Insurance Journal's Academy of Insurance
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Selecting the appropriate business model is the biggest component that decides the success or failure of insurance agencies.
“Business Model” – What does it mean and why is it important? Choosing the appropriate business model has truly emerged as the biggest component that can decide the success or failure of insurance agencies today. It starts with ownership commitment to a real strategic plan, including specific growth and profitability goals. Sound simple? Not necessarily. The business model you choose must support those goals, in order that they can be achieved. Finding the right carrier partners, choosing the appropriate software, recruiting staff, eliminating E&O exposure, and implementing procedures are the steps most agencies regularly take – often with only middling success. Bottom line, if the right business model is not in place, the ROI on these other investments is limited.
This course identifies the prevailing “myths” regarding current insurance agency business models, and the re-thinking that helps a lucky few to achieve extraordinary results. We start with the three major areas of agency management: Sales, Operations, and Finance, redefining both Sales and Service for better results. From there, we drill down to specific Commercial Lines and Personal Lines models that work, regardless of agency size. Performance-based compensation for sales and service staff rounds out the model. The course includes steps to get started.
Participants in this course will learn about: