IIAT Launches New Agency Toolkit to Help Agents Go Independent

The Independent Insurance Agents of Texas (IIAT) has launched a free online New Agency Toolkit designed to educate and assist insurance agents who are in the process of starting an independent agency. Available to the public at iiat.org, the toolkit walks agents through the steps necessary to get an agency up and running and provides helpful resources to guide agents through each important step.

“Starting an agency from scratch is challenging but possible. If you’re successful, the rewards are considerable, including the ability to call your own shots, a healthy return on investment in the form of owner’s equity and the satisfaction of being in a business that protects people and their valuables,” said David VanDelinder, IIAT’s executive director.

The New Agency Toolkit addresses the following eight important steps of launching a new agency and features helpful tips and advice to guide agents through each of them:

• The Groundwork – How to get started
• The Business Plan – Five things every business plan should address
• E&O and Legal Criteria – Licensing, registration, tax I.D., etc.
• Access to Insurance Markets – Secure direct appointments and indirect markets
• Agency Management System – Framework for all the necessary business processes
• Workflow Procedures — Develop a written procedures manual
• Additional Training – Technical and management
• Recruit – The right staff for the right roles

Each of the eight steps in the toolkit includes helpful downloads and links to resources like a sample budget plan, budgeting spreadsheets, training resources, industry best practices and more.

“The toolkit was designed as a guide for new agents, especially captive agents making the transition to independence in this market. But it’s also very useful for experienced agents planning for expansion or business change,” said VanDelinder.

Source: IIAT