Most entrepreneurs have a unique way of applying critical and creative thinking skills in many ways, especially when it comes to opportunities that could result in increased earning potential. Luckily, we’ve done some of the research for you. Here’s a quick list of ways you can generate more profit as an independent insurance agency owner:
- Carrier contract negotiation. All contracts aren’t created equally, and the best commission deal you can get for your agency will depend on the unique value your agency can bring to a carrier’s overall mission statement and goals AND the power of your negotiation skills. Don’t be afraid to ask for more but be prepared to tell the carrier why you think your agency is worth it.
- Book Transfer/Consolidation Opportunities. The life cycle of an insurance agency changes over time as the organization is developed and the book increases in value. There might be some “side-line” carriers your agency could remove business from if there’s another carrier that’s more appropriate for the customer and your agency. With book rolls or transfers, many carriers will offer to do some, if not all of the work and provide your clients unique discount opportunities their previous carrier didn’t offer, while paying you an “override” for the new business! Do your research and be prepared to ask the carrier representative questions on how they will help you facilitate the process, and about extra commission bonuses that might make your decision a “no brainer.”
- Consulting. Participating in insurance-specific or marketing-specific business organizations can give you and/or your staff opportunities for additional revenue through mentorship and business consulting. Why not share your knowledge with other agency owners and/or entrepreneurs that could benefit from your experience? Consider mentoring an agency that isn’t active in your primary territory. As long as they aren’t a direct competitor to your agency, you have nothing to lose – and the extra income the partnership generates could give your business a sizable boost in profit.
- Referral Fees from CoVerica Agency Alliance. Did you know our team could help you with ALL these strategies? On top of that, we PAY our members’ referral fees when they send someone new our way that ends up signing with SIAA. You do the initial introduction to our team after giving your contact a brief overview of our program and benefits, and we do the rest!
We are currently offering non-member agencies the same bonus if they put us in touch with an agency that joins CoVerica Agency Alliance. Contact our team at 972-490-2223 for further details.