Big “I” recently aggregated data on independent insurance agencies throughout the US in their 2024 Agency Universe Study and in one section, asked agencies to rank their key challenges. The top 10 challenges identified in this question related back to market access in some way or another, such as “finding carriers who will maintain their commitment to your market,” and “growing your commercial lines business.” Agents are searching for solutions for their clients and ways to reach the agency’s growth goals.
One of those solutions is to obtain an appointment with a new carrier who can provide those products. OIA often receives inquiries from agents related to carrier appointments. We saw 67 inquiries in 2023 and 56 inquiries in 2024 that were related to new carrier appointments, feedback on existing carrier appointments, and searching for market access solutions. Recognizing that this is front of mind for our members, we wanted to facilitate the appointment process in some way.
OIA looked to some of our carrier partners to learn how an agent can better position themselves to receive an appointment. Our conversations uncovered what these carriers are looking for in an agency and what they want to know to make their decision about an appointment. Carriers pointed to production and growth, target markets, and why the agency wants to be appointed with them as being some of the most important pieces of information they seek to uncover about the agency during the appointment process. We also learned that the appointment process can take anywhere from a few weeks to 12 months. The next step was taking this information and determining how our members can get ahead of that timeline and come to these conversations prepared.
Although a business plan isn’t always a requirement to obtain a carrier appointment, it contains the majority of the information the carrier wants to know. It shows that the agency:
- is serious about an appointment and has a legitimate need for a new carrier.
- is committed to growth and has data to back it up
- The agency is prepared with a plan to meet the agency and the carrier’s production goals
- has done research on the carrier – they didn’t just pick this carrier out a hat, but have ensured that it would be a good fit
Ultimately, it gives the agency a chance to tell their story and provide evidence up front to show why it would be beneficial for the carrier to appoint the agency.
But creating a business plan from scratch can feel like a daunting task. To help, OIA has created a couple resources to get you started. The worksheet is broken up by sections, with questions relevant to that section. It helps the agency organize their thoughts and figure out what’s important to include in the business plan. The template provides a business plan outline and serves as an example for how a carrier-specific business plan might be structured, with sample wording that the agency could use as a guide.
Although a business plan can’t guarantee a carrier appointment, it will help the agency stand out. The agency can anticipate what information the carrier is looking for but more importantly, comes prepared for the conversation with a well-crafted argument on why giving the agency an appointment is a great decision.
To learn more about OIA’s Market Access program and partnership with Big “I”‘s Alliance programs, contact Cristie Tillery at cristie@ohioinsuranceagents.com or by visit our Market Access Solutions page.
About the Author:
Cristie is a licensed Property, Casualty, Life, and Health insurance agent. Before joining the OIA, she worked at an independent agency in southern Ohio for over eight years. Her favorite thing about the insurance industry are all of the wonderful people she gets an opportunity to meet and now she enjoys the opportunity to help the agents she used to work alongside. Cristie now manages OIA’s Market Access program, an effort she’s eager to build out to set Ohio agents up for carrier access opportunities.
