December 12, 2017 at 11:10 am #3502
How to start an insurance business in Canada? Which is the best life insurance company in USA?
December 12, 2017 at 11:15 am #3503
1. Choose carriers to represent. Make a list of the insurance companies whose products and services you will offer to your clients. Even though you are free to represent as many or as few as you see fit, it’s a wise idea to select only a few in the beginning stages of your new brokerage firm, until things settle down and your processes become efficient.
2. Review General Agent contracts. Contact the insurance carriers you wish to represent at your new brokerage firm. Speak to someone in the agent appointment or licensing department and explain your situation. Request a General Agent kit so you may review the standard arrangements each carrier makes with new brokers.
3. Find suitable office space. Search for an office location in a respectable town/area, ideally in a high traffic area to maximize the potential of walk-in customers. The space must be large enough to accommodate an office for you, a suitably sized waiting area, a conference room large enough for a table that seats at least four people, and a secretary/receptionist station.
4. Set up your office. After acquiring an appropriate business location, set up the interior layout of your office to maximize the available space and make the best use of the floor plan. Arrange the desks, tables, chairs, filing cabinets and other office furniture so the place looks professional and respectable.
5. Hire an assistant. Starting your own insurance brokerage firm requires tremendous time and effort, and is a project that requires an assistant. Find someone who understands the nature of the insurance industry and who is able to help you with multiple tasks ranging from basic office maintenance to calling clients and scheduling appointments.
6. Start advertising. Spend some money on marketing tools and materials to promote your new insurance brokerage firm. Place ads in local newspapers, record a radio or television commercial and post flyers on billboards. Consider sponsoring a community event to announce and celebrate your firm’s grand opening.
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