Four ways to grow an independent agency amid an economic downturn

Insurance is often touted as a recession-proof industry, but an economic downturn still presents significant risks for independent agents and brokers, who may lose clients, see their incomes shrink, or struggle to build their book of business during a challenging cycle.

But a well-prepared agent or broker can find and retain clients even in the most difficult of times, according to Steve Tombarelli (pictured), senior vice president of programs and services at SIAA, the largest alliance of independent agents in the US.

“The constant theme is communication,” Tombarelli said. “They need to be communicating with their clients about where insurance fits in this current economic environment and the reasons insurance costs are going up.

“The better that an agent can educate their clients around the economic impacts on insurance, the less time they’re going to spend reacting when someone sees an increase in their policy.”