Starting your own auto insurance franchise can be an exciting opportunity, but there is a lot to learn. If you don’t have experience running a business, it doesn’t mean that you won’t eventually be successful, but you may hit a few bumps along the way. This video gives a few tips to keep in mind before you begin your new venture.
The first thing you’ll want to have is some insurance experience. Whether it’s a carrier, company, brokerage, or something else, having insurance experience is a must. Without it, you may not be able to attract clients or carriers to help you get your feet off the ground.
You also need an insurance license. You need a state license for the state you are operating. There is property and casualty as well as life and health licenses that you need to have to operate legally.
You then need to schedule appointments with insurance carriers to get a contract. The contract allows you to sell their insurance and is why it is called a franchise. You use their business model to create a lucrative opportunity for yourself. First, you need to attract them to yourself and get a contract, though.
For more information, check out the video above.