How Networking Can Revolutionize Your Insurance Business 

While being a technical expert with vast industry knowledge is important, networking is a key aspect of doing business that often gets pushed to the sidelines. To be successful, having technical skills will not get you far if you don’t have a solid network based on collaboration and mutual benefit. 

Diane Helbig, internationally recognized business and leadership development advisor, says, “Networking is an investment in your business. It takes time and when done correctly can yield impressive results for years to come.” For the insurance industry, the importance of networking is hard to overlook. As an insurance professional, investing in a wide-reaching network and meaningful human relationships can help your insurance business stay people-first. 

Networking is a skill that people may be reluctant to develop. However, developing solid networking skills can directly benefit a business. Let’s explore how networking can revolutionize businesses and what makes it such a rewarding investment for businesses in the insurance industry. 

The Benefits of Networking 

According to LinkedIn, 80% of professionals find networking is essential to their career success. Networking can go way beyond just looking for a job – business owners and industry veterans can take their businesses to new horizons with networking.

Networking can help your business in many ways, including: 

• Actionable Inspiration
  If your business is facing a period of slow growth, a strong network of people in your space can help you gain valuable insight into market conditions and approaches other businesses are taking to maintain their momentum.
   
• Develop and Maintain Relationships
  A common misconception about networking is that relationships you make should immediately prove beneficial. Although that may sometimes be the case, networking is a long-term investment. Forming meaningful relationships based on mutual benefit and a genuine desire to help others will come back to you. It also cultivates a healthy ecosystem of relationships where everyone involved stands to benefit when opportunities arise.
   
• Business Visibility
  Through effective networking and attending relevant industry events, you can gain visibility in your industry. Networking also gives you access to professional and constructive feedback that helps you stay on the path of continuous improvement.
   
• Identify Opportunities for Collaboration
  In a highly dynamic industry like insurance, opportunities for collaboration and partnerships can arise, bringing with them promising potential. Seizing these opportunities involves using networking to make connections, identify potential partnerships and close on business deals.  

• Keep Current with Industry Developments
  The insurance industry is undergoing a profound technological transformation, and insurance companies are beginning to apply the latest tools and technologies to advance their operations. Participating in networking events and developing connections with other insurance professionals is important to keep up with your competitors.  

Prep For Effective and Rewarding Networking 

For some people, networking is a no-brainer but for others, it can take more work. Networking requires some confidence, courage, empathy, and kindness. Whether it comes to you naturally or not, investing time and effort into developing your networking skills will always help you in your business, whatever stage you’re at.  

Below are steps to follow related to networking. 

• Create a networking strategy. Determine your goals for the event and make note of particular industry professionals you want to network with and why.
• Pay attention to how you introduce yourself. Make sure to successfully communicate the right impression of your professional image and your business. Listening skills are also very important for effective networking.
• Take notes of important topics discussed at events and conferences, names and companies of people you networked with, and be sure to follow up on, and develop, any potential opportunities from your connections.
• Leverage social media for networking by maintaining a professional online presence for yourself, your employees, and your business on relevant platforms, like LinkedIn.