June 30, 2020
Why Am I Here? To Increase Insurance Agencies’ Revenue
3 min read
Topic: Growth Agent Insight Insurance Agency Growth Strategies Grow an Agency
This month I celebrated my one-year anniversary at One Agents Alliance. I thought it was a good time to reflect on my first year here and look at what I’ve learned (and gained). Few people take the time for reflection, especially when competitive pressures are escalating. Usually, the priority is to double down and work harder – don’t stop to think, just drive forward. But reflection can be very valuable in helping you to do a better job and remembering why we are here.
It’s been challenging. This past year has definitely been A LOT of work. Whether your new job brings a heavier workload or more responsibility, you still need to prove yourself. I’m competitive by nature so I HATE being the new person. I want to be the best at my job immediately. That doesn’t happen over-night, unfortunately. Sometimes it doesn’t happen for months or years, but you have to be willing to put in the effort to get there.
Our Member Independent Insurance Agencies
It’s very much the same for our member independent insurance agencies. You want to hit the ground running, grow your business, and be making million-dollar deals ASAP. You want and need to grow quickly: high-quality insurance leads, an amazing book of business, agency growth for a good top line and bottom line. Insurance agents are successful salespeople, so you are competitive by nature.
But you must be willing to put in the effort, build strong bases, and capitalize on opportunities to get there.
You are producers, but also insurance business owners, so profitability will take on multiple facets in the long term. You can no longer focus only on lead generation and the sales funnel for your growth strategy. WHO you place business with, customer retention, and book management are your true multipliers for increasing your income.
Agencies' Increased Revenue
Opportunities for Increased Revenue are all around you at OAA. I knew a little about OAA before coming here but had no idea of the benefits that came with being a member and how our relationship with SIAA impacts our resources and opportunities. By working with our Strategic Partner Carriers and Brokers (this is your WHO), you have access to the top-rated carriers to compete with any size agency in a variety of personal and commercial markets. Our structure enables our member agents to earn the best commission, excess compensation, and profit-sharing.
I’ve worked for #4 and #23 of the top 25 insurance agencies in the US and have never seen opportunities like this. We have seen commission opportunities as high as 30%. There are incentives for growth, incentives for book consolidations, quarterly incentives with NO consideration of loss ratio, and annual profit-sharing that continues to exceed anything else in the industry.
You must be willing to take control and manage your book to see these benefits.
Challenges Help Growth
Who doesn’t like a challenge? It keeps you on your toes and makes you work smart. If your work isn’t stimulating and it doesn’t push you, then what is the point? I am someone who constantly needs to be stirred; I love solving problems and I love winning. I would rather feel like I’m drowning at work than be complacent. Sometimes the challenge is scary, but what you gain is so much more rewarding. If you are an independent insurance agency owner, take advantage of our coaching, agency development, and marketing support, and be open to seeing exponential revenue growth in your agency.
This past year has been a roller-coaster ride. There were times I thought I had made a huge mistake and felt like I was letting everyone down. We all had changes to make, and it’s normal to question yourself. For the most part, though, I can look back and say it was one of the best decisions I have ever made. I have a great team and everyone at OAA has the drive to improve and continues to look for ways to be a hero to our members and our partners. I am actually happy with my job. I enjoy going to work every day. I like the people I work with and love working with the member agencies. I love helping people make their dreams come true!
After one year I can say it’s been well worth it. I feel inspired and excited by work again.
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