In a business environment increasingly digital, price-driven and not the least bit commoditized, carriers and MGAs are looking for advantages to help grow their businesses and remain competitive. Data has often been the answer but contextualizing both where to look and how to interpret it has always seemed a little fuzzy once that data needs to be harvested for business development rather than operational improvements or insights.
Understanding what market intelligence insights can be gleaned from available data can provide a road map for where to look for new business, yet this is often the missing piece of many how-to articles. So, let's consider several ways to grow where the data tells you to grow.
What's in a Niche?
There are countless underserved niche markets to be leveraged. For instance, if an MGA or carrier is writing cyber, contractors or commercial auto, the most effective way to identify potential agency partners is to filter through to those who not only specialize in those spaces but also those looking to grow their books of business.
Start with directories or rented lists that can be refined by niche or state. In addition to independent agents affiliated with various networks, there are countless other resources available that track unaffiliated independent insurance agencies, as well. Armed with those lists, filters can be applied to search for particular classes of business. When searching, it's best to try to identify agents with high commercial premiums who also may not have strong market access. Consider both standard industrial classification codes and job titles to help you better target both the right agencies and the right decision makers.
Next, look for geographic whitespace. These are states or counties where market competition is scarce and additional insurance options would be welcome.
Finally, consider reaching out to newly acquired insurance agencies, especially those funded by private equity. Most of these acquisitions were undertaken with a single outcome in mind: growth. These agencies may be looking to add new niche programs that exceed their existing networks or resources. For example, there might be hundreds of agencies in Texas and Florida that write insurance for towing companies, but there may be a healthy percentage of those agencies that lack current or reliable MGA relationships. This can be a great starting point.
Real Opportunities Happen in Real Time
As the global business environment leans hard into AI and other digital solutions, speed has become table stakes for insurers. Applying real-time data, carriers and MGAs can:
- Trigger outreach based on behavior
- Shift sales strategy as trends emerge
- Auto-score submissions to identify what should be fast-tracked to underwriting and what needs more information
Listen to What the Data Says
Your customer relationship management (CRM) system is a treasure trove of business growth opportunities. Consider what is being declined the most or where brokers are frustrated. Use this data to create content that will help them sell better. Personalize your outbound outreach based on agency type and historical interactions. Conduct a series of tests of subject lines, advertising copy, digital marketing messaging and other calls to action to better understand what is capturing the attention of the independent agents you most want to engage.
Importantly, don't try to be all things to all people. In insurance, it's often better to go deep than wide. To do so, make sure to understand and target individual agencies looking to grow rather than only targeting networks that may have broader access to resources and available partners. The good news is that most CRMs will help you personalize your outreach at scale, reducing the legwork necessary to provide personalized messaging and engagement. That same CRM should also be able to provide critical response data so carriers and MGAs can pivot quickly when it's clear a specific approach or message isn't working.
Armed With Data, Work to Sound Human
Many independent agents may be new to insurance. Even if they are seasoned veterans, most have found through their experience that insurance jargon—whether using it or receiving it—isn't helpful. These agents are trying to grow their business, and investing time and effort to sift through fuzzy carrier or MGA marketing language distracts from their growth efforts. Moreover, some of the language used in insurance marketing materials is both generic and unhelpful. Countless MGAs say they are tech-enabled. This conveys neither helpful information nor clarity, and it could be argued that any MGA in 2025 that isn't tech-enabled is an MGA ready to go out of business. Such phrasing isn't a differentiator; it's just filler.
Market intelligence can help carriers and MGAs identify the aforementioned whitespace where competitors are absent. This same data can help insurers get real about pain points for agents, like slow quoting or lack of access to niche programs. Considering this type of data helps insurers sound more human. Agents will respond accordingly because their clients are also seeking clarity.
This humanistic approach to messaging needs to carry over to the branding of carriers and MGAs as well. On the AI front, far too many insurers present themselves as providing:
- AI-powered solutions
- Advanced analytics and machine learning
- Tech-driven decision making
- Smart automation at scale
- Next-generation risk assessment tools
Agents, whose reputations are on the line and who are increasingly working to build relationships with clients as trusted advisors, want assurances there are still humans behind the machines, providing underwriting insights and checking the output of any AI tools.
Lastly, it's becoming increasingly clear that specialization matters in insurance. Those carriers and MGAs—and insurtechs, for that matter—that present themselves as one-stop shops for every agent's needs are looked at with skepticism. When you attempt to present yourself as a Jack of all trades, today's savvy and trust-focused agents take that as a sign your shop is a master of none.
Are You Using Data Well?
Insurers winning new business today aren't guessing. They are using data to move faster, speak more clearly and reach the right agencies at the right time. Working with a data analytics or marketing specialist can help refine the process of applying data to your business development strategy. Whether you are a growth-stage insurtech, a specialty MGA or a P&C insurance carrier looking to expand reach, the right tools and experts are available, accessible and necessary. You simply need to determine how best to grow where the data tells you.
