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Planning for Success: How to Create a Business Plan When Starting Your Independent Insurance Agency

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Launching an insurance company comes with a lot of twists and turns. Independent agents face many uncertainties, which means it’s important to stay organized and have a clear road map. That’s where a business plan comes in.   Defined by the Investopedia team as a written document describing how a business will achieve its goals, a business plan lays the groundwork for you as you go from fledgling startup to thriving insurance agency. Below is a guide for creating your own business plan, including the specific steps to follow along the way.  

Why Do You Need a Business Plan?< ...

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  • Volunteering: How Independent Agents Can Do Good and Grow Their Business

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    Relationships are a big reason why people turn to independent agents for insurance coverage. That’s because agents understand the unique needs and circumstances of their customers and treat them as people rather than numbers, writes the team at O’Connor & Co. Insurance. Being a good listener, getting to know your customers and anticipating their needs are all traits that give you an edge over larger, less personal companies. That personal touch is in fact one of the main advantages and selling points that independent agents have. But you can take it further by using ...

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  • Pitching to Reluctant Buyers: Making the Case for Important Insurance Coverage

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    Independent agents know how crucial insurance is to nearly every facet of life. Having the right policy can be a tremendous asset and help a person come out of a traumatic experience relatively unscathed. “Life is very uncertain and has a way of throwing surprises at you when you least expect it,” explains insurance writer Yash Sharma. “In order to be fully prepared to deal with the contingencies in life, insurance is essential.” Account executive at HNI Risk Services ...

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  • ROI and Retention: CRM is a Must-Have for Independent Agents

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    Independent agents face many challenges. The modern insurance industry is complex and competitive, the team at web-based CRM software provider Salesboom writes. Finding new customers is becoming increasingly difficult, with independent agents citing large market ownership by major insurance companies as the primary reason. Another is the growing trend of customers going online to search and buy policies. In fact, nearly three quarters (74 percent) of people now use insurance provider websites or aggregators to find cheap quotes, says ...

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  • Why Insurtech is Such a Tremendous Asset for Independent Agents

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    The insurance industry is an old one. Its roots can be traced all the way back to 1752 when the first mutual fire insurance company opened in America, financial writer Andrew Beattie says. And while it has certainly evolved since then, you could argue that the fundamentals haven’t change all that much — something that tends to favor larger insurance providers with deep pockets. But one innovation that’s quickly changing things is insurtech. A term blending the words “insurance” and “technology,” insurance public relations specialist ...

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  • How to Become an Insurance Agent: Tips for Those Just Starting Out

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    Considering a career as an independent insurance agent? There are a lot of reasons it can be a smart and rewarding choice. In fact, the team at US News reports a 10 percent projected employment growth from 2016 to 2026, meaning nearly 50,000 jobs should become available by the end of that period. And the earning potential is significant. The median salary for insurance sales agents in 2016 was $49,990, Marie Huntington at Bizfluent writes, with those in the 75th percentile earning $77, ...

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