Agency Management News

Why Insurance Agencies at Crossroad Are Turning to Aggregators: Viewpoint

Even as they look back on several years of steady growth and success, many owners of independent insurance agencies now find themselves at a crossroad where they are pressed to make critical strategic decisions about the future of their firms. …

Doable Dozen: 12 Sales, Marketing and Management Ideas for Agencies

Eggs, juries, roses, even doughnuts– many good things come in a dozen. On the theory that more than 100 of anything seems like a lot to consider, but a dozen seems doable even on the busiest of days, here are …

Chubb Launches Agency Management & Agency Underwriting Unit in Singapore

Chubb announced the launch of a new Agency Management and Underwriting unit in Singapore. This dedicated unit will manage the strategic growth of the agency distribution channel as well as its specific underwriting and service needs. Two new appointments have …

How Middle Managers Coerce Employees into Deceiving Upper Management

Several recent corporate and governmental scandals — Wells Fargo and the Veterans Administration to name two — unfortunately have revolved around middle managers and employees who have attempted to meet lofty performance goals that superiors impose by engaging in deceptive …

Burand’s State of P/C Insurance Industry, Part 1: Agencies Facing Paradigm Shift

Editor’s Note: This is the first of two articles by Burand based on his most recent 50-page whitepaper, State of the P&C Insurance Industry 2017. The whitepaper is available from Insurance Journal’s Research and Trends division here. The second article …

High Agency Valuations ‘Not a Fad,’ MarshBerry Exec Tells Conference

Valuations of insurance agencies are as high as they have ever been and there does not appear to be any lessening of interest among suitors, according to an industry mergers-and-acquisitions (M&A) consultant. John Wepler, chairman and CEO of MarshBerrry, described …

Agency Organic Growth Fell in Q1: Reagan

Agencies and brokerage firms reported that their organic growth fell to 3.9 percent in the first quarter of 2017, the weakest growth rate since 2011. According to Reagan Consulting’s Organic Growth and Profitability (OGP) Survey, the drop had a lot …

Good and Bad of Private Equity Investment in Insurance Agencies

It takes a lot of capital for an insurance agency to grow, acquire, merge or partner with another agency, and increasingly, private equity firms are stepping up to the plate to supply that funding. Although the number of reported mergers …

Today’s Insurance Agency E&O Costs, Coverage and Claims

Independent agency owners spend their entire careers worrying about the risks and exposures of others. Managing the risks of their own agencies can take a backseat to helping their clients. While agents appreciate the importance of errors and omissions (E&O) …

Real World Best Practices For Agencies in Reviewing Insurance Certificates

How is it that a certificate of insurance — that seemingly simple, straightforward and most innocent of documents — can be so complex? The certificate of insurance acknowledges the writing and existence of an insurance policy. It should accurately reflect …