Niches and how they can help with Producer Recruiting
It might be more important to recruit Producers in a soft market than a hard market, but it is definitely harder to do. Agencies need to get a little more strategic with the initial contact and niche programs can play a roll in that. Strong producers get called all the time, but usually, the call goes something like this “Bill, this is Tom over at ABC Insurance Agency and we met over at the Insurance Conference and I wondered if you wanted to play golf”. The hope is that over a four hour round you can get to know each other better and Tom can converse on all of the great things going on at ABC Agency.
Unfortunately, most folks don’t have the time to do a lot of that in this market, thus your call has to get right to the point and there has to be a “reason” for the contact. Niches can give you that “reason”. Take a look at the niche programs that your firm currently has and write down what add-ons might be good additions or what new niches might complement an existing program. If you have a Lawyers Professional Program, might you add a Producer that focuses on Accountants or Design Professionals? If you do Media in a big way, might a Producer that has a Cyber Risk Specialty be a good addition? An Energy or Environmental Producer might fit with an established Construction block. A Public Entity EB Producer with an established Public Entity P&C team?
When you call the Producer and ask for a time to talk, explain what you are trying to do and indicate that you understand what they do (do your research first) and that you think there could be a mutual benefit. The Producer will appreciate that you are coming from a logically standpoint and not just cold-calling. If there seems to be a fit, that will give you the opportunity to talk further and then you can pitch all of the resources of the firm (i.e. – markets, programs, service capabilities, alternative risk programs, compensation, equity plays, lead generation, account rounding, etc.).
So remember, review what you have in-house and understand what could be built. Research the Producers in the market and have a sound reason for the call. Explain that logic in the first few minutes of the call and ask for a meet based on that possible mutual benefit! To discuss this article or Producer Search in general, call Dan Rogan, President, The Rogan Group, Inc. – at 800-440-0082 or email drogan@rogangroup.com