Successful Agents Share Secrets to Outlasting the Economic Downturn – Gary Treadwell
As an insurance agent, what are your biggest concerns right now?
The majority of my business is generated through referrals. My biggest concern is
that even the referrals I talk to don’t want to buy insurance until the economy
settles down. Everyone is very concerned about the healthcare legislation that is
currently taking place in congress and is holding off on insurance purchases until
decisions are made.
How have you been able to overcome these obstacles?
I simply tell my referrals I’ll call them back when the economy settles down and
try to keep an ongoing relationship with them during the tough times.
Since the insurance industry uncertainties are out of my hands, I’ve decided to
focus on a new venture
for income, while still servicing my current clients.
How have you been able to accelerate your future and meet your goals despite the
economy?
The production of my insurance agency has declined considerably from early 2008.
My appointments dropped from 5 or 6 a week to 2 or 3 a month. Working with
TWG Capital has significantly helped me survive the downturn in the
economy by providing me the funds to focus on another part of my business.
I sold a block of my insurance business to TWG Capital in order to
obtain capital needed to focus on my new venture. The Benefit Toolbar, a unique revenue generating
program for non-profit and profit organizations, has been a great success and provided
the extra income I was losing selling only insurance.
TWG Capital was a life saver for me and my family. They gave me money to live on,
build my new business and still maintain my insurance business during the downturn.
What lessons have you learned during this slow economy that agents need to remember
now and in the future?
Customer service is key. Keep in contact with your customers and answer any questions
they may have. This will save your current policies. People have the tendency to
drop their insurance when they are hurting from a downturn because they feel it’s
not a necessity at the moment.
I specialize in group disability and have found that many employees who are getting
laid off don’t realize they can take their policy with them and keep it at
the same rate. By preserving a relationship with these clients, I’m able to maintain
their business.
What other advice would you give to agents who are struggling in this economy?
Be creative and look for new ways to diversify your business. Also look for creative
ways to get the capital you need to fund these new ventures.
Would you recommend TWG Capital to other Insurance agents?
Without a doubt. The service and professionalism was absolutely fantastic! I came
to TWG Capital with a unique situation and they were able to provide me a customized solution that fit my needs perfectly.
I couldn’t have asked for a better rep to work with other than Dan Williams. He told me exactly what information
I needed to provide in order to sell my block of business. Dan was also able to
use his connections in the industry to collect certain information quicker than
if I would’ve tried to obtain it on my own.
Overall, it was a great decision I’ll never regret. I encourage all agents to check out what their book of business
is worth in order to provide a cushion during this downturn. We
can’t be sure how long it’s going to last.
Want to learn more about outlasting the downturn? Download two free whitepapers
below:
Three Debt-Free Growth Strategies for
Agents During a Recession.
Recession-Proofing Tactics for Insurance Providers.