Group items tagged

The Iroquois Group has good relationships with many of the nation's top insurance companies. Click on the image above to view a 2:39 video and learn what carriers have to say about Iroquois.

In our more than thirty years of experience with small and mid-sized agencies, we have seen the critical importance to agencies of profit sharing or supplemental compensation. Whether called profit sharing, contingency income, bonus or supplemental compensation - this additional compensation is for many agencies the Principal's take home pay at year end. And, in this ongoing soft market when revenues are down for many agencies, supplemental compensation becomes even more vital.

The Iroquois Group has long working relationships with many other companies that work in the insurance industry, companies that offer services such as agency management systems, publicity and financing, to name a few. Iroquois members are afforded certain discounts or advantages with many of those companies.

Iroquois Group member agents can attend a free 3-hour continuing education class on flood training, thanks to American Bankers Insurance of Florida. Training is an absolute necessity when it comes to selling flood insurance. It allows you to maintain your knowledge of the product, enhance your expertise, and stay on top of the industry trends.

The Main Street America Group's goal is to profitably grow in targeted segments in Connecticut.

Berkshire Hathaway GUARD has begun offering Homeowners and Personal Umbrella coverage (click here) in Pennsylvania. Targeted markets include one- to four-family dwellings, renters, and condo unit owners. In addition, the product can accommodate situations where business and personal insurance needs overlap, providing coverage for residences owned by corporations or LLCs; dwellings held for rent (written under a Homeowners policy with an endorsement for rental units); home-sharing services (e.g., Airbnb); and residences where incidental business activities occur.

Top performing insurance agencies use benchmarks to drive continuous improvement in productivity, bottom line profitability and shareholder value. Benchmarks help them establish goals and hold people accountable for results. To read more, click on the link below.

Some agencies consistently generate earnings before tax (EBT) margins of 20% or more and other agencies struggle to generate any profit at all. In fact, some agencies lose money year after year and eventually are forced to sell to other agencies.

Too often, insuranceagencies tend to renew their Errors & Omissions coverage with the same limit they had during the previous policy period. If this has been the practice in your insurance agency for a number of years, there is a good chance the E&O limit is significantly outdated. While there is no magic formula for calculating the proper E&O limit, small agencies can still cause big E&O claims, so there are a few things to keep in mind.

Iroquois recognized at Foremost Hall of Fame

The Importance of Profit Sharing or Supplemental Compensation

Producer Agreement with Opportunity for Ownership

TOOLS: Employee Compensation Update

We do not charge an up-front fee. Others charge as much as $20,000 to join. We do not take an equity position in the agencies we serve. We do not restrict our Members from using outside markets and we do not have a right of first refusal on the agent's new business. Since our contract has fewer restrictions, we attract more agents. Our size is a great competitive advantage. http://www.iroquoisgroup.com/faqs/how-else-does-iroquois-differ-other-networks

Best Practices data shows that the fastest growing and most profitable independent insurance agencies have fewer carrier relationships than average agencies. By carefully selecting a core group of carriers, they build stronger relationships with their underwriters and greater knowledge of the target business within their appetite, which helps them write and retain more business and build larger and more stable revenue streams. For more, click below. http://www.iroquoisgroup.com/sites/default/files/Market%20Optimization%20and%20Consolidation%20McKay.pdf

Askins joins Iroquois in South Carolina Mark Askins, a Columbia, S.C. native with more than 20 years of experience in the insurance industry, has joined Iroquois South as a regional manager for South Carolina and western North Carolina. Askins spent more than 20 years with The Hartford, most recently as their Richmond, Va., branch manager. Although finishing his career with The Hartford in Virginia, Askins began it in Columbia, S.C., and he held auditing, underwriting, and management positions in their Charlotte Office. He graduated from Clemson University but is a Gamecock at heart. "Mark has worked for years with Iroquois in Virginia," said Iroquois South managing partner, David Ward "so he knows and appreciates our business model and the ways in which Iroquois adds value to our member agencies. When Mark announced that he was retiring from Hartford about the time our South Carolina Regional Manager announced he was leaving, I jumped at the chance to add Mark to our team." In addition to servicing existing member agencies in the Carolinas and enrolling new ones, Askins will lead a special initiative to further develop Iroquois' capabilities for Middle Market accounts. "Mark brings valuable expertise in the Middle Market arena," said Ward, "and we are excited that he can help our members write and retain more Middle Market accounts." Iroquois South is part of The Iroquois Group®, one of the oldest and largest networks of independent agencies, with more than 2,200 members in 41 states. Agencies of all sizes and shapes join Iroquois to increase revenue, profits and agency value. For more information, go online to www.iroquoisgroup.com

Over the last few years, changes in how consumers acquire new vehicles (leases) along with changes in financing methods (small down payments and longer finance periods) have created a scenario where depreciation on a new vehicle often outpaces the loan obligation.

Nancy Nicholson tells us how the Iroquois Group has helped her agency grow in value.