The Five Guiding Principles To Consider Before Starting Your Own Insurance Agency
Last week, I laid out the “6 Factors to Consider Before Starting Your Own Insurance Agency“. In today’s blog post, I will offer you the guiding principles to fuel your success.
During year one, we experienced a spectrum of emotions. Importantly, we never took our eyes off of our goals. The recipe for success was built upon a differentiated client acquisition and retention approach. Rather than providing insurance bids, The Addis Group delivered diagnostic Risk Management Audits three to four months after the insurance policy renewal. Instead of starting with the traditional “bidding process”, The Addis Group focused on a 4-step process to identify, measure and mitigate risk.
In year two, we gained significant confidence as our customers and carriers loved the process. The carriers were seeing outstanding hit ratios and loss ratios. The consumers were able to document Risk Profile Improvement. The feedback fueled our passion!
In year three, we fine tuned our marketing materials as well as our prospect research and qualification system. We also built our Mission Statement and Guiding Principles.
Our Five Guiding Principles were:
- Deliver significant value so our clients view our relationship as an investment – not a cost.
- Character and integrity are the cornerstones of business trust. They shine through – particularly in tough times.
- Be innovative and differentiate. Bet on our vision for the future. Imitate only as a last resort.
- Surround ourselves with people who care – a lot. Seek people with ambition, intelligence and motivation.
- Our goals are our client’s dreams with deadlines.
These principles still hold true today — over 21 years later.
Years Three through Five
Years 3 through 5 were exhilarating. We reinvested every penny back into the organization to attract talent, build technology and position ourselves within the community. The recipe was working to perfection. All of our stakeholders – Clients, Staff, Carriers, Centers of Influence and Community — were fueling our growth and success. These stakeholders saw us as something unique
As I look back upon the early years, there is no question that we would not have achieved success without the design and development of our unique value proposition, marketing strategy, business plan, family support, insurance carriers as well as the passion and purpose of the staff.
The Addis Group’s guiding principles still shine so bright.