Being a leader is a lot more than having a high-ranking title or corner office. In fact, leaders can take form at every level of a business—and all of them are important to the success of a team.
An insurance leader is someone whose work provides a positive influence on the entire team. Most agencies can benefit from having multiple strong leaders throughout the team.
Let’s explore more about effective insurance leaders and how to cultivate leaders in the insurance industry.
An insurance leader is an exemplary team member at an insurance agency. The role of an insurance leader is to influence and guide their team to complete agency goals.
Generally, these leaders have common qualities unique to promoting growth. The top qualities to look for in insurance leaders include:
Having insurance leaders in your agency benefits both your business and your team.
Multiple leaders on your team can help your business grow in several ways, such as:
A great insurance leader also has benefits for your team, including:
There are three main types of leadership styles: participative leadership, authoritative leadership, and delegative leadership. Each style comes with pros and cons that make implementing a single style a challenge in insurance companies.
Participative or democratic leaders use team input and feedback to make decisions. The leader has the final say in the matter, but they ask the team for their opinions before making a choice.
Authoritative leaders take full responsibility for their team and the decision-making process. They often make decisions without consulting the team, but they offer clear directions when assigning tasks.
Known as the laissez-faire leadership style, delegative leaders put their trust in their team. They give their team members autonomy to make decisions to reach goals on their own.
A good leader uses pieces of all of these leadership styles to create an environment that’s positive, effective, and efficient.
To cultivate more insurance leaders, your agency has to create an environment that encourages their growth. Follow these tips to help you create more leaders within your team.
Leading by example cultivates more leaders in your team. As you lead with integrity and empathy, you influence your team to do the same.
For example, you can encourage integrity within your agency by being honest and respectful to the team. Be open about the agency’s performance goals while asking for honest input from your team.
Someone with a growth mindset is always looking to improve themselves. They don’t see failure as a setback. Rather, they look at failure as an opportunity to try something different.
One of the best ways to build growth-minded leaders is to let employees take ownership of tasks. Give them the chance to take on challenges and find solutions on their own. You should still provide encouragement and direction to help them find success.
Natural leaders look for ways to learn. Whether they want to know more about selling insurance or agency operations, you can help curious leaders by providing training opportunities.
A coaching or mentorship program helps with continuous training. Mentorship pairs existing leaders or senior team members with newer members. The more experienced leader walks the newer team member through more complex tasks, so they can learn new skills.
Leaders take on more responsibilities than other members of the team. They often work outside of their job description or take on new projects.
You can help build strong leaders by giving team members new responsibilities. For example, you notice a team member who regularly helps others refine and practice sales scripts. You could ask them to present their tips for successful sales calls to the team as a whole. Or, you could give them the responsibility of training all new team members.
Your team has more potential leaders than you might realize. Start by observing your team to find each member’s strengths and weaknesses. You can use these to create an environment that nurtures leaders in the insurance sector.