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A recent report from the Independent Insurance Agents & Brokers of America (aka the Big “I”) shows independent agents are gaining market share. This signals a major opportunity for agents – and the right partnership can help you take advantage of this growing marketplace.

Savvy agents regularly review KPIs for their agencies. Here are the four KPIs insurance agencies should track in 2023 to increase their chances of success.

If you asked the leaders at 100 fastest-growing small agencies what they’re doing to grow, you’d get 100 different answers. They might tell you about their social media strategy. Or their Facebook ads. Or their niche-product multi-state SEO strategy. Or their community involvement. Or their digital onboarding and referral generation strategy. Or 95 other strategies that work for them.

Most agents join an agency alliance or network to receive help accessing carrier appointments, but not all of these alliances are created equal.

So, you want to know the difference between an insurance customer relationship management (CRM) solution and an agency management system (AMS)—which one your agency needs, and what the uses are for each. Well, you’ve come to the right place!

Agents are continually looking for ways to grow and create a prosperous business – something that can be tough when the marketplace is in its current state, and money is tight due to economic inflation. So how can agents become, and remain successful, despite the challenges they’re faced with each year? By adhering to certain tried and true principles of success. 

While captive agents are beholden to a single carrier (and their rates), independents are uniquely positioned to help clients navigate the complex world of insurance and find the coverage they need at a price they can afford. Independent agents can beat the hard market by tapping into the excess and surplus (E&S) market.

But in the current market, it can be nearly impossible to become a successful independent agent. Joining an insurance agency network ensures that you have someone negotiating on your behalf for things like commission rates, bonus and incentive opportunities, markets access, and more. The right insurance agency network can make all the difference to a new or struggling agency.

You can’t manage what you can’t measure. My agents and team have heard me say it so many times that I could hear their eyerolls as they read that line.

Joining an insurance cluster group is a great way to gain access to appointments with carriers that would be off-limits if you were negotiating on your own. Cluster groups give independent agents power in numbers — a group of agents has more buying power than a single agent alone, leading to more profits.

While many agents join networks like ours simply for help accessing appointments, many agents approach our network seeking ways to diversify their business. In this particular insurance climate, having a diverse range of options to satisfy customers will be crucial to both retention and growth.

Can you think of a small business that doesn’t use email? What about a small business that doesn’t use the internet? While cybercrime has traditionally been considered more of a concern for larger organizations, that trend has shifted quickly.