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In today’s episode of Agency Intelligence podcast, host Jason Cass interviews Justin Sloan, Real Estate Investment Insurance Specialist and Principal Agent & Owner at BSP Insurance. Justin Sloan talks about the logical effects that the coronavirus will have on the insurance agency, ways that his agency staff is remaining active in the process, how the coronavirus compares to other previous disaster insurance situations, the specificity of his insurance agency, and the wide range of career paths that the insurance agency offers. 

Episode Highlights: 

  • Jason Cass introduces guest Justin Sloan and discusses AI Brainshare that is taking place October 25-28th 2020 in Puerto Rico.  
  • How has Justin Sloan’s life been since the coronavirus crisis began? 
  • Justin Sloan shares ways he is keeping his agency workers active during this COVID-19 crisis. 
  • Jason believes we are going to see radical changes in insurance companies paying for business income. 
  • Jason and Justin talk about insurance claims related to coronavirus. 
  • What kind of insurance accountabilities may arise? 
  • How did Justin get involved in the insurance industry?   
  • There are many different career paths in the insurance industry. 
  • Some of the greatest empires have been built in a time of transition and uncertainty. 
  • Justin discusses the specificity of his insurance agency. 
  • What types of automation have helped streamline his agency’s process? 
  • Why do some agents ignore the direction of sticking to specific insurance niches within their agencies? 
  • Everybody needs to figure out their ‘why.’

3 Key Points:

  1. Young people need to be educated about how the insurance industry is viable, lucrative, options for growth, mobility to work from home, 
  2. 80% of the insurance purchasing process is beginning online. But 70% end up looking for a local advisor.   
  3. Justin Sloan’s agency has an average premium of $1017 and is issuing 5-7 policies per individual.   

Key Quotes:

  • “It might be a little slower with new business. We do a lot with renewal reviews. Let’s ramp that up. Let’s get as far enough ahead as possible. Let’s do some CE credits.” – Justin Sloan
  • “What happened with cyber insurance, a lot of people got hit pretty bad with cyber breaches and now they’re backpedaling, trying to get coverage after they’ve had a claim and obviously, the premiums are a lot more.” – Justin Sloan
  • “Insurance is not just trying to sell a product, right? There is social media marketing. There is accounting and billing, bookkeeping, management. You can be an insurance marketing rep and travel and golf.” – Justin Sloan

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