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Leverage technology to improve efficiency and agency profitability

Using Technology to Boost Agency Profitability

When it comes to leveraging new technologies in business, many insurance agency owners are still in the Industrial Age. Fewer than half of all independent insurance agents use e-newsletters, text messages, social networks or instant messaging, according to last year’s Insurance Digital Transformation Survey, which polled more than 4,300 independent insurance agents nationwide. The majority also admitted that their business lacked key technology tools, like client portals and claims download. Given that digital tools are practically ingrained in the DNA of Millennial clients and commonly used by Gen Xers, agency owners and brokers who omit these options could not only fall behind the competition, but flat out miss reaching a significant segment of the marketplace.

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How to increase the value of your business before you sell your insurance agency

How to Increase Your Agency Value Before You Sell

When it comes time to sell your insurance agency, you want to get top dollar for the business. Whether a prospective buyer agrees with you about what the agency is worth is a different matter. The current practice for agency valuations is more complicated than just calculating a multiple for retained commissions. Discover what prospective buyers are looking for, and how to drive significant value for the business in anticipation of a sale.

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Should you buy a book of business?

Why Buy a Book of Business?

If you dream of running your own insurance agency, you can follow various paths to make the vision a reality. You could start from scratch and build your client base, purchase an established agency, or purchase a book of business. The latter option often provides an easy point of entry for brokers who are just starting out, as well as a cost-effective option for those who want to expand an existing agency quickly.

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Exit Your Insurance Agency Gracefully

How to Plan a Graceful Exit from Your Insurance Agency

A good business exit strategy can take years to come together, because businesses are the least liquid investment you can make. Much of the value of your insurance agency resides in intangible elements, like your relationships with vendors and clients, your ability to manage employees, your attention to detail, and your vision for the future. If you are considering selling your insurance agency, you need a great exit strategy to ensure that you get the full value of your business.

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So You Want to Buy an Insurance Agency

So, You Want to Buy an Insurance Agency?

Demand from individuals wanting to buy an insurance agency has been strong for the past several years, which is great news for sellers. The flip side is that the seller’s market can make it hard for buyers, who are facing more competition and need to be savvy to get a good value. If you are considering an insurance agency acquisition, here are a few factors that can help you distinguish a great deal from a bad egg.

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