If you’re considering investing in an insurance franchise, you probably have questions. Here are answers to some of the most common ones we hear.
Q: How does an insurance franchise work?
A: Insurance franchises operate like typical franchises and help professionals transition to business ownership by providing a business framework and processes that the owner and team implements. The level of support from the franchise operator may vary, but in most cases, the operator provides support in the areas of brand, start-up, technology, operations, marketing and training.
There are two types of insurance franchises: the captive model that writes policies from a single insurance provider and the independent model that offers policies from multiple carriers. As an insurance franchise agency owner, you may choose to focus your services in one area, like property & casualty, or offer multiple lines.
Q: Do I need insurance experience to open a We Insure franchise?
A: Our franchise owners come from many backgrounds and industries, like real estate, financial services, insurance and many more. Because of the strong back-office support we provide to our agencies, owners don’t need experience in insurance in order to be successful — they just need drive and a willingness to get started.
Q: Do I need an insurance license to own a We Insure franchise?
A: A customer-facing member of your team will need to be licensed for the insurance lines you plan to offer. Licensure requirements differ from state to state, so check with your state’s licensing board to find out about licenses, exams and fees. In the case of an owner-operator scenario, the owner holds the licenses. However, it’s more likely that agency owners hire experienced and licensed professionals.
Q: Can I have my insurance business inside my real estate, wealth management, or law office?
A: Absolutely! We Insure operates in the pre-existing businesses of many of our agency owners, including automotive retailers, attorneys and title companies. It is not required that you have a stand-alone office.
Q: Can I write policies outside of the state where my business is located?
A: Yes. We have many offices in border states that serve clients across state lines. Generally, this situation requires a resident and non-resident insurance license. Reciprocal agreements are common in many states allowing for the issue of a non-resident producer license with few or sometimes no additional requirements beyond the license application fee. Again, check with the state licensing departments in the states in question to confirm.
Q: How soon can I open?
A: Most of our new franchises open within 2 to 3 months after the decision point. Typically, there are financing and legal considerations plus training for your team. Whether you have an existing office space you can utilize or need to find one will also determine how quickly you can begin operating as well.
Q: How much can I earn?
A: The We Insure model enables franchisees to focus on sales and client relations with We Insure as their support team. Franchisees spend less time on non-revenue-generating activities and more time building their book of business. Because of this, our franchisees start strong and have great upside in earning potential.
Q: How do I get started?
A: Visit our We Insure Franchise website to learn about our franchise opportunity, hear from some of our agency owners in video testimonials, and fill out a contact form. One of our team members will contact you soon — we’ll be happy to answer any other questions you may have.