Although the insurance field has gotten more and more competitive over the years, I personally believe it is still one of the best careers you can have. Hard-working individuals with good skills can make high six-figure incomes. Building a book of clients that renew their insurance policies, for which the agent receives residual income is not a bad way to make a living. Yes, as with anything worthwhile, you have to work for your success, but success comes to those who work.
If you are a captive insurance agent and looking to jump ship from your employer and venture out on your own there are only a couple of options for you. These same options apply to new agents entering the field.
#1. Go work for someone else that already has an established agency. The upside to this is that you may get a salary to start and you don’t have to do the work of starting a business or worry about running a business. The downside of course is that you have a boss and still work for someone else, therefore you don’t really control your own destiny. This is a good decision.
#2. Start your own independent insurance agency. The upside to this is that you own your own business and you are your own boss, thus having control of your destiny. The downside is that it can take many years to try and build the correct infrastructure and running the business will take away from your ability to sell and make more money. This is a better decision.
#3. You can join up with an aggregator or cluster group or a similar organization. The upside here is that you hit the ground running, with multiple carriers at your fingertips. You will have the strength in numbers provided by many agents writing business. This is the best decision in my opinion. This will provide you the most upside with little to no downside.
Insurance Professionals of Arizona LLC, while not a true aggregator, has some similarities to an aggregator. We consider ourselves a hybrid agency. We provide the platform and infrastructure for agents to be successful producers. We pay some of the industry’s highest commission splits. Agents are covered under our errors and omissions policy. There are no costly start-up fees nor ongoing monthly fees to be part of the organization. Agents can be independent but enjoy the benefits of a larger agency.
These benefits not only apply to veteran insurance agents looking to make a change but also to new agents just getting started. If you would like to talk more about how Insurance Professionals of Arizona can help you advance in your new career as an independent insurance professional please call our office at 480-981-6338 and ask to speak with Kent Stewart. Or, you can email me at firstname.lastname@example.org.