11 Jun The Opportunity Of Texas Flood Insurance For Insurance Agents
Insurance agents always need to keep their eyes on the next great line of business. As products and markets evolve it is important to identify lines of business that not many other agents focus on. Anyone can lead with auto or home, but this is where the big carriers spend their marketing dollars. Think the lizard, flo, the farms, all the numerous other direct to consumer or captive channels that have huge budgets directed solely towards writing auto insurance. It is extremely hard to market in this space, but there is hope.
The one thing that the mega carriers can’t be is agile. Their organizations are so large that any shift is marketing approach is like moving a tanker. Just think about it; the marketing team has to shift, employees need to be trained, quoting platforms need to be programmed, and all of this needs to result in profitable premium. With this in mind it is no wonder that large carriers don’t want to nibble around the edges with auxiliary lines of business. However for independent agencies, brokerages, and small captive agents can make a living off of this.
It’s no secret, most agencies do not like writing flood. The NFIP offers an outdated product, with antiquated rating variables, at an ever increasing cost. But, what if writing flood insurance in Texas was easy? Luckily, now it is. There are several programs and carriers that use advanced mapping data making elevation certificates a thing of the past. Because the underwriters can selectively underwrite, unlike the NFIP who has to take everything, rates are extremely competitive. Flow Insurance Services brings these markets to you, and makes it easy to submit quote requests with extremely fast turn around time.
Try making flood your lead line of insurance. Single line flood accounts won’t pay the bills, but well rounded account do. With the private flood insurance markets available you have the chance to deliver a real solution to people that have been struggling with the raising NFIP premiums. Flood insurance is a pain-point for many, and you can be the solution. Lead with flood insurance and circle back for the rest. On the residential side start with the flood and cross sell with the rest of of the household. On the commercial side lead with flood insurance and round out with the commercial property portfolio. You can market in any zone, to any type of property owner. The best news is, if they need flood insurance it is almost guaranteed that they have other lines of business. In an industry that is hard to be a hero, this is your chance. Deliver the solution that your prospects and clients have been waiting for!
Flow Insurance Services knows private flood, and we know it well. Place your trust in us and let us help you to write more business. When it comes to growing your business, things can be challenging. Embrace the opportunity of Texas flood insurance!