Perception is a fascinating concept. Everything we see and do is really just our perception of the things we’ve seen and done. That perception may be completely different to how others perceived the same events. It is a totally subjective concept. You can influence the perception of others, but you will never have total control of it.
As an insurance agency owner, how you manage the perception of others will be vital to your success. That is true from the first day you open your doors to the day you sign over to a new owner.
The Insurance Stereotype
The perception issue that every insurance agent must overcome is the ‘insurance salesman’ stereotype. Like it or not, some people still perceive insurance as an unnecessary cost and insurance salespeople as business owners driven by money. As long as insurance agents get paid a percentage of premiums paid, that stereotype will persist. You can overcome this perception by focusing your work on risks and client needs. Ensure that everything you do is designed to help the client first; insurance is a factor in the process, not the goal.
Insurance Carriers
How the bigger carriers perceive your agency will have a huge impact on your success. Throughout your career, you will rely on your ability to offer the best insurance coverage. That means developing strong relationships with insurance carriers and making sure they see you as an effective business partner.
Buyers
When it comes time to sell your agency, perception will become an even more important factor. Like any major sale, the value of your agency is dictated by how much the buyer is willing to pay. If the buyer sees your agency as one of many similar options, or lacking in true value, they will be unlikely to push to make the purchase. It’s important that you fully understand the value you have in your agency, and that you can demonstrate that value to a potential buyer.
You
Your perception of your agency will have a significant shaping effect on the agency itself, as well as its ultimate sale. Your ability to identify areas for improvement, focus on opportunities and see the agency for what it is will dictate your agency’s success. You can’t afford to allow yourself to see the agency you want, rather than the one you have. You need to accurately monitor your success and analyze your failures in great depth; otherwise you are simply relying on subjective perception.
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