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 […]
Low unemployment and increasing wages make attracting and retaining talent more difficult than ever. Employees have more options when choosing where they want to work. A recent hire told me they chose our office between six different offers that they got in their first two weeks of looking for a new job! With all that […]
Policy renewal increases and customer quote requests are keeping agents busier than ever. With a finite amount of time available and knowing that it is unrealistic to expect agents to apply equal attention to all incoming work, effective prioritization becomes critical. One way to address this challenge is by developing a segmentation approach for Personal […]
With auto insurance premiums increasing by an average of 15%, consumers will look to agents for ways to respond. While independent agents can remarket accounts, the resulting disruption and potential to face increases again with another carrier at the next renewal may necessitate finding another alternative. Carrier telematic programs offer agents a better way to […]
Creating a successful growth agency starts with having a focus on recruiting and hiring. Building upon that for the long-term, successful agency owners make ongoing training and internal development a priority. Integrating training and development into an agency’s overall operations can be challenging. The components and resources available will vary from agency-to-agency. Typically, best practice […]
