8 Ways Agencies Make Money: Insurance Carrier Management
When we talk about the top 8 ways insurance agencies make money, we know that everyone will have a different combination that works for them. But we think you should be aware of all of the ways just in case you were rethinking your financial structure.
“We just think they should be the best fit for the client and you.”
Today, even though it can get us into trouble when we bring it up, we are going to talk about insurance carrier management.
You have a lot going on in your agency, and every day everyone is running in all different directions with all these different roles. And so, to help streamline things, we think you should have a set of core carriers.
Well, what does that mean?
Some carriers don’t make your life easier. Their commissions aren’t very reasonable, they don’t offer anything the competition doesn’t, and overall, they are just mediocre. They might be the cheaper option, but that doesn’t mean they are the better one.
When all things are the same, why not work with someone willing to work with you?
Usually, this is when we hear the words “well, you have to put the client with who is best,” and we could not agree more. We just think they should be the best fit for the client and you, and it seems pretty logical to us.
We always recommend that agencies be careful about basing everything off of price because we see it over and over again. Your lowest rate this year is your highest in the next. It happens like clockwork, so don’t let that happen to you by practicing insurance carrier management. We think you’ll like what you find.
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