Archives for growth

New Office Front DoorLast month we had to change. For the first time in over five years we had to change our address.

Moving is a pain. We had to deal with utility hookups and disconnects, setting up the new network, and transferring or establishing new services – and we were only moving a mile away!

But as a result of this change we now have a great new space with:

  • Room to grow,
  • Space designed for easier collaboration, and
  • Helpful new production areas.

What change(s) can you make that would take your agency to the next level?

Hopefully you won’t have to move any time soon, but don’t wait until you’re forced – go ahead and make some of those changes now. They won’t be easy, but if you are deliberate about them they could be the key to your next growth spurt.

Go for it!

If you’re a Texas Independent insurance agent who wants to work with a personal property market who is constantly looking to grow and improve, contact us.

Growth and Profit

Companies that work with quality independent agents can grow profitably.

A new Conning study identified 18 top personal lines insurance growth and profit leaders out of the 264 U.S. companies that write $20 million or more.

It is no surprise to those of us who work with quality independent insurance agents that a full two-thirds – 12 of the 18 – growth and profit leaders are also companies that work in whole or in part with independent agents.

The study also showed that sometimes “too big to fail” is also “too big to succeed” – with 14 of the 18 most successful companies smaller than $500 million in premium.

The Conning report comes on the heels of a McKinsey study that says “agents have neither the scale nor the operational efficiency to profitably sell a commodity.”

Of course that’s really the point – smart companies work with great agencies that are not trying to profitably “sell a commodity”. Great agencies are solving complex client needs and providing invaluable guidance and advice.

Those complex client needs are exactly why at iMGA we offer a full range of coverage choices:

  • Homeowners forms from HOA to HOA+ and HOB
  • Dwelling forms from TDP1 to TDP1+ and TDP3
  • Deductibles from $500 to 5%
  • Other Structures coverage from 0% to 40% of Dwelling limit
  • Loss of Use from 0% to 40% of Dwelling limit
  • Replacement Cost, Actual Cash Value, or Fire and Lightning Only coverage for roofs
  • And much more.

We work hard to make offering these choices as easy as possible, but it’s the independent agent we work with who makes it all possible and ensures the client has the right balance of coverage and cost for their specific needs. We couldn’t do it without you, and we know you’re the key to a very bright future for us.

If you’re a quality independent insurance agent in Texas and you don’t already represent iMGA for your client’s property needs, please contact us.

Of course you can grow your agency by finding new customers or by adding new markets.

But the easiest and fastest way to grow your agency is to increase the number of products you provide for your existing customers. The sale is easier because you already have a relationship, plus studies have shown that customers with multiple policies stay with you longer. This multiplies your growth over time.

Fortunately as an iMGA agent you have a wide range of products to meet multiple needs for your clients:

  • Homeowners – HOA, HOA+ and HOB options to cover a wide range of home values, ages and conditions.
  • MobileHome – Specialty coverage for clients whether inside a mobile home park or not.
  • Dwelling – TDP1, TDP1+ and TDP3 policies for owner and tenant-occupied dwellings.
  • Vacant Dwelling – A specific option for hard-to-place vacant homes.
  • Renters – Contents and Liability coverages for insureds who don’t yet own a home.
  • Umbrella – Up to $5 million in primary and/or $5 million excess coverage for clients with the need to protect a wide range of assets.

All iMGA products focus on being EASY to use, with instant online binding, payment and document and flexible direct bill options. So as an iMGA agent you can focus on making sure you’re offering all your clients all the protection they need and growing your agency quickly in the process.

If you’re an agent who is not already working with us and would like a to grow your agency by offering a Texas Personal Property program that includes cutting-edge Renters, Dwelling, Vacant, MobileHome, HOA/HOA+/HOB and Umbrella products, just tell us a little about yourself.

Compound interest is an amazing thing. One penny, doubled every day, produces almost $11 million dollars after just 30 days. Unfortunately it’s hard to get anyone to pay you 100% return each day on your money.  : )

What you absolutely can do, though, is invest in your agency and put the miracle of compounding to work in your favor.

If you just make one small change in your agency each week and it only results in one half of one percent improvement, that translates to almost a 30% improvement over a year, and almost a 70% improvement over two years.

We live this at iMGA every week. Sure, we introduce new products a lot more often than most markets, but we can’t introduce a new product every week. There is a lot we can do, though, and big or small we make sure we do something every week. Here are just a few from the last year:

  • New payment plans
  • Lower down payments
  • Higher limits
  • Increased capacity
  • Improved systems speed
  • Improved quote and application workflow
  • Automatic follow-up communications
  • An easier-to-understand bill

This week our major system upgrade is a change is bigger than most.  What’s most important about it, though, is that it prepares the way for many more changes over the next year. You’ll immediately notice the new wider policy detail display that makes it easier to read, especially on smaller monitors. You may also notice that we’re now able to assign multiple CSRs/Agents to a particular policy in case you want multiple staff members notified about changes.

Much more important than what you will notice this week, though, is that this upgrade will let us slowly, consistently, inexorably, add one more morsel of communication or remove one more just-slightly-annoying step each and every week. We are giddy at the thought, and hope that you are consistently surprised and delighted by the changes.

Are you doing the same in your agency? Is there someone responsible for working on your business efficiencies each week?

Turn your agency into a perpetual improvement machine. Just .5% per week makes a 70% difference in only two years – and wouldn’t you like to see that in your commission reports?

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