Independent Insurance Agent

Starting your own independent insurance agency can feel both challenging and overwhelming — and it’s a leading reason many agents start in the captive world or as a producer in someone else’s agency. Many feel that the challenges of simply knowing how to start any business are daunting and simply don’t know where to begin.

“Inbound Marketing” is much more powerful, as it positions the person or company as an expert (instead of strictly as a salesperson) in the eyes of the potential customer. Inbound Marketingis about creating a two-way communicative environment and experience.

There are several common misconceptions about millennials within the insurance industry. But independent agents can’t afford to write off millennial consumers. Millennial consumers will be the most influential market segment for the next few decades, so it’s critical that independent agents understand what millennial insurance consumers want in insurance.

In insurance, as in any sales business, there comes a time when the presentation is over and it’s time to close. Or, to put it another way, it’s time to get paid for your investment of time and hard work in looking for the best coverage options for your clients. When I asked the top agents in my region what made them such successful salespeople, they shared with me that preparing a  professional sales presentation is their top priority.

There are nearly 30 million small businesses in America. Owners of these small businesses make potentially tough decisions about workers compensation coverage that can impact their employees and bottom line alike. These five strategies can help small business owners properly evaluate their workspace risks and better manage insurance costs.

Servicing clients and their many evolving exposures is difficult enough. Throw in trying to keep up on the cyber liability and data breach exposures, and it leads to a complicated situation that may leave agents exposed themselves. Here are the top five concerns agents and brokers should be aware of in helping design the right cyber liability coverage for their clients.

A year ago in this magazine, I introduced the most dangerous threat no one is talking about in the insurance industry—cybersecurity—and why that was great news for your business. For every four business owners who walk into your agency, three will not be protected against cybersecurity risks.

Life insurance is important…we all know that. Life insurance rates have gone down significantly over the past 10 years as people live longer…many of us know that. Now life insurance is easier to transact… I know some of us might even challenge that one.

The stock market has climbed to new heights over the last few months. Recently, the Dow Jones Industrial Average closed over 26,000 points, a record high. While this is great news for the country, it overshadows some serious challenges the insurance industry faces.

How many salespeople have the guts to state, “Off the record, since you have decided not to buy . . . what are you really looking for?”

The goal of any independent insurance agency is to grow and build long-term wealth. To get to a place where an agency can fund growth initiatives and make money, owners often obtain capital via specialty loans, use of liquid investments, seller finance, or funding from friends, family, and other supporters.

As an insurance agent, your business lives or dies on the amount of new and renewing policies you sign with your carriers. Years ago, how you got paid was fairly straightforward: you got paid a percentage of the premiums you signed. But carriers have changed the way they compensate their agents.