This is the second part of a two-part series on the factors you should take into account if you are considering joining an insurance agency cluster. Last week we looked at a number of issues that an agency needs to consider when looking to join a cluster, including area of operations, account ownership and fees…
When most commercial insurance brokerages are in early growth stage, they are focused on putting together a solid team of producers to grow their book of business at a fast, yet manageable pace. Many agencies continue on this path of maximizing their writings, but that can lead to customer neglect and missed opportunities to help…
If your insurance agency is not taking full advantage of LinkedIn to make connections and market your insurance brokerage, you are missing out on a great opportunity to grow your book of business. LinkedIn, as you likely already know, is the social media equivalent of Facebook for the business world and is a great tool…
As we emerge from the COVID-19 pandemic and new volatilities arise, insurance brokerages have to be nimble and forward-thinking to be successful and continue growing. The pandemic has already forced most companies, including insurance agencies, to re-evaluate how they do business, and if the last two years have taught us anything, it’s that companies that…
Insurance agencies move significant amounts of funds through their accounts, particularly when they keep premium deposits in trust accounts before transferring them to insurers. As like any business that has significant cash flow, it’s vitally important for insurance brokerages to have their operations buttoned up tightly to protect against financial fraud. This is especially so…
One of the keys to ensuring the longevity of your insurance agency is having your finances in order and ensuring that you are generating a profit. That’s easier said than done as often the commission checks roll in sporadically during the year, or all at once after peak renewal seasons. Besides the obvious issue of…
One of the hardest parts of running an insurance brokerage is keeping a strong team of producers motivated to meet their sales targets. The task is especially difficult in today’s tight job market when insurance agencies need to take the extra steps required to put in place the intangibles that are needed to retain and…
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, your…
How are you grooming the next generation of producers in your insurance agency? In the midst of a highly competitive job market, now more than ever any new agent you are hiring will need support from management and senior executives to help them grow and succeed. One of the best ways to help them achieve…
Recruiting new talent has always been difficult for the insurance industry, and that includes independent agencies and brokerages. And thanks to the “Great Resignation,” 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 hiring today requires…