The Advantages of Being an Independent Insurance Agent

June 21, 2024
By: Voldico
Breaking free from chains

Considering independence as an insurance agent? Explore the benefits of flexibility, higher earnings, and building your brand.

Will you be a captive or independent insurance agent? While there are benefits to both, many great insurance agents choose independent careers because they crave the flexibility and autonomy of running an independent agency. Working in the insurance world is better when you have the power of a network without the obligation to sell from just one carrier. Here's what you need to know.

Why Choose to Be an Independent Insurance Agent?

An independent insurance agent is an agent who can work with many carriers to offer a range of insurance products to customers. Independent insurance agents who align themselves with Voldico are uniquely positioned to offer their customers a high number of insurance products because of Voldico's many agreements with carrier partners

Flexibility and Freedom as an Independent Agent

Why become an independent agent? Here's what you expect when you decide to sell products from many carriers instead of one.  

More offerings for customers. Being able to meet the needs of your customers feels good, and puts you in a position to get more business over time. Working as an independent insurance agent gives you the ability to offer customers the best price for the products that most closely meet their goals. 

No production requirements. Working with a dedicated carrier can sometimes come with pressures from corporate offices, including production requirements. Failure to meet those production requirements can lead to financial penalties, like smaller bonuses. When you're an independent insurance agent, you set the goals and meet them on your own terms. 

Increased earning potential. Independent agents collect more profits from each insurance product they sell, and have a greater earning potential over time.  

Offer personalized service your way. Being an independent agent means being able to offer personalized service to customers who want options. This means you get to choose how you meet the needs of your customers. 

Build your own brand. Working as an independent insurance agent means building the brand you envision for your business, not the brand that is handed down by a carrier. You choose the personality of your business, down to the name, the product offerings, business mission statement and more. 

Building Your Brand as an Independent Agent

Your brand is your business' identity. Building a brand can make your business more recognizable and can position your business to capture more customers. A good brand attracts people and helps them feel secure in their decision to buy insurance. Building a brand is complex, but it's much easier when you're an independent insurance agent, in control of your insurance products. 

  • Know what your business stands for. Create a mission statement and vision statement. List your business goals and strategic plan for completing those goals. 
  • Share your priorities with every person who works at your business. Create continuity and shared vision by ensuring that your employees and others affiliated with your business know what they stand for and how this fits into their work with your company. 
  • Spread the word about your brand through social media and marketing materials. Use your business social media account, business cards, online advertisements, and other outlets to spread the word about your business' brand. 

Leveraging Voldico's Resources for Success

Captive insurance agents have access to a range of resources provided by their dedicated carrier. Independent insurance agents can have access to similar resources if they align themselves with an insurance network like Voldico.

We provide benefits to members to help them find success as an independent insurance agent. Some examples of the types of resources we offer to our members include:

  • Marketing assistance
  • Payroll processing
  • Policy and claims servicing
  • Monthly P&L reporting
  • Accounting services
  • Customer support

In other words, independent insurance agents don't need to align themselves with a large, exclusive carrier to have the services they need to function efficiently.

Tips for Establishing Yourself as an Independent Agent 

Establishing yourself as an independent agent takes hard work and motivation. It also helps to have the support and resources of an insurance network. Some tips:

  1. Branch out to offer as many insurance products as possible. Set up meetings with insurance carriers, and find an insurance network with pre-established relationships with as many insurance carriers as possible. 
  2. Use insurance network resources. Avoid doing too much work in-house, especially in your first few years as an insurance agent. Once you've established your business and have a strong customer base, you can try handling more of your services (like payroll and marketing), if you want to. This allows you to focus on making sales in the first few years when it's especially important.
  3. Become an expert. Engage in ongoing education and training to ensure that you know everything about your insurance products and the industry. Establishing yourself as an expert can help draw customers to your business.

Want to Know More About Being An Independent Insurance Agent? We Can Help

Learn how to establish yourself as an independent agent and leverage resources like Voldico to enhance your success. Contact us today to learn more.