In our modern world of rapidly advancing technology and complex corporate structures, it’s absurd to consider looking toward the distant past for insights. Yet, the Paleolithic or Stone Age era — characterized by early humans’ usage of stone tools and …
Agency owners must watch and learn about major trends when they start. Following are the eight key trends that insurance agencies should be tracking for 2023. Insurtech Insurtech will continue to be the shiny object that gets much attention but …
When an agency owner decides to sell, there are a plethora of buyers to choose from. A seller should narrow down the options to two or three before serious discussions take place. The next step is to obtain from the …
As the M&A frenzy continues, buyers keep pushing the envelope when it comes to agency value. The private equity firms were initially paying top dollar to their first acquisition of a large, well-run firm platform acquisition. But now, many follow-up …
To paraphrase Mark Twain — reports of the demise of insurance agencies have been greatly exaggerated. The local agency has been the backbone of the industry and the target of outside forces that have been trying to eliminate or usurp …
It is imperative for agency owners to watch and learn about major trends when they start. Following are the eight key trends that insurance agencies should be tracking for 2022. 1. Insurtech Technology Insurance and technology are like oil and …
Personal lines production seems to be a larger focus now for property/casualty agencies today. A question that our clients often ask us is regarding how to compensate personal lines staff for production. The short answer is it depends on the …
Mergers and acquisitions continue to occur at a very fast pace, despite COVID-19, election results, unemployment, natural disasters, etc. After price and terms are negotiated, and a letter of intent is executed, then it is time for buyers and their …
We all know about the Pareto Principle, the 80/20 rule. It also applies when analyzing the profitability and the work required for an agency’s book of business. Roughly 20% of the accounts generate 80% of the revenue, and 20% of …
The coronavirus pandemic has led to various versions of lockdowns and quarantine orders, which are now being revised during the summer due to a resurgence of cases. Many businesses still have workers who are now required to work remotely. With …
