Agencies that sell for a premium do so because of the quality of the book. What does a quality book mean? Here are some characterizes of a quality book:
1. Well rounded accounts with a minimum average of 2 policies per account
2. Policies with high liability limits and even more so, accounts with umbrella policies
3. For personal lines, accounts rounded with at least a homeowners policy, if not an umbrella
4. For commercial lines, professional office risks are at the most stable side, contractors are the least stable, stable classes of business that have a high retention build more value
5. Personal Lines accounts with premiums of at least 2k and up
6. Commercial Lines accounts with premiums of at least 5k and up
7. Agencies that have a scheduled client contact program
8. Agencies that have an updated management system that can pull a number of different reports on their book
Build agency value with a quality book of business
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AgencyEquity
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Build agency value with a quality book of business
http://www.agencyequity.com
The Premier Website for Insurance Agency Principals, Executives, and Producers with Executive-Level Business Needs
The Premier Website for Insurance Agency Principals, Executives, and Producers with Executive-Level Business Needs
Re: Build agency value with a quality book of business
Good post for me.. i've been working for mom for 6 years.. i'm about to start my own agency soon.. need the best advice!!!
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AgencyEquity
- Insurance Journal Addict
- Posts: 165
- Joined: Fri Jan 28, 2011 3:19 pm
- Contact:
Re: Build agency value with a quality book of business
What is your insurance background? Do you intend to start an independent agency?meytai wrote:Good post for me.. i've been working for mom for 6 years.. i'm about to start my own agency soon.. need the best advice!!!
http://www.agencyequity.com
The Premier Website for Insurance Agency Principals, Executives, and Producers with Executive-Level Business Needs
The Premier Website for Insurance Agency Principals, Executives, and Producers with Executive-Level Business Needs
Re: Build agency value with a quality book of business
Non-standard auto.. some home.. some commercialAgencyEquity wrote:What is your insurance background? Do you intend to start an independent agency?meytai wrote:Good post for me.. i've been working for mom for 6 years.. i'm about to start my own agency soon.. need the best advice!!!
