Expanding your independent insurance agency often involves strategic decisions. One such strategy is the acquisition of a book of business, which involves purchasing an existing portfolio of clients and policies from another agency or agent. While this approach can offer several advantages, it also comes with its own set of challenges. Understanding the pros and cons is crucial before making such a significant business move.
Chicagoland SIA Blog
Starting your own independent insurance agency can be an exciting and rewarding venture. As an independent agency owner, you have the freedom to build a business that reflects your vision and offers tailored insurance solutions to clients. However, like any entrepreneurial endeavor, it requires careful planning, research, and leveraging the right resources. Here is an overview of the various steps needed to start an independent insurance agency from scratch, along with valuable online resources and technology suggestions to help you succeed.
In the insurance industry, the concept of book ownership holds significant importance for agents. Whether you're a captive insurance agent, an independent agent, or part of an insurance network, understanding what book ownership means and how it differs among these models is crucial.
Referrals continue to be a large source of new clients for independent insurance agents, so having an active program that drives referrals is a great way to maintain growth and create a sustainable business.
At its core, success is the favorable accomplishment of an aim or a purpose. To know if your agency is a success, you must first identify the aim(s) or purpose(s) of your agency and create meaningful, measurable goals towards that end.
While switching from a captive to an independent insurance agency does not technically make you a “new agent” in the traditional sense of the term, it can feel like a fresh start. While you have the advantage of industry knowledge based on your previous work in insurance there are several differences and challenges that will need to be overcome.
Albert Einstein said, “Strive not to be a success, but rather to be of value.”
Does your agency have a quality and mobile-friendly online presence with clear online branding? It all starts with a great website. Many times the skeleton of a website — or a semi-functional site — is built and owners move on to more time-sensitive business issues. Here’s why you need to invest in a solid and mobile-friendly website: