How to Start an Insurance Business

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Starting an insurance business can be a complex process, but it isn't an impossible one. Start an insurance business with help from the managing partner at an insurance organization in this free video clip.

Part of the Video Series: Business Insurance & Finance
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Video Transcript

Hi, my name is Mitchell Smith, managing partner of Universal Insurance Services and Universal Partners. Today, we're going to discuss how to open an insurance business. Opening an insurance brokerage business can be complex. It really depends on what you are trying to create and who your customers are if you are working with businesses or individuals, if it's the property and casualty space, the life insurance space or other forms of insurance like disability and long term care, you can combine all of those businesses into one. When opening the business, one obviously, you need licensing. Licensing isn't that necessarily easy to come by. You need to take the courses and usually 40 to 100 plus hours of study time to take a course like this and then you sit for the exam. You have to be sponsored to do that. You'll have to have carrier relationships meaning insurance companies. You'll have to affiliate with some sort of firm to be able to create this and you'll have to hire people. You will need capital to create marketing and the technology that you'll need to run the business as well. Typically, I would say if you're creating a business like this to affiliate with someone first. Tell them that you're interested in creating a new business and you'd like to partner with them or outsource some of the hard work in the beginning. Eventually over the years, you'll create a nice business and go off on your own and maintain the revenue. Thanks for watching today's discussion on how to start an insurance business.

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