The insurance agent is notorious for being the high ego, lone wolf producer. That may have worked in the past and possibly a few will always remain. In today’s world, the need to specialize has changed many of the dynamics and finding those with skills you do not possess has become a necessity. You see in studies such as those in conjunction with the GAMA Advisor 20/20, that combining of resources will become more prevalent in the coming years. In addition, as our society becomes more digitalized, the social aspects of a combined office will dispel some of the loneliness that independent agents fall victim to. Having multiple producers, each with their own specialties will enhance total production.
The problem that has always developed and will continue to manifest itself is trust. If you decide to partner up, make sure everyone is on the same wavelength and that the group has set goals and assignments. Once that is decided, then each partner works to the agreed upon level and forget the details. By challenging each other and not worrying who gets the credit, everyone will win. It’s when each party looks only at their own production that things will tend to breakdown. Each party has to take responsibility for their own production.
In my earlier days, I “partnered” in a different manner with 6 other agents and we had a monthly contest. It was only based on number of applications during the month and in our group, the person with the least amount of applications had to buy lunch for the rest of the group. So, not only did you have an off month but it cost you lunch for the other five. We held each other accountable and at the same time, we each grew our practice. I am happy to say that although we were all newer to the industry, of the six in the group, I know for sure that five are still in the industry. Compare that to the standards of success in keeping agents and our retention rate is quite high. Together we all achieved better results and it was also kind of fun. Find your group for success.