The Ridiculously Amazing Insurance Podcast: How Insurance Agencies Make Money

How Insurance Agencies Make Money

Oct 8, 2021

In this episode of the Ridiculously Amazing Insurance Agent podcast, host Kelly Donahue-Piro brings you a mashup of her 3-minute videos. Over the last two weeks, we have been going over how insurance agencies make money and we boiled it down to EIGHT ways. Today, we are wrapping up the second week.

Episode Highlights:

Kelly discusses carrier management. (2:41)
Kelly discusses the controversial aspect of carrier management. (3:43)
Kelly believes that to truly grow an agency, you have to be strategic about where you place business. (4:28)
Kelly explains how agency expense management can help with agency growth. (5:34)
Kelly encourages agency owners to plan investments for updates to management systems, phone systems, and when they will make their next hiring. (7:27)
Kelly shares a little secret about the company's latest course. (8:47)
Kelly discusses the benefits and drawbacks of agency fees. (11:27)
Kelly discusses the different kinds of agency fees. (13:35)
Kelly explains how firing the agency's least profitable customers can help it grow. (15:22)
Kelly mentions that agency owners must develop a strategy for letting go of the worst clients in order to focus on the top clients. (19:00)

Key Quotes:

“Doing the best thing for the client, it's not always about burdening them with the cheapest carrier. It's also about where we put our money and where we put our business.” - Kelly Donahue-Piro
“In order to really grow an agency, you have to be intentional on where you're placing business. And that doesn't always mean the least expensive. It means the best for you and for that client.” - Kelly Donahue-Piro
“If there are customers that are draining your agency, we have to remember we cannot be everything to everyone, even though we try.” Kelly Donahue-Piro

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