Host of The Insurance Dream Podcast, Abe Boling, recently invited Spencer Breidenbach, BrightFire Manager of Strategic Partnerships, on to the show to share some best practices for captive insurance agents transitioning to an independent agency.
Get a summary of the podcast episode below, or listen to the full podcast episode from The Insurance Dream here.
Podcast Episode Summary
Going from a captive insurance agent to an independent insurance agent can be a monumental step. In this episode of the Insurance Dream Podcast, “3 Tips for Captive Agents Declaring Their Independence”, Abe and Spencer share valuable insights to help you successfully leap into independent agency ownership. This episode highlights crucial first-year considerations, essential business logistics, and the importance of building a strong online presence.
Key points from the podcast:
- Financial Prudence: Be careful not to overextend yourself financially in the first year. Focus on learning and business development without immediate financial pressure.
- Manage Carrier Access: Start with a limited number of carriers to keep your workload manageable. As your agency expands and you continue to provide excellent service, you can gradually add more.
- Seek Guidance: Don’t hesitate to lean on the wisdom of experienced independent agents and industry experts. Their insights can help you sidestep common errors and accelerate your agency’s progress. Just be sure, whoever you’re asking has done the thing you’re asking about.
- Carrier/Market Entry Strategy: Carefully consider how you’ll access carriers and markets. Explore various avenues like direct appointments, MGAs, franchise organizations, or cluster groups/aggregators.
- Product Focus: Decide whether you’ll specialize in commercial lines, personal lines, or a blend of both. This choice will significantly influence your agency’s early growth trajectory.
- Independent Agent Associations: Joining independent agent associations can offer invaluable support, networking opportunities, and potential access to new agent programs with discounts and benefits.
- Customer Experience Processes: Establish clear workflows for both new policyholders and renewals. This helps set customer expectations early so you can build strong, loyal relationships, which is the key to customer retention.
- Boost Your Online Presence: Make it a priority to build a robust online presence. This includes a well-designed website, accurate local listings, active online review platforms, and manageable social media channels to enhance your visibility and credibility.
For more information about captive insurance agents transitioning to an independent agency, check out this Ultimate Agency Checklist.
