Operating an Insurance Agency

23
Mar

5 things the fastest growing insurance agencies have in common

Over the past 8 years, I’ve spent time in more than 600 independent agencies as a consultant or vendor. Seventeen years of insurance production gave me a ton of experience, yet there’s still so much to figure out. Early in my career, the one thing that kept me interested in the business was the ability to learn every day. Insurance

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17
Jun

Loans for your Insurance Agency just got easier

We receive a lot of calls from agents about borrowing for acquisitions, debt consolidation, growth and other needs. We recently met a bank that has a great lending program that will change the way agency lending has been viewed over the years. Here are some highlights of the program: Express loan program – Loans up to $75,000 via an express loan

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23
Dec

9 Mo. Results Show Industry Set for Best Post-Crisis Year for P&C Industry

Our friends at Property Casualty 360 have a great article on their site today about how 2014 will be the best year in the P&C industry since the great recession hit. Here are a few snippets from the article: – Driven by lower catastrophe losses and higher premiums, profitability in the private U.S. property and casualty insurers’ market rose sharply

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30
Nov

How can Insurance Agencies Successfully Implement and Utilize Technology?

As we travel the country and work with countless insurance professionals, we commonly hear excuses for lack of production. Three of the most common are; time, lack of competitive products (price), and the need for more tools. The ironic thing is that in many cases, there are tools and technology in the agency not being used properly, or at all.

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13
Nov

MarshBerry Survey Reveals an Optimistic Marketplace: Part 1

In June of this year, MarshBerry launched its 28th Annual Market & Financial Outlook Survey in conjunction with Insurance Journal. The survey compiled anonymous general independent agency information along with financial, market, carrier and technology data. Initial data shows that 2012 and 2013 brought a much needed lift to the insurance distribution space creating optimism within the industry. 

9
Nov

Insurance Kiosks the Wave of the Future?

Milk…check; Eggs…check; Bread…check; Car insurance…wait, what? Most Americans’ grocery lists don’t typically read this way, but a new approach to selling personal auto insurance from Nashville-based, Direct Auto Insurance Co., could change the way consumers buy their coverage. The company, which writes business in 13 states in the Southeast and targets underserved communities that typically are without bank accounts, has created

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22
Oct

GEICO Success Highlights Advertising Dollars vs. Agent Commissions Debate

Direct writer GEICO’s success in auto insurance sales is due to spending dollars on effective advertising rather than on agents, according to recent research from analysts at Nomura Equity Research, which notes that GEICO has overtaken Allstate to become the nation’s second-biggest auto insurer while agency-writer Progressive is losing ground in the personal auto insurance race.

24
Sep

Businesses Hit With $350,000 in Fines for Fake Online Reviews

Writing fake online reviews can land your business in serious trouble and cost you more than you gained in reputation or sales. Just ask 19 businesses caught in New York’s “Operation Clean Turf.” The undercover investigation snagged SEO companies and small businesses engaged in an activity Attorney General Eric T. Schneiderman is calling “astroturfing.” Schneiderman’s office defines astroturfing as the “practice of preparing

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9
Sep

McKinsey to Insurance Agents: Adapt or Find Another Line of Work

Insurance agents risk facing additional marginalization if they do not evolve and get creative, according to a rather devastating report by McKinsey & Co. on the future of property and casualty insurance agents. The role of the agent in some lines, such as auto, is becoming obsolete, while other lines are similarly approaching commoditization, which means agents can be bypassed, according to the

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5
Sep

Obamacare Premiums Called Affordable in 17-State Survey

A 25-year-old New Yorker earning $25,000 a year will pay as little as $62 a month for health insurance next year, and a peer living in Vermont may pay nothing, according to a 17-state survey of premiums under the U.S. health-care overhaul. The Kaiser Family Foundation report is the broadest look yet at what consumers will pay for health insurance when

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