Remember flying kites as a little kid? And how when that kite struggled you'd pull the string tight and it would soar high once again? I wish more agency owners would think of their struggling producers as that kite.
Zenefits once again caused a stir, this time by announcing a change of business models and committing to work with the very brokers they once promised to make obsolete.
You hear it all the time – Change your agency! You’ll go the way of the Dodo bird if you don’t! You’ll have to sell your agency and work for someone else! You’ll lose your independence! Start making changes today to save yourself!
But is that actually good advice?
The Achilles heel of the insurance industry is that too many agencies have been built and run as a lifestyle business and the owners refuse to let go.
Independent insurance agencies are in a tough spot. Never has it been more difficult to run a successful, profitable agency. Clients are more demanding, 4th quarter is a nightmare, additional investments have to be made, and, on top of all that, bonuses/commissions are getting cut.
There is an old saying that “revenue cures all problems”. It’s easy to appreciate the spirit of that adage, but way too often the “wrong revenue” makes the problems even worse. It’s the toxic relationship independent insurance agencies have with revenue/compensation that is the biggest contributor.
Think about that question for a few minutes and let it really sink in. Because not everyone will get high benefit from the work you do best. And you aren’t the best at everything. So, we need to find a match between what we do best and those who need the things we do.
As you read this, we are gathered with some of our favorite people in New Orleans for Q4Live, our networking/learning/growing conference.