When you become an insurance agent, you will dream of being able to work your own hours, enjoy a work-life balance, and make enough money to enjoy the finer things in life. However, while this can be achievable, you may find that it’s more within your reach when you decide to find insurance partners and begin working with an agency group.
Trying to build a customer base, bring in new business and get your name out there can be challenging, but when you’ve got the support of insurance partners and a reputable agency group, you may find it’s easier than you thought. Here are a few of the many perks of working with an insurance agency group.
When you decide to look for insurance partners, you will find there are many benefits, including carrier profit sharing. Profit sharing is when you’re paid a percentage of the profits your insurance agency makes, generally up to five percent. There are no risks associated with profit sharing, and it’s merely a nice bonus to top up your bank account after working so hard at helping your clients.
If you work as a captive agent, you will find that the company you work for takes a massive cut from your insurance deal. When you’ve put in several hours of work to get that money, it can be disheartening to know a large corporation is taking a significant amount of it.
However, by finding insurance partners or an agency group, you are likely to benefit from far more commission. In fact, some agencies enable you to take 100 percent of the commission. Rather than work hard so that someone else can enjoy a significant piece of the pie, you’re able to benefit from keeping all the money you worked so hard to get.
When you work as a captive agent, you’re bound by the legislation and marketing rules your head office puts in place. However, if you choose insurance partners and insurance agencies that give you the freedom to work with several companies, you’re able to build your own unique image.
You can benefit from the 100 percent backing and experience of a reputable agency, but you’re able to market yourself in the way you see fit. Build your own website, have your own insurance agent logo and branding, and even sell yourself as an independent agent on ever-growing platforms such as Facebook. What’s more, you are self-employed, building your brand to get the edge over your competition.
When you work for a large insurance company, you find yourself working the hours they set in place. However, what happens when a potential new client can’t meet you until late at night, or you really need to be at your son’s football game? Being an independent agent working for an agency group offers the flexibility you never thought possible. You can work during the most productive hours of the day, and schedule appointments when you see fit. Ultimately, working with insurance partners offers freedom and flexibility for the best work-life balance.
Being an insurance agent can be a rewarding career prospect, but how you enter the industry can make all the difference to your success. Will you work for one insurance company as a captive agent? Will you become a newly established independent agent? Or, will you join with insurance partners? The sky’s the limit, but make sure you do your research and understand exactly how many perks are available by working with an agency group.