ChangHi Yun has worked hard to grow his insurance agency, and he’s been phenomenally successful, but he hasn’t done it alone. When he decided to forge a new path as an independent agent, network support helped him learn the ropes, tackle new coverage lines and grow his book.
“I think Smart Choice can help a lot of independent agents,” Chang says.
The Journey from Captive to Independent
Chang got into insurance back in 1985. He was working at a Korean-American newspaper at the time, and the business owner happened to be in the insurance business as well. When he recommended selling insurance, Chang was intrigued by the opportunity.
“We did very well on both sides,” Chang says. Eventually, the business owner decided to focus on the newspaper, but Chang decided to branch out and begin his own insurance agency, working with his wife, Christine. Some of his clients showed interest in State Farm’s products, so he initially decided to start his agency as a State Farm captive agent.
When his wife suffered a serious injury, Chang was prompted to do some deep reflecting about the future. Initially, Christine was still working as a State Farm agent when he opened his first insurance agency. However, as the business grew, they both realized that pursuing the independent agency route would be the best move.
After careful consideration, they made the decision to leave State Farm and fully commit to growing their own agency together. The decision wasn’t easy. “We thought State Farm was the only world – we worked very hard for them, and they were good to us,” he explains.
Yet, they also knew there was a world of choice beyond the captive insurance model, and Chang was ready to explore it.
He began researching what it would take to succeed as an independent agent, and his investigation soon led him to Smart Choice. He particularly liked what the founder of Smart Choice had to say about why he chose to found the agency network. “I chose Smart Choice because I believed in our Chairman’s story - his mission to help each agent” he adds. He was also impressed with the options the network could provide. “Smart Choice has connections with all the best carriers,” Chang says.
A Steep Learning Curve
No matter how much experience you have running a captive insurance agency, switching to an independent model always involves a steep learning curve. Fortunately, Smart Choice was there to answer Chang’s questions each step of the way.
This level of personal assistance proved invaluable as Chang expanded into commercial lines. He needed to add commercial products to round out his business and diversify his portfolio, but he quickly discovered that selling commercial insurance was more complex. “At first, we had some missteps,” Chang admits.
Thankfully, Smart Choice provided the guidance he needed to quickly become knowledgeable and level up his business. For example, if Chang had an opportunity to write some trucking business but didn’t know much about it, he could call his territory manager and get the support he needed to confidently serve the client.
Soon, Chang learned how to leverage Smart Choice’s Smart Start commercial program to get sub-appointments from commercial carriers. “When they know I’m coming from Smart Choice, they are more helpful,” Chang says. As his commercial business grew, Smart Choice even recommended going after direct appointments, proving they always want what’s best for the agency owners.
Dramatic Growth
Chang used to think State Farm was the be-all and end-all of insurance, but now he recognizes the value of having more options for himself and his clients. Having access to more carriers and more products has enabled him to dramatically grow his business. In fact, in just the last 12 months, his premium has grown 53% in the Smart Start program!
“When the opportunity comes, I want to hire more people,” Chang says. However, he doesn’t want to grow too big or too fast because he believes it’s important to do things right.
“I think we are very balanced,” Chang notes. He’s taken on more business clients, but he still maintains a strong base of home and auto insurance clients. He’s also found new product niches in which to specialize.
For example, Smart Choice helped him connect with Openly, a relatively new insurance company that offers guaranteed replacement coverage for high-value homes. He’s been writing a lot of business through Openly, but he’s also been writing a lot of commercial coverage through Travelers.
Though he is about to turn seventy, Chang says he’s not done growing his business. “We are growing every day,” he says. “I’m very young,” he adds with a laugh. “In mind and also in health.”
A Solid Team Effort
Throughout his insurance journey, Chang’s wife, Kristen has been by his side. “Christine works very hard,” he says, explaining that she excels at marketing.
The Smart Choice network has been another crucial component of his success. “Smart Choice has been very good to us. That’s our blessing,” Chang says. He continues, “I also want to highlight how Smart Choice is really working for the agent, and how I was helped by the PA Smart Choice leadership team, such as John and Craig. I am speaking to them all the time, and they are always there for me.
Intrigued?
If you’re a captive agent who is thinking about going independent, it’s worth your time to explore the many advantages of working with the Smart Choice network.
Even if you’re happy in the captive model, you may discover that access to more choices can pave the way for a richer insurance journey.