Recruiting new talent has always been difficult for the insurance industry, and that includes independent agencies and brokerages. And thanks to the continuing tight job market, it’s harder than ever. As more insurance executives and producers start entering retirement, there’s an urgent need to recruit and groom the next generation of insurance professionals. But…
You’ve managed to put together a crack team of producers and you suddenly find yourself with more business than you can handle. You didn’t put systems and support personnel in place to handle the volume of new business your new agents have started producing and if you don’t get a handle on it quickly,…
How are you grooming the next generation of sales executives in your insurance agency? In the midst of a highly competitive job market, now more than ever any new producers you are hiring will need support from management and senior executives to help them grow and succeed. One of the best ways to help…
The point comes in every insurance agency principal’s career that they start thinking about retiring or transitioning into a different line of work they always have dreamed of. Or perhaps life complications arise, such as divorce, serious illness or the death of an agency partner that spurs the agency owner to hang it up.…
The size of jury awards has been exploding in the last few years, and they are often exceeding the limits that businesses have on their liability policies, which could leave them paying out of pocket. Besides creating problems for those businesses, it could also be problematic for their insurance brokers if they are accused of…
The point comes in every insurance agency principal’s career that they start thinking about retiring or transitioning into a different line of work they always have dreamed of. Or perhaps life complications arise, such as divorce, serious illness or the death of an agency partner that spurs the agency owner to hang it up. Whatever…
The Federal Trade Commission on April 23 approved a new rule that bans employers from requiring new employees to sign non-compete agreements. The rule will take effect in August 2024, after the commission voted 3-2 to approve it. Besides banning future non-compete agreements, the new rule also nullifies all existing non-competes and requires employers to…
Independent property/casualty insurance agents are facing one of the most brutal hard markets in decades and many of them are struggling as they have to deliver bad news of non-renewals sometimes on a daily basis. With no end in sight to the market madness, agencies are taking steps to stay strong and help their employees…
If you are at the point when you have primed your insurance agency for sale and have found a potential buyer, you’ll need to be prepared for the next steps to ensure a smooth and effective transition. You will need to set an extraordinary amount of time aside for discussions and the due diligence process,…
Since the Fed started its aggressive campaign of increasing rates to tame inflation, the amount of dealmaking by private equity firms in the insurance brokerage space has slowed and valuations have dropped. The drop in activity mirrored what was happening with private equity investors overall in the past two years when they pulled back…