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…
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…
If you are looking to sell your insurance agency in the near future, one of the things you’ll need to be aware of is the possibility of paying a significant capital gains tax on the sale. Currently set at 20%, there are concerns that it could nearly double to 39.6% for households earning more than…
One of the most effective ways to generate more sales for your agency is to cross-sell to your existing clients. If you haven’t tapped your current book of business to sell additional policies they need, you could be missing out on an easy sale. After all, once you have them as a client, and develop…
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,…
With so many insurance agencies having relegated staff to working remotely during the COVID-19 pandemic – some of them permanently – many principals are wondering how they can maintain their company culture with an increasingly dispersed staff. Since the pandemic started and a large portion of America’s workforce began working remotely, managers have been struggling…
As the economy starts opening up again, so are offices, restaurants and other worksites, but because we’re not yet out of the pandemic woods, employers will need to contend with a myriad of paperwork issues, how to phase returning workers back, workplace safety compliance, and more. The process of reopening and bringing staff back to…
Three key factors that many insurance brokerages fail to keep a close eye on is sales velocity, organic growth and leakage. Understanding these three gauges of sales can help you identify any shortcomings in your new business production as well as client retention. Looking at these factors can also help determine the amount of new…
Three Steps for Priming Your Agency for Acquisition If you are building your insurance agency with the goal of being acquired, there are steps you can take to sweeten the pot by positioning the business for success and growth. For owners who one day want to cash out, the most important thing is having a…