Dream Agents

We Insurance Journal writers are fortunate in that we get to speak with a lot of good folks from company CEOs and agency principals to state regulators and experienced underwriters. They come in all accents, ages and attitudes. Most of the time it is enjoyable.

But nothing we do compares to the fun of speaking with entrepreneurs launching their own agencies. We recently spoke with new agency owners from across the country. Some of the start-up stories we heard appear in this issue; others can be found in our other regional editions.

These new agency owners are brimming with confidence despite today’s market conditions and economic turmoil. They really do see opportunities where others see obstacles:

Soft market? Heck, that just means carriers need more business and are open to making appointments.

Hard economy? Great! Buyers are looking to save and so they’re open to new ideas – and pitches from new agencies.

No renewals? What a relief! That’s one less distraction from going after new business.

Hands tied by a non-compete? Be patient. Meanwhile there’s a ton of prospects out there.

Facing established competition in town? Sure they’ve been around awhile but they’ve lost touch with sales.

Too young? Too old? Doesn’t matter, just get out and sell to those who can relate to you or you relate to.

No financing available? No problem, savings will suffice and it really doesn’t cost a whole lot.

The insurance experience of these entrepreneurs is impressive. Most, if not all, have sold insurance for years, either as captives or independent agents. But there’s a big difference between having an income stream and owning the business.

Andy Norman had been a producer for seven years when he got the itch. He could have had ownership at his agency in a few years but Norman didn’t want to wait. “I decided I want it now,” the 30-year old Floridian said.

Scott Gussos in South Dakota knew within minutes of being told that the agency where he produced for 14 years was closing that he would be starting his own agency. His wife Nancy was ready, too. They’d talked about it for years and now the time was right.

Chattanooga insurance agent John Witty wasn’t getting any younger and he knew he wanted to “build something” for his kids. This isn’t the first time he has gone the independent route; he once owned his own retail store.

In Las Vegas, Gina Russo had three strikes against her: she is a woman in a male-dominated industry; she’s only 27 years old, although she already has eight years in insurance; and she’s the mother of a nine-month-old baby. But none of that stopped her.

They all have their revenue targets but it’s really not about the money. It’s more than money; it’s about fulfilling dreams. And as the way to make their dreams come true, they are absolutely sold on the promise of the independent agency system.

Asked for some advice for others who may be dreaming of starting an agency, Norman didn’t hesitate: “Just do it. It’s worth it.”

Topics Agencies