The wholesale insurance business is becoming highly competitive, and more specialized than ever. Setting yourself apart can be crucial in attracting new business. That’s where your USP comes in.
“USP” stands for Unique Selling Proposition. It’s a simple phrase or sentence that expresses what makes you different from your competitors in a way your audience immediately understands. It tells them what makes you valuable and unique—and why you’re the ideal broker for the types of agents you want to work with.
Here are a few tips for developing your own USP to include on your website, email signature, social media bio, and other promotional platforms and materials.
Know what your audience wants. Think about the types of agents you work with—or want to work with. What types of risks are they finding coverage for on a daily basis? What are their headaches and pain points? What types of problems keep them up at night—and what are they looking for in a wholesale broker? Showing insurance agents how you help them solve big challenges in your USP is sure to appeal to them.
Know what works in your favor. When choosing a wholesale broker to work with, most insurance agents look for people with connections to key markets—and specialized expertise. Your area of specialization needs to be front and center in your USP. If you have access to a wide range of specialty markets or can get access to products that aren’t widely available to other brokers, this could also be a strong selling point.
Know what you’re good at. Above and beyond the usual, what is it you’re really good at? Think about some of your major successes with clients—maybe you crafted layers of coverage for a complicated situation, explained difficult coverage issues to an agent’s insured, or helped an agent secure a policy under challenging conditions. For many wholesale brokers, it’s the relationships they build with the agents they work with—and their role as a consultant—that ultimately makes them invaluable.
Know what your competitors aren’t offering. As strong as your USP may be, it’ll only stand out if you’re offering something different than your competitors. It can be valuable to take stock of competing brokerages and see where the market gaps are—in service, specialized expertise, or coverage—and identify what it is you offer that’s hard to find elsewhere.
Developing a strong USP often comes down to knowing your audience and knowing yourself. A great USP showcases a strength you have that your competitors don’t—and that your target audience wants. Take some time to understand exactly what your ideal customer wants and what your strengths are, and you should be able to develop a USP that makes you stand out.