In the most recent Closing Quote in Insurance Journal, I wrote about why I believe this is the best time in history for entrepreneurial agents to create a new independent insurance agency. My reasons include lower costs, the increased need …
Starting an independent insurance agency, or any business, is a risky proposition. You’re moving from a secure position with a regular income and foreseeable future to a place where uncertainty is the new normal. Some may think that’s truer than …
Agency errors and omissions (E&O) coverage is likely the most important insurance policy an agency purchases. As customer demands rise to an all-time high, having the right E&O coverage and ensuring best practices are followed to prevent E&O claims is …
During the course of a year, Insurance Journal columnists, consultants and other writers dispense countless words of wisdom on how to be a better and more successful professional insurance agent. If you are a veteran insurance agent — or an …
Today is a great time to be an independent agent, but running an independent agency is not easy. Without an awareness of how the industry is evolving, and having access to ongoing training and education, you may not be adequately …
How much did your agency grow last year? How about in the past five years? If your answer is anything less than 10%, then this article is for you. In it, I want to share with you three keys to …
There will be fewer insurance agencies operating in the property/casualty insurance industry in the future and those that remain will be larger and more tech-savvy, says an insurance-focused executive at the consulting firm, Ernst & Young (EY). Ed Majkowski, EY’s …
Let’s face it, insurance is a commodity. The insurance consumer will not see any significant value difference between insurance companies and insurance agencies. Products, price and service are roughly the same. Consumers have new options to access insurance through, as …
As an agency owner, the success of your business is directly tied to your hiring process. Each bad hire can easily cost $100,000 to $200,000. However, good producers can add $1 million of annual revenue (which nets most owners around …
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. …
