Q&A – Hank Stonesifer, CPCU, AAI, AIM
Territory Manager, Florida
Step into the world of insurance agency management as we dive into an exclusive Q&A session with Hank Stonesifer, Territory Manager for Smart Choice in Florida. With 35 years of experience in the industry, Hank offers valuable insights and strategies for achieving success in the competitive insurance landscape. From his carrier journey in underwriting and sales to becoming a top-performing territory manager, Hank sheds light on the unique partnership between Smart Choice and independent agencies.
How did you begin your journey in the world of insurance?
In my early twenties, I stumbled upon a sales opportunity with Nationwide in Annapolis, Maryland. I applied and was fortunate enough to be hired, marking my initial entry into the insurance industry. Later, I transitioned to Maryland Casualty, based in my hometown of Baltimore, where I moved into the underwriting department and gradually climbed the ranks into management. Afterward, I pursued select carrier management and sales roles before finding my way to Smart Choice.
What prompted your decision to join Smart Choice? What aspects of the company made you believe that it was the right career move for you?
It was an easy decision for me. During my last ten years on the carrier side, I worked for MetLife in their national accounts area. Smart Choice was one of the companies I worked with closely, and I was impressed by their approach. They're extremely supportive of independent agents, which I found appealing. Seeing Smart Choice's growth, particularly in Florida, where agents partnering with them were reaping more benefits, convinced me it was the right move. The timing was perfect, and joining Smart Choice felt like an opportunity that I could not pass up.
What's the key to your Smart Choice success?
I believe it’s a combination of things. It's primarily the successful communication of our business model. It grabs the attention of independent agents. They appreciate having full ownership of their customers, without any hidden fees or contractual obligations. Our flexible agreement allows them to maintain direct contracts elsewhere without restrictions. In addition, Over the past eight years, Smart Choice has continually expanded our network of carriers and market partners, strengthening our value proposition. As the market has hardened in the last two years, agents have increasingly turned to us for support. Our partnerships in Florida alone, covering around 650 offices, give us valuable information about the market. Whether agents seek guidance on specific risks, new opportunities, or market access, we're equipped to provide real-time information and solutions. Overall, our business model and market expertise have positioned us as a trusted resource for agents seeking solutions in an evolving marketplace.
Hypothetical question… Would you consider working for one of our competitors? And if not, why?
No, because I firmly believe that our business model is the best one out there and I wouldn’t want to try and compete with it.
From the perspective of a territory manager, it's a performance-based setup. If you put in the effort, work closely with agents, bring in new ones, and nurture existing partnerships by offering more appointments and market access, there's no limit to what you can achieve.
Additionally, having interacted with Smart Choice extensively during my time on the carrier side and throughout my eight years with the company, I can confidently say that the management team is exceptional. They're trustworthy and highly skilled in the insurance business.
Given the varying degrees of success among our partnered agencies, what do you believe are the secrets to achieving significant success as an agency aligned with Smart Choice?
It’s about working smart and identifying where agencies can find the most opportunities. For instance, in today's environment, focusing on residential property in Florida can be challenging due to restricted market access. However, focusing on areas with more potential, such as small and middle market commercial business, is where Smart Choice can offer significant support. We've also seen growth in nonstandard auto insurance. Understanding the marketplace, especially in excess and surplus lines, is crucial. With many businesses shifting from standard to E&S markets, educated agents who grasp this concept can effectively maintain existing business and seize new opportunities. So, in essence, agency success today lies in being well-informed and adapting to market trends.
While there has been a misconception that our focus is primarily on emerging agencies, the reality is quite different. We've consistently proven our value to larger, well-established agencies nationwide. With that in mind, how have we become an invaluable partner for these agencies, and what specific contributions can we offer to ensure their ongoing success?
Well, one standout opportunity for larger agencies lies in aggregation. We offer aggregation options tailored to agencies with sizable books of business, although it's crucial to ensure alignment with our criteria and objectives. Qualified aggregations can drive additional revenue for our larger partners.
What's the one crucial piece of advice, the "golden rule" if you will, that you believe agents and agencies need to prioritize above all else?
I believe it's crucial to always prioritize honesty and maintain positive relationships with both carriers and clients. That's the golden rule in this business. Another key aspect of success is to take the time to create a detailed business plan for your agency. This involves envisioning what you want your agency to achieve and outlining your sales strategies. Instead of making quick decisions or attempting everything simultaneously, it's crucial to thoughtfully plan your approach and then execute it effectively.