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Personal Lines Producer Insurance Licenses

Are Personal Lines Producer Insurance licenses better than commercial insurance?

Personal Lines Producer Insurance Licenses  and commercial insurance both carriers’ insurance opportunities for an agent. Before concluding with one is better for an insurance agent, let’s touch on the basics of commercial insurance and personal insurance in Indiana.

Producer Insurance Licenses specializes in providing coverage for an individual’s claim against personal losses due to injuries, accidents, damage to properties. In contrast, commercial insurance specializes in providing coverage for claims against valid loss to a business.

Why is Personal Insurance losing its charm?

In 2018 the research conducted by Insurance Information Institute (III) shows that Net Premium Written (NPW) for the personal line was 53.5% of total NPW. On the other hand, the NPW for the commercial line was 46.5% of the total NPW. However, in recent years, the table has been turning and can see significant growth in commercial line insurance favor.
Based on the first-quarter 2020 by III, the growth rate of NPW for the commercial line has increased by 12.1 percent. Whereas, the personal line has faced a growth rate of only 3.0 percent. Even though personal insurance was preferred, the profitable niche market has yet to be shifted towards commercial insurance for insurance brokerage. The information on the fame of personal insurance can also differ in NJ or New Jersey. The people in NJ may have a different preference when it comes to personal insurance in NJ vs commercial insurance.


personal lines producer insurance licenses

Personal Lines Producer Insurance Licenses 

If you have been selling personal line insurance, you should change the strategies to focus on commercial line insurance. On the other hand, if you have been selling commercial line insurance policies, you might need to check these tips. In any case, the following tips will help insurance agents or insurance broker to establish in the commercial insurance market.

    • Pick a couple of niches such as cyber insurance that you need to focus on and gather information.
    • Conduct proper research on your targeted audience.
    • Gather insights on the business needs and risks associated with a specific business.
    • Always stay connected with your clients by conducting risk management webinars. Also, send out newsletters to keep yourself on top of your client’s mind.
    • After making a sale, always follow up with your clients to ensure up-sell or cross-sell.
    • If a customers wants to find an agent, then make sure you have a proper limelight to sell commercial insurance.

If you stick around and only focus on personal line insurance of business under property and casualty insurance, survival in the insurance market as an insurance agent can be an extreme threat. To become an independent insurance agent personal insurance in Indiana, stay aware of the competition and branch out on new niches. Commercial insurance has vast loads of opportunities to look into and isn’t as limited as personal insurance. When you exhibit your skill in commercial insurance niches, you’ll reveal an altogether beneficial market pool. Hence making commercial line insurance a better choice for an insurance agent.

personal insurance
personal insurance