An insurance agency, sometimes also known as an independent broker or an insurance agency, brokers, drafts and sells policies for a number of insurance providers under their collective control. They are never directly employed by any single insurance company. Insurance agencies compete with each other for business and these agencies attempt to outdo the competition by offering the most competitive rates and services. Insurance agents often receive commissions for the sales they close and receive commissions from policies that they represent as well. The insurance agency maintains a portfolio of their insureds’ policy portfolio, which they use to evaluate future policy sales and to establish new policy lines. To learn more explained here
To be a successful insurance agent or independent insurance agency, it is necessary to develop a solid business plan that clearly details your business model and how you intend to differentiate yourself from the competition. Your business plan will also show how you intend to attract new business and how you plan to manage claims and customer complaints efficiently. A strong business plan can be the key to securing your first job as an insurance agent or independent agent and can help you secure more jobs after you have established yourself in your field.
The insurance agency may also write policies for a business or for an individual. There are many agents who work exclusively for small businesses or for individuals who are self-employed. The insurance services that are written for a business may be used to protect the assets of the business from being damaged during any disaster and to protect the personal property of the client. For example, the assets of the self-employed can be protected during a natural disaster by having a separate policy that covers only self-employed individuals.