Insurance Company Franchise Opportunities

Looking for a business opportunity that lets you be your own boss, while capitalizing on your background in finance or sales? An insurance franchise is a great way to explore your dreams of owning your own business, with the guidance and backing of a knowledgeable franchisor. There are several avenues you can explore if you are considering an insurance franchise, the key is doing your research to find which area of insurance best suits you and your lifestyle.

Did You Know?

In 2015, there were about 1.07 million insurance agents, brokers and service employees in the U.S.

SOURCE:
SOURCE: US Department of Labor; Bureau of Labor Statistics; American Council of Life Insurers
The annual revenue of insurance brokers and agencies in the U.S. was about $135 billion in 2014.

SOURCE:
SOURCE: Statista; IBISWorld
The job growth outlook for insurance agents from 2016 - 2026 is 10%, faster than average in the U.S.

SOURCE:
SOURCE: Bureau of Labor Statistics
In 2016, the median pay for an insurance agent was $49,990 per year.

SOURCE:
SOURCE: Bureau of Labor Statistics

Insurance Company Franchise Opportunities Opportunities:

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Rytech Water Damage & Mold Specialists

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Types of Insurance Company Franchises

There are multiple opportunities within the insurance industry. For instance, you may choose to offer standard lines of insurance (also known as an admitted carrier), which requires a license for the state you are in to operate and sell specific lines of insurance. Another option is an excess line insurance company. Sometimes called a surplus lines company, this type of insurance is focused on high-risk groups. Insurance that is geared to a specific industry or group of individuals is known as captive insurance and is another area to consider.

Why Consider an Insurance Agency?

Opening your own insurance franchise can be a worthwhile business venture even for someone without a background in insurance. The franchisor is there to help with marketing and background guidance, as well as carrier selection, while you focus on interacting with and selling to your clients. An insurance franchise provides a solid and established business with great growth potential for a motivated salesperson. How big you grow is up to you and the effort you want to put into increasing your franchise.

Tips For Success

The insurance industry is known to be hyper-competitive, as there is a huge opportunity here for anyone with the right combination of work ethic, strategy, and skills. So, what does it take to run a successful insurance company franchise business? Here are some helpful tips:

Building Relationships is Everything

These days, most insurance policies can be purchased online without interacting with a single human. You need to give your potential clients a reason to work with you over buying a policy blindly on the internet—and that reason is a relationship. More than just an anonymous website, you are a real person who can take an interest in the needs of your clients and tailor your offerings to those needs.

Of course, this approach means that it isn’t good enough to just offer the same standard policies to everyone who reaches out to your agency. Instead, you’ll need to dig into their needs and customize your recommendations based on specific circumstances. That’s more work, but going the extra mile is what presents an opportunity to make a dent in this crowded marketplace.

Upfront Sweat Equity

The term sweat equity is often used in real estate, but it applies in the insurance sector as well. There is no way around the fact that the first years of owning an insurance agency are going to be a challenge. Building up your catalog of clients is going to take time, plain and simple. Only those who are willing to put in a ton of work in the early days will make it through to reap the rewards on the other side.

Expanding Your Knowledge

You’ll need to get licensed to sell insurance in your state, but that should be seen simply as a starting point for your education. The more you learn about how insurance works and what policies are available for your clients, the better service you can provide to individuals and businesses.

Insurance Company Franchise Opportunities

Did You Know?