The Basic Steps to Insurance Franchise Ownership

Oct 15, 2021

The steps to owning an insurance agency franchise may seem daunting at first, but when you break them down, they are doable and can lead your career on an exciting new path. Here are some of the basics:

Are You Ready to Be Your Own Boss?

Do you dream of being your own boss? Are you a business-savvy professional? Have you saved capital but are not sure how best to invest it for your future career growth? Do you like the idea of providing a needed service to your community while securing your financial future? If so, an insurance agency franchise may be right for you.

Are you currently an insurance agent working for someone else? Working in insurance is not required to get started, but it can give you a leg up. Having direct experience in helping customers find specific solutions for their insurance needs will provide you with instant know-how and confidence even if you would be moving to a different demographic base of customers or working with different types of insurance products when you open your own insurance franchise. If you know that you like selling insurance, are good at it, and are already licensed in areas like auto and home in the state where you would like to open a franchise, you have checked off some major boxes on your to-do list for franchise ownership.

Do You Have Great Sales Experience?

Maybe you have an M.B.A. or other great business credentials, but sales experience is fundamental to running a successful insurance agency franchise. You don’t have to be a licensed insurance agent yet, but a track record of success in commission sales is key. Not only that, but you also need to like selling for a living.

Salesmanship can undoubtedly be learned, but the more you know already, the better off you will be. As soon as you open the doors on your new franchise, you will need to focus on getting clients as your top priority. When you meet people, do you see them as potential clients? Do you enjoy the professionalism of meeting a customer’s needs with a specific product and the thrill of the win that comes from making that sale? If you can say “yes” to these things, you are a candidate for an insurance agency franchise opportunity.

Educate Yourself About the best insurance franchise to own

It is important to educate yourself about how franchises work and what opportunities are out there. Typically, franchisees are self-starters who crave the independence of working for themselves while understanding that the expertise of a trusted partner can be invaluable.

Freeway insurance franchise is a proud member of Confie, the largest privately-held insurance distributor in the United States. And with over 34 years of experience, we know how to support franchisees and help them reach their goals. Joining Freeway comes with all kinds of support —we provide virtual training, classroom training, and on-the-job training to help you hit the ground running. We provide our exclusive, confidential operations manual for all our franchisees. We also train you on our products and services, our marketing and sales programs, and our office operations.

This support is specific for your client base, focusing on providing helpful and judgment-free solutions for high-risk insurance applicants. And in addition to the basics like auto, health, and life insurance lines, we also carry motorcycle and watercraft insurance. This helps to provide your customers with a one-stop-shop for their insurance needs while having instant opportunities for valuable cross-selling that can grow your business. Freeway also prides itself on our inclusivity — we have more than 5,000 English- and Spanish-speaking agents in Freeway Insurance offices throughout the U.S.

You’ll Need Specific Insurance Licenses (But Not Quite Yet)

You don’t have to be a licensed insurance agent to start the process of becoming an insurance agency franchisee, but you will need specific licenses to do business. Each state has requirements for licensure in its area. Most states have two main categories —property and casualty licenses and health and life licenses. To sell insurance, you must be licensed for that specific type of product in that specific state. In some geographic areas, it is helpful to be licensed in adjacent states as well. For example, the greater Kansas City area can easily include residents from both Missouri and Kansas, so you need to be licensed in each state of residence.

States typically require that you enroll in and pass 20 to 40 hours of general insurance education courses and up to 12 hours of ethics courses before you’re allowed to take the licensing exam for that specific state. Laws can vary from state to state, so you will need to learn what is required for the specific states you wish to become licensed.

Building Your Business Is Job #1 in owning an Insurance Agency Franchise

Owning an insurance agency is all about building your business. You will need to devote 100% of your energy to finding and keeping customers to be successful. Don’t underestimate that amount of determination and hustle it will take to prospect for new customers day in and day out using all available methods, including your website, local advertising, solid social media presences, networking through organizations and individuals in your area, and viewing everyone you meet as a potential customer. Success comes to those who are prepared for it and work hard to make it happen each day.

And, of course, retaining customers is key. You want to be able to meet your customers’ insurance needs for years to come and offer them new products that meet their needs as their circumstances change. Learning how to own an insurance franchise can be lucrative, and the great part about insurance is that everyone needs it. As a result, you can reach your personal financial goals while providing a valuable service to your customers and providing them with peace of mind.

Freeway prides itself on delivering the best cost, choice, and convenience for our customers. So let us help you take your career to the next level by partnering with a solutions-driven firm with over 34 years of experience.

Contact Freeway to learn more about franchise opportunities today!

Ready to Open Your Own Freeway Insurance Office?

If you find the Freeway Insurance brand compelling and are looking for a flexible, well-supported business in a rewarding niche of the dynamic insurance industry, contact us.