This post is part of a series sponsored by Old Republic Surety.
Many independent surety bond producers are approaching retirement age. At the same time, government construction contractors who rely on surety bonds are preparing for a boom. That confluence of events makes this the perfect time for the younger generation of insurance agents to begin building a new surety book of business.
President Joe Biden’s Infrastructure and Jobs Act that passed in 2021 has opened huge opportunities to construction contractors who have the capacity to help rebuild U.S. infrastructure.
Because government contractors cannot work without surety bonds, those growth opportunities extend to surety producers at independent insurance agencies. Are you ready for more business?
It’s time to market your agency to the contractors who will need bonding for public construction projects. Here’s five tips to get you started:
- Mine your current book of commercial business to unearth potential surety clients.
- Learn more about the surety business. The more you learn, the more you can earn. Both the National Association of Surety Bond Producers and The Surety & Fidelity Association of America offer educational resources.
- Work to be a trusted surety partner. The more you learn, the greater the trust you can earn. And being trusted means you must work to keep forthright, honest information flowing freely between you as the producer, your client and the surety company.
- Learn the surety market, so you can forge long-term relationships with reputable surety companies. As a surety producer, your best friend can be the surety underwriter.
- Market your agency as a dependable, expert bond producer to potential clients. Your surety underwriter can be a great partner in this as well.
Just as there are many insurance agents who will soon retire, creating a workforce shortage in the industry ― but also creating great opportunities for those poised to fill their positions ― there are also many bond producers who will soon retire, too. Now is the time to seize the opportunity to become a surety expert. It won’t happen quickly, but the payoff will be worth every moment you spend on surety education and marketing.
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