Growing an independent insurance agency can be scary. You want to expand but you don’t want a misstep to sabotage your success.
Elon Musk once said, “Failure IS an option here. If things are not failing, you’re not innovating enough.” Regardless of how you personally feel about Musk, there’s no denying that he’s taken some big risks that have paid off in his professional career.
Whether you’re building space rockets or growing an insurance agency, it’s hard to stand out if you don’t take bold steps that will differentiate you from your competition. True success requires advancement, but you must advance carefully.
There is a fine line between confidence and foolhardiness. You don’t want fear to paralyze you, but you also don’t want to gamble away your success. It’s all about balance.
Breaking Through Plateaus
At some point, many agencies hit a plateau. When your grow curve levels, you may think you’re cruising along in a safe place (after all, your revenues are larger than they once were), but in reality, a plateau is a warning sign. Business never stands still, and if you’re not moving forward, competitors will soon pass you by.
Overcoming inertia is key; how to overcome it is the conundrum. You can acquire another agency, add new locations, upgrade your technology, or hire more producers – but each of these scenarios requires a large a large investment and a healthy dose of risk.
There is one other option you may not have considered: joining an insurance network.
Unlock Momentum by Joining an Insurance Network
When your agency joins a network, it gains the support system and resources of a larger organization, and you don’t have to spend a lot of money or take a huge amount of risk. It’s a win-win, enabling you to access:
- Additional markets for personal and commercial business
- Excess & surplus markets
- Training, coaching, and incentive programs
- Innovative technology
- Mentorship and guidance
- The sharing of best practices
- Assistance with acquisitions and/or succession planning
For example, you may want to expand into the excess and surplus market. If you try to do this on your own, you’ll need E&S carrier connections and guidance on how to protect your clients with E&S solutions. Without a partner, you may never take the plunge. However, with a supportive network, you can quickly move forward with confidence.
Technology is another good example of how a network can help you make bold moves. Right now, tech is advancing rapidly. Agency leaders have a lot of different tools to choose from – so many, if fact, that it may be overwhelming.
As a result, some agency leaders stick to the old way of doing things. Sometimes, this is a conscious decision: The old way of doing things worked in the past, so they see no reason to change. Other times, it’s not so much a decision as it is the result of procrastination: They want to adopt a more efficient system, but they don’t know which option to choose, so they keep waffling. Years pass, and nothing changes.
In either case, the fear of failure stands in the way of innovation.
You may not have time to thoroughly research every option available to you, but if you’re part of a network that has already vetted technology solutions, you don’t have to. You can rely on its research to advance with confidence.
Do You Have the Support You Need?
True growth comes from embracing change: Seeking new markets, reimagining customer experiences, and leaning into technology. When leaders commit to moving forward, they unlock momentum that not only propels the agency upward but also builds resilience to thrive in the face of inevitable challenges.
While embracing change can be scary, it’s a lot easier with the support of an insurance network.
Heffernan Network enables agencies to take bold steps forward. We offer the carrier access, back office support, and technological solutions you need to grow your agency with confidence. Learn more.
