

Securing the funding to drive business growth

Building a bigger insurance broking business is often not easy. The importance of a good premium funding service provider to an insurance broking business is mostly overlooked.  Selecting Attvest Finance as your premium funding partner will increase your premium funding penetration and provide your business with the following benefits:

  • Increased premium funding commissions
  • Reduction resources required to manage Accounts Receivables
  • Improve retention rates on insurance renewals.

Through Attvest Finance, you can obtain premium funding services that will help you achieve your business goals.

We have a passionate team of experts who truly care about your business and are motivated to help you succeed. When you call us, you'll be able to connect with a specialist who will work actively to add value to your business. Let's begin that conversation today.