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Using a Disciplined Approach to Agency Leadership in Asia

Author

Richard Wyber
International, Deputy Head of Distribution
LIMRA and LOMA

November 2024

The global business landscape is changing rapidly, and our industry is no exception — as insurers in all regions aim to navigate new opportunities, risks and complexities. The Asia Pacific region alone accounts for 60 percent of the world population and 46 percent of global gross domestic product, according to PwC. This makes it incredibly important to understand and connect with these consumers, whose preferences and attitudes also are shifting. A PwC survey of consumers across 11 Asia Pacific territories primarily reveals it is necessary to build trust with this market — emphasizing “transparency, consistency and emotional resonance” through the customer journey.

Within this broader context, a meaningful way for our industry to engage consumers is at the agency level — where they can personally connect with managers and advisors who inspire trust and confidence. Successful insurance agencies will be those that implement industry best practices and have both a strong manager and a strong team.

To lead an insurance agency in Asia, managers must have a diverse set of abilities that go beyond simply outstanding sales skills. They should intentionally build a set of key competencies that become most effective and successful when leveraged together in a holistic way. To begin, agency leaders must be adept in the following areas:

Recruiting and selection. Identifying potential new hires is a critical aspect of any agency’s success, and mastering the skills of attracting and retaining top talent requires careful planning and execution. Once agency managers have a group of recruits in place, it is also critical that they are equipped to implement a structured selection process to determine the best individuals to hire. This may include using assessment tools, conducting in-depth interviews and creating a job sampling process.

Sales effectiveness. It is essential to provide agents with comprehensive training in the areas of effective sales techniques and customer relationship management. Agency leaders should not only provide access to these resources, but they should also serve as a source of guidance and expertise in the sales process. It is essential to identify the right solutions that prioritize the needs and interests of the customer, as this approach fosters trust, loyalty and a positive reputation, ultimately contributing to increased persistency and enhanced quality of agent expertise. Finally, managers must establish clear performance management metrics and processes to foster a culture of ongoing development and accountability.

Business management. While agency leaders must be supportive supervisors, it is also crucial that they have the financial acumen to run their agency as a successful business. This includes knowledge in finance, operations and strategic planning.

Agency development and administration. Effective agency development requires a focus on strategic planning to drive long-term growth and capture market share. It is equally important for managers to provide efficient administration, which may include streamlining processes to improve operational efficiency and reduce costs.

Planning and market development. This begins by conducting a thorough market analysis to pinpoint opportunities and potential threats. By understanding the market landscape, managers can develop a relevant, competitive approach that is tailored to reach target segments.

Profitability and change management. To ensure long-term success, it is critical that agency leaders focus on strategies that maximize profitability, while maintaining the utmost integrity and providing exceptional service to customers. Change management is also an important element of this effort, as the strongest agencies remain adaptable and prepared to effectively navigate market shifts and other forces.

Leadership and motivation. None of the prior competencies will be fully achieved without a positive, capable and respected leader. Effective leadership involves fostering an environment that inspires the team to reach their highest potential. The best agency managers engage their advisors and staff members in a culture that motivates them and helps them commit to achieving their best performance.

Ultimately, gaining a deep understanding of each of these critical responsibilities is just the beginning. Of course, agency managers must be confident and proficient in each individual area; if any core step in the process is not effective, then the desired results will not be achieved.

Leading insurers and agencies understand, however, that it is not enough to focus on them individually. What maximizes success is taking a holistic approach to manager development — supporting these leaders and providing a system that integrates each element to build a full view of agency operations. It addresses everything from the early steps of recruiting candidates to the vital ongoing work of creating market development strategies and maximizing profitability. This then becomes a foundation they naturally embrace and implement as part of their agency culture.

One way to create this advantage is to partner with an objective, industry-specific organization that “sees the big picture,” offers access to training experts and provides a structured development path integrating the key competencies to agency leadership. When an insurer takes this approach, it will clearly demonstrate a commitment to excellence in supporting its agency managers and in serving today’s evolving consumers.

LIMRA and LOMA provide solutions that empower insurers to support and develop top-quality agency managers. A wide range of programs foster professionalism and give leaders the skills essential to building and sustaining productive, high-performing agencies. With over four decades of expertise in global agency development, our industry-experienced master trainers successfully train more than 3,000 advisors and managers each year.

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