In response to the hard market, the Big “I" national Young Agents Committee (YAC) and Trusted Choice^® created the Young Agents Tactical Series. This podcast and short video series equips emerging leaders with knowledge and resources to help better serve clients during a challenging time.

In seven episodes, podcast guests addressed critical industry topics, spotlighted success stories and offered practical strategies for professional growth. One commonly referenced resource was the Trusted Choice Hard Market Toolkit, designed to help Big “I" members navigate difficult market conditions.

“In visiting with young agents across the country, I learned that many had never seen a hard market and didn't know how to respond," says Cash McMillen, national YAC chair and executive vice president of operations at The Cashion Company in Little Rock, Arkansas. “As a resource to young agents, we wanted to bring in guests that could shed light on practical tactics that could be used at the desk-level to help navigate the unknown and be a resource to our customers."

The series was launched in late 2023. In July 2024, the Young Agents Tactical Series received the Bronze Showcase award in the Podcast Campaign category (three or more podcast episodes) at the Insurance Marketing and Communications Association (IMCA) Showcase in Orlando, Florida.

“As a result of the episodes we created, we've had great feedback from independent agents across the country," McMillen says. “By talking about these subjects, we've been able to educate agents on navigating market conditions in a way that will help them retain customers. This gives customers the confidence that their independent agent is providing the best service possible."

The Young Agents Tactical Series covers various topics, such as renewals, staff morale, carrier relationships and more. Here are seven key hard market questions the series answered:

1) How are you communicating rate increases with your customers? In the episode, “Young Agents Take On the Hard Market: Talking Renewal Tactics," guests discuss how to manage rate increases, handle challenges with renewals and create intentional lines of communication with clients.

“Rate increases are just so unpleasant, right? No one likes being caught off guard. If you can, get ahead of it," said Patricia Clawson-­
Hamilton, CEO of Clawson Insurance in Fort Lauderdale, Florida. “What we've noticed is, and what has been successful for us, is to get ahead of it. One of the worst things you can do is let your insured open the mail and have that feeling of shock and just heartbreak of seeing that big rate increase."

“We want proactive, intentional communication throughout the year, not just when the renewal offer has been issued," Clawson- Hamilton continued. “We don't want the first time our client has heard from us all year to be when we are presenting them with a renewal offer."

While discussing renewal strategies, the conversation also emphasized the importance of agencies exploring all available options and sharing ongoing efforts with customers to secure coverage, especially if there are any delays in carrier responses.

2) What types of programs or initiatives have you implemented at your agency to help with morale? In “Young Agents Take On the Hard Market: Building Staff Morale," the discussion focused on maintaining a positive workplace culture in a hard market. Some of the strategies guests shared during the conversation include gamifying training, scheduling breaks, creating flexible working arrangements and recognizing individuals for their contributions.

“We celebrate work anniversaries; we call them work-versaries. We celebrate birthdays, random holidays—St. Patrick's Day is a national holiday in our office—and just the small things," said Lisa Lemanski, operations manager at Meiers Lombardini Lemanski Insurance Services in East Lansing, Michigan. During the holiday season, Lisa and Will Lemanski, owner of Meiers Lombardini Lemanski Insurance Services, take time to recognize those who might go unnoticed.

“We write a little note to the family member to say, 'Hey we know this year—of all years—has been really stressful and they [the employee] wouldn't be nearly as successful without your support and care.' We try to recognize the family or significant other in some way, which I think goes a long way," Lisa Lemanski said. “And we wrote a note to each employee too to say thanks for everything because we know it's not easy."

3) How can mentorship facilitate knowledge transfer from seasoned professionals to the younger generation? In the episode, “Young Agents Take On The Hard Market: Operation Mentorship," a mentor-mentee duo shared insights into their relationship and discussed the benefit of this type of partnership. Due to the impending retirement of a significant portion of the insurance workforce over the next decade, the conversation highlighted the urgency of mentorship to perpetuate the independent agency system.

As a mentor, Stewart Berrong, CEO of Berrong Insurance in Edmond, Oklahoma, pointed out that both older and younger generations have strengths. With the younger generation, “it's not just technology but that's obviously a big part of it," he said.

Meanwhile, “the older generation is taking our knowledge and our experience and handing it down to them [the younger generation]. It's the historical context because things are always changing," he said. “And then we have the opportunity to learn from the younger generation as they try to figure it out and apply it to their day-to-day."

Berrong also highlighted the importance of attending industry events, including activities hosted by the Big “I" or a state association. Connecting with other agents—of any age or at any stage in their career—provides shared understanding and encouragement, especially in difficult times.

4) What role does education play in strengthening agency-carrier partnerships amid market challenges? During “Young Agents Take On the Hard Market: Working with Carriers," the discussion centered around the mutual reliance between agents and carriers and the importance of proactive communication and education.

“We as carriers rely on agents, not only for distribution but more importantly, client education and making sure that we have well-rounded out coverage for every single risk coming in the door," said Haley Meisner, senior vice president of independent agent distribution at Liberty Mutual. “Agents rely on carriers for placement. It's so important that we realize that reliance on one another and we're partnering to win together to get out of this successfully."

While the conversation mainly focused on agent-carrier relationships, it also detailed how agents should work closely with clients to create well-rounded submissions to carriers. This helps ensure clients have a better understanding of their coverage needs and that agents can align submissions with carrier appetites.

5) How can agents build and maintain strong relationships with underwriters during a hard market? In the episode, “Young Agents Take On the Hard Market: Navigating Underwriting," two agency owners shared their experiences and strategies for successful collaboration with underwriters.

“I think one of the best tools an insurance agent has, even in 2024, is picking up the phone and talking to the underwriter," said Trey Sinclair, agency owner of Wells Insurance Agency in Macclenny, Florida. “It is amazing how much information you can obtain from just discussing the risk with the underwriter. If you're waiting until the submission, it's probably too late."

“If you're forced to only submit things by email, add a lot of narrative, make sure your voice stands out in the email," Sinclair said. “I think starting the process before the submission is best."

The panel also explored best practices when working with underwriters and preparing a risk for submission. Agents should check websites and social media, review court records and conduct online research. In addition to building relationships with underwriters through phone calls, agents should attend industry events to connect with underwriters on a personal level. Panelists also emphasized the need for clear expectations and deadlines to maintain effective communication with underwriters in a digital working environment.

6) How can agencies utilize available marketing resources to enhance their reach? In the episode “Young Agents Take On the Hard Market: Marketing & Communication Tactics," guests discussed marketing strategies for client engagement and the resources provided by Trusted Choice.

“I was lucky enough to be able to help pilot the Social Jazz program over the last year," said Allyson Padilla, insurance agent at Blank's Insurance Agency in Olney, Illinois. “The 'set-it-and-forget-it' benefits that it has makes my life a lot easier. We're a small agency so I wear a lot of hats. I can spend an hour on that and set my social media for two, three, four months at a time, even further out if I want to."

“The first thing I would encourage new agents to do, or new agencies, is reach out to your association. Whether that's the Big 'I' national or your state association, there's a lot of resources," Padilla added. “You don't have to spend a lot of money to get your name out there. Social media is king right now and, in my opinion, is where people spend the majority of their time consuming information. So, utilize what is there from the Big 'I' and get your name out that way."

7) Why is it crucial to implement risk management measures before incidents occur, rather than reacting post-event? The last episode of the series, “Young Agents Take On the Hard Market: Prioritizing Risk Management," emphasizes the importance of proactive risk management and maintaining open lines of communication with carriers, especially as carriers become more conservative in a hard market.

“It is a team effort at our agency," said Jack Griffith, partner at TWIA Insurance Agency in Summerville, South Carolina. “We have what we call an Agency Council, which is essentially our management team, who helps identify the risks we have internally. Our commercial lines manager is incredible. She's one of our partners as well. She does spot-check audits on new business, and she's checking for things that reduce E&O [errors & omissions] claims on our end."

All episodes of the Young Agents Tactical Series are available on Agency Nation Radio. Agency Nation Radio is where insurance professionals turn on the mic and share unscripted stories about leadership, technology, marketing, success, and failure—stories that helped make them the professionals they are today.

Jamie Behymer is Big “I" Young Agents program manager.