Owners of small businesses, including independent insurance agencies, oftentimes are so focused on growth efforts that they may be lacking in sound employment practices. Many agencies may only have one to a small handful of employees. They may not see the need for developing such policies and procedures. However, any business with at least one […]
As an independent insurance agency owner, you know that your producers are the lifeblood of your business. But in today’s competitive marketplace, attracting—and more importantly, retaining—top producers can feel like an uphill battle. With larger agencies and big-name brands enticing talent with deep pockets, how can independent agencies position themselves to win and keep the […]
After years of dealing with the hard market challenges of skyrocketing premiums and limited carrier options, things are finally starting to ease. As the winds of the market shift, agents may finally find some breathing room. But in this moment of relief, the question arises: When the market eases … Now what? As an independent insurance […]
In the fast-paced world of insurance, it’s easy to focus on bringing in new clients, but the true cornerstone of long-term success lies in engaging with and retaining your existing clients. One powerful way to achieve this is through proactive policy reviews. Imagine a client who feels valued, cared for, and confident that their insurance […]
The term “social inflation” has been gaining traction in the insurance industry due to its significant impact on claim costs and premiums. Unlike standard inflation driven by economic factors, social inflation refers to the rising costs of insurance claims influenced by societal and legal trends. For independent insurance agencies, understanding this concept is crucial to […]
Unlocking the Power of Gen Z As an independent insurance agency owner, you’re always looking for ways to stay competitive, adaptable, and forward-thinking. Enter Gen Z—a generation that’s not just tech-savvy, but also brings a fresh perspective on innovation, communication, and problem-solving. Yet, despite their obvious potential, many agencies still struggle with how to effectively […]
Here’s a list of 8 fall strategies every independent insurance agent should implement to engage clients and enhance their business: 1. Review and Adjust Coverage Annual Policy Reviews: Encourage clients to review their policies before the year ends, ensuring they have adequate coverage for the winter months ahead. Wildfire and Storm Coverage Checks: Fall is […]
Independent insurance agencies have access to a large amount of sensitive data that their customers trust them to secure. One of the ways that agencies can do that is with a password management program. Management Programs Password management is becoming more and more complicated for independent agencies. Many agencies have dozens of passwords they have […]
Independent Agents can Enhance Growth Opportunities by Writing More Commercial Insurance According to IIABA’s 2023 Best Practice Study, small agencies (defined as under $1.25 million in revenue) on average generate 43.9% of overall revenue from commercial P&C. Within SIAA, the national average of overall revenue from commercial P&C is 40%. And although there are exceptions, […]
To successfully achieve annual new business plans, small business insurance producers should understand five key metrics and concepts to be effective. Agency/Producer Hit Ratio Tracking the hit ratio (aka closing ratio) overall and by class of business can help producers identify where to focus. Low hit ratios may be the result of not having the […]
