I recently read Adam Stohlman’s article “How P&C agents can profit from the health insurance boom,” and it got me thinking. How far would you go to protect and maintain your business? If it came down to it, would you be willing to sacrifice — or, at the very least, drastically revise — your business plan and/or strategy in order to survive in your current career?
Basically, Adam’s article points out the fact that the property and casualty sector of the insurance industry is faring particularly poorly of late, and that there doesn’t seem to be a lot of reason for optimism for the foreseeable future. He then offers a series of potential solutions centered around the idea of instituting more life and health revenue in an effort to help your business weather the storm.
One of the potential solutions offered in the article is renting out office space to another financial professional and then sharing referrals and cross-sales. Another alternative — one that Adam describes as “probably not the wisest or most viable option” — is the idea that a life and health licensed property/casualty agent can essentially take time away from his primary business to bolster his knowledge of the life and health industry before attempting to sell these products to make ends meet.
These were the two more extreme alternatives from his list, but I think they bring up an important point: Would you be willing to be “creative” in order to continue in your current line of work? If forced to consider extreme (and potentially scary) alternatives, would you sooner give up and switch to a different career? If there’s one thing the recession has done, it’s to shake us out of our comfortable lifestyles, but how far would you be willing to go in order to preserve what you’ve worked for? Would you cling to a sinking ship, employing every possible means of survival on the way down, or would you rather quit while you’re ahead and walk away to a safer industry?