89% of agency owners do NOT know their Fair Market Value. Do you know yours?To best protect you, your staff, your clients and your agency’s future, it’s important to have a thoughtful plan in place, and that starts with knowing your agency’s value. Your agency's value is much more than a number. When you go through the process of understand the Fair Market Value of your agency, you'll get an understanding of:  Thanks to a brand new partnership with Carey Wallace and her consulting company, Agency Focus, Big I New York members will receive a FREE 30 minute consultation with Carey. This discussion will review your agency’s needs and provide you with advice and resources focused on business planning, agency operations, compensation strategy, and more! This is a huge, new opportunity for members to get one-on-one time with one of the industry’s experts on data, valuation and perpetuation planning.
From the Blog
- July 7, 2023
Managing Carrier Risks in Your Book of BusinessAs an insurance agency owner, managing risks within your book of business is crucial for ensuring long-term success and profitability. With so many places facing hard markets, it's essential to adopt strategies that safeguard your top and bottom lines while providing excellent service to your clients. In this article, we will explore three key areas that can help you effectively manage risks and actualize your agency's potential. READ MORE - June 15, 2023
Blowing Up The BenchmarksThere are several key benchmarks that independent insurance agencies use to measure their success. They include retention rate, sales velocity, profitability, and revenue per employee – just to name a few. READ MORE - May 17, 2023
You're In ControlOver the past 18 months, we have experienced the highest interest rates since 2000, with them peaking at 7.08% in November of 2022. Over one-third of the independent insurance agencies in the U.S. anticipate a change in ownership in the next two years, which means that over 13,300 agencies will transition ownership according to the 2022 Agency Universe Study. READ MORE - April 4, 2023
What Is Your Agency's Number? The Policies Per Customer FactorSeveral factors impact the value of your agency. Some of the biggest factors include maintaining a strong and consistent organic growth rate, retention rate, profitability rate, and overall performance. In addition, agencies being aware of the risk factors that impact the value of your agency is key. READ MORE - March 7, 2023
Trust Accounting & What Your Agency Might Be MissingIn insurance, sometimes we like to think it's as simple as understanding our insureds, their risk profiles, and making sure they have the right coverage for their needs. There is a lot more to it, but the nuances of insurance feel endless sometimes. In this blog, we will dive into one of the more overlooked aspects of operating your agency in a fiscally responsible way: Trust Accounting. READ MORE - February 27, 2023
How A Hard Market Can Impact Your Agency's ProfitabilityA hard market is a term used in the insurance industry to describe a period of time when insurance premiums are generally increasing, and underwriting standards are becoming more stringent. hard market may be the result of a variety of factors, including increased claims and losses, rising costs for insurance companies, and increased regulation. In this environment, an independent insurance agency's profitability may be impacted in several ways. READ MORE
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