For many agents, transitioning from personal to commercial lines can feel like stepping into uncharted waters. The shift brings with it a complex array of new policies, terminology and client needs that are far different from the more familiar personal lines. The prospect can be intimidating. However, with the right approach and mindset, this transition can be both manageable and immensely rewarding.
Carriers Shift Focus
Insurance carriers are increasingly shifting their focus toward commercial lines, demonstrating a strong appetite for growth in this sector. This strategic pivot involves a deliberate move away from personal lines in many states.
The drive behind this shift is twofold: carriers are aggressively seeking to expand their commercial lines portfolio while simultaneously aiming to reduce their policyholder count in personal lines. This realignment allows carriers to capitalize on the potentially higher profitability and diverse risk management opportunities offered by commercial insurance while positioning themselves more favorably in today’s competitive market.
Read the full article, written by Jerry Thacker, Regional Vice President at AHA, published May 24, 2024, in The Standard. Reprinted with permission from The Standard, Copyright 2024, Standard Publishing Corporation, Boston, MA. All rights reserved.