If you want to start building a winning agency, you have to have a good understanding of insurance agency financing and how it should have an impact on your business. In order to take your agency to the next step, you’ll likely rely on a lender to help you get there.
eing an independent insurance agent doesn’t come without its challenges. If you don’t have years of experience under your belt already — or know someone who does — you might not know what the right step is to take to help your agency be among the survivors.
Owning part of a large, multi-partner insurance agency has many complexities. Partners must value each other's strengths and recognize the necessity of revenue plus management to increase the value of the agency.
On down payments, the overarching requirement is cash flow. The purchase price, down payment, and deal structure must result in sufficient cash flow to operate the business, compensate the owner, and repay the loan.
An agency acquisition target typically includes many qualities such as great carrier markets, a quality book of business, strong renewal retention, tenured employees and a nice pace of new business growth.
Requoting can provide a newly licensed CSR/producer a volume of activity right away. They will learn the markets quickly and master the process with repetition and a stack of warm leads. It’s also a way to use workforce capacity that can be easily measured.
Millennials need two things to survive in this fast-paced world: insurance and convenience. So, how do you attract, engage and retain Millennials to your agency? You provide them with what they are looking for—digital resources, the latest technologies and a trusted agent.
For its fourth annual Hot 100 list, Insurance Business America asked the insurance community to nominate major power players who are shaping the future of the industry.
In our November carrier blog, Travelers provides information on some of the most popular business placed with commercial lines, new insurance areas of focus and types of business it can write that agencies might not be aware of.
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