No matter how hard you work, there’s only so much a single person can do. If you want to continue with insurance agency growth, you’ll need to consider adding another agent at some point. For the process to go smoothly, it’s critical to find the right fit.
When Should You Add Another Agent?
Adding another agent doesn’t always make sense. If you can handle all the business you have, and if you still have room to grow in your current niche, there’s probably no reason to bring on someone else, and doing so could just add expenses and complications.
However, if any of the following are true, it may be time to think about adding someone else to your agency:
- You have to turn down business because you’re so busy. This is a good position to be in – except that turning down business really isn’t good.
- You’re so busy that you’re going to burn out. Maybe you’re not turning down business, but you are burning the candle at both ends to get everything done. You can only keep that up for so long.
- You know you could easily gain more business if you just had a little more time. For example, you might have business clients who you’re pretty sure would buy homeowners insurance from you – if you just had time to talk to them about it. Or maybe you have extremely satisfied clients who would love to give you referral business, but you just don’t have time to pursue it.
- You want to open another location. Opening a second location (or a third or fourth) can be a good way to expand your reach. However, you’ll need help.
- You want to expand into a new market. For example, maybe you currently sell personal lines insurance, and you want to expand into business insurance. You could learn the ins and outs of business insurance yourself, but that will take a while, and you’re busy. It may make more sense to bring on another agent who will specialize in commercial lines.
- Another agent is leaving. Perhaps you’ve already taken on another agent (or multiple agents), but now that agent is leaving to start their own agency or start a new path outside of insurance. Now you have a gap to fill.
What Should You Consider When Adding an Agent?
Before you start looking for the ideal agent to add to your agency, you need to figure out exactly what you’re looking for. The following questions will help you zero in on what you want – and the answers will help you put together a solid job ad.
- What will the agent’s primary role be? For example, will they be focusing on a certain line? Consider how their contributions will complement your existing agency.
- What experience do you want? Are you looking for an agent who’s already licensed and experienced, or are you willing to help the right candidate go through the licensing process? If you want an agent who’s already licensed, are you looking for a specific line or specialty?
- What skills or personality traits are you looking for? Beyond insurance experience, what are the top traits that you’re looking for? Maybe you need someone who’s organized, or maybe you’ve built a brand on exceptional customer service, and you need someone who’s good with people. Make a list of your top three traits.
- Where and when will the agent work? If you have an office, do you have space that you can set aside for the new agent? Or are you looking for a remote position? If so, consider whether the agent still needs to be located in a specific area. Also consider hours – will the agent set their own hours, or will certain hours be required?
- How will the agent be compensated? Will this be a salaried position with benefits? Or will the agent be an independent contractor who solely earns commissions?
- What can you offer the agent? While you’re looking for the ideal candidate to meet your needs, candidates will be assessing your agency to see whether it’s worth their time. Consider what you can offer agents. This is especially important if you are looking to take on an independent contractor. For example, you could offer mentorship and hands-on training, access to leads and a stellar agency reputation, or cutting-edge tech tools that make work easier.
Once you’ve determined exactly what you need, you’re ready to start looking for the ideal candidate. You can post job ads on social media sites like LinkedIn, or on job boards like Indeed. You can also focus on finding someone locally, possibly through your connections.
Adding another agent can help you grow your agency. Joining Heffernan Network can help, too. We provide access to top national carrier appointments, as well as innovative technology solutions and back-office support. Learn more.
