Can You Sell Insurance From Home
Can You Sell Insurance From Home? If you are a captive agent then you should ask your employer about the policies of remote working. However, as an independent agent, you can work from anywhere you want because you are not tied to any insurance company.
Starting an insurance agency may sound like a tough step to take. Therefore, we have gathered here few easy steps for you to look upon as an independent insurance agent. If you are an aspiring independent insurance agent wondering how to start an insurance agency in North Carolina, then you need to check this article out!
Who are independent insurance agents?
Independent insurance agents are agents who are associated with multiple insurance companies. Due to this job’s flexible nature, they have options to sell insurance of various lines such as life, health, and property & casualty insurances.
A Business analysis published by the Hanover Insurance Group stated that 72% of smaller business owners felt guidance from an insurance agent is crucial to insurance related decisions as independent agents offer more choices and are not bound to particular product or carrier. Hence, they can comparatively be better at satisfying their clients with the right coverages.
They pay very decently as well. Moreover, such commissions earned from renewal of policies create a source of passive income as well. However, before starting to earn on renewals, it is essential to grow your agency and learn how to sell insurance. Let’s understand the whole concept of it and also how to become an independent insurance agent.
How to start an insurance agency in North Carolina?
Purchasing a book of business for insurance would be the first option. Agents can buy this insurance book from a pre-established insurance agency. However, this may cost agents 250k to 500k in dollars or even more, depending on how profitable it is.
The next option would be to be an independent agent using an agency model. Such agency models aid your independent agency with needed support and assistance. Agents will focus on selling insurance while the agency will give all the operational assistance needed for your agency. An agent directory can also boost your network and sales. Furthermore, you can also join an insurance cluster or use an insurance aggregator to increase sales.
Further, agency model has two further options. They are as follows:
Franchise Model for insurance agencies in North Carolina
This model facilitates you to own insurance business, and grow the book according to you. The agencies provide operational assistance as well as access to many insurance carriers. Although fees could be high, your agency will be associated with a reputed and established brand.
Insurance FMO Model for insurance agencies in North Carolina
The insurance FMO model is the better choice for you due to the nature of how it operates. This will let you better understand how to start an insurance agency in North Carolina. The FMO model provides the agents similar services which the franchise model provides while splitting the commission with their agents. The commission split is 70/30 on average. The FMO model is gaining popularity as many agencies have been approaching it as a better option. Lastly, if you are based in Georgia, you can read our blog on how to start an insurance agency in Georgia.
If you are an independent insurance agent then opening your own independent insurance agency can be a dream come true