The auto insurance industry is an amazing field for individuals to make a great living. My name is Nevin Shennett and I have been in the insurance industry for 4 years. I have owned my own agency for three of those years and have seen the capacity that this industry holds for a lucrative career. Every vehicle that you pass in traffic, see at a grocery store, or see stopped at a traffic light needs auto insurance coverage in order to operate within the bounds of the law in most states. This creates a market of sales opportunities that is almost unrivaled in any industry. Very rarely is there a product for sale in any industry that so many individuals willingly pay for, and that is mandated to be kept in force force by law.
These circumstances single handedly turns the vast majority of acquaintances, friends, and family members, along with most perfect strangers, into potential clients. The possibilities are limitless! Not only are the possibilities endless, moreover the options of products to offer to this vast sea of clientele is almost as impressive. Because of the sheer number of individuals and vehicles that have to be insured and the market share that is allowed because of this, the insurance industry has a plethora of companies willing to fill these needs for consumers. Many companies specialize in niche market share. For example, many companies market directly to clientele only requires minimum coverage. These companies usually employ a marketing strategy that emphasizes speed and necessity.
Other companies specialize in lower pricing. These companies tend to make claims such as “get legal for less” or emphasize the lowest rates around. Another example of marketing and specialization are those companies that specialize in the highest of quality in the coverage they provide. These companies tend to market themselves more on what they can offer, usually focusing on a particular coverage or multiple coverages that are in their portfolio that can only be obtained through said company or that are somewhat rare in the industry. An example of this is Liberty Mutual’s campaign for “New Car Replacement”. Although this is by no stretch of the imagination a unique coverage in the auto insurance industry, Liberty Mutual makes a routine of marketing using this information in order to imprint in potential client’s minds that if they want to have a vehicle replaced properly in the event of an accident, they should give Liberty Mutual a call.
This strategy works amazingly for many companies to form an identity in the market and draw in clientele. This along with each company’s different rating criteria lead to further market differentiation. All of these things, combined with other market variations, leading to an opportunity for any well motivated sales individual with the right team and backing to attack the marketplace and save a potential client money on a product that they purchase regularly contrary to economic ups and downs of the world economies and personal problems that may arise for clients. The market is an open field of dreams to be explored! The field of auto insurance can be deceptively simple. However, that is another tale for another day.