Best Insurance Agency to Work For? 5 Reasons Why You Should Look at CoVerica
As a seasoned resident at CoVerica since 2003, I feel it’s my duty to let you in on some of the reasons why CoVerica continues to be one of the best insurance agency to work for in Texas. In this article, we’re going to talk about sales and production but I’ll have a future article on why you should join our incredible service team over the next week. So here we go, my top five reasons why CoVerica is the best insurance agency to work for as an agent.
I’ve peeked under the hood of hundreds of agencies and this by far and above is something special that CoVerica offers. From Year One, producers start owning a real stake in their respective book of business. This “book ownership” isn’t something to gloss over, so I’m going to explain this point in detail.
Ask yourself this, if I’m working at an agency and the owner or management decides to let me go, what are my options? Does my non-compete even allow me to work somewhere else in the industry? Can I take my clients with me? Does the agency owe me anything for my book of business? In most agencies, the answer to all of those questions is no. After five years with CoVerica, you own HALF of your book of business. We give you 10% of the book of business every year until you hit 50%. We’re partners in this business, and after five years, we’re equal partners. No phantom company stock, no big pitch in where the company is going, no talk of an IPO and how you’re going to get in on the ground level. You own half of what you do here at CoVerica, and that gives you both safety and options. It also gives you something to work towards long term as you directly reap the rewards of building a book of business of trusting clients.
Want to do something else? Start your an agency with your name on the door? Go for it! You have our support and blessings, and we’ll even help you do it. I’m not kidding about this, a few of our prior producers now own their agencies with the help of CoVerica. We have multiple avenues at CoVerica that you can move into as a Producer which include being a retail producer (what we’re talking about here), getting your own agency through our CoVerica Agency Alliance, helping your buy agency’s or books of business to add to your book, starting a CoVerica-named branch office, or even initiating a buy/sell arrangement to pull capital from your book of business. In regards to the buy/sell, you can buy our half out and take the whole book of business at your new agency or use your half much like a pension or a retirement plan for your family estate. We did have a producer pass years ago, and I watched the agency write monthly checks to his heirs for four years as per his contract.
We’ve committed to our staff and our production team that CoVerica is not for sale. Too often we’ve seen agencies get acquired and the first thing the ownership or management team says is this, “nothing will change.” That’s far from the truth, and you can count on it. Six to twelve months later, you’ll see changes come in the way of management reshuffles, commission cuts, and consolidation of carrier choices to maximize profits. Your service team will be handling 20-40% more clients so that the service levels will go inevitably go down. In some cases, the service team will get consolidated to an off-site, out-of-state office. Had a great, working relationship with your CSR (we call them account managers at CoVerica), so sorry, press 1 at our call center to reach your CSR. We’ve seen agencies that hummed along at 12% profit get squeezed for nearly 30% after being acquired. That money has to come from somewhere.
Our commitment to not sell CoVerica is so strong from our sole owner that we’ve established what is known as the CoVerica 40. The agency has been put into a trust with instructions not to sell for a minimum period of 40 years. This promise to our staff, carrier partners, and clients gives the peace of mind that not only are we not for sale; our owner can’t contractually sell the agency. Coupled with reason number one above, if CoVerica could sell one day, we could only sell the part of the business that we own since our producers own half of their book of business.
When I got hired into CoVerica back in 2003, I was the youngest one by 14 years. At 23, the next youngest person on staff was 37, and the average age was probably early 60’s. I knew I wanted this to be best insurance agency to work at and if this were to be true well into my 40’s, 50’s and 60’s, we would need to address getting new people into the company and the industry. This age predicament is something that the entire insurance space has struggled with over the last 10-15 years. According to PropertyCasualty360.com, 25% of the industry will retire by 2018.
CoVerica cracked the code.
We regularly hire people in their 20’s, 30’s and early 40’s as a way to mentor the next generation of insurance professionals. Because of what CoVerica uniquely offers, millennials that want to work hard, WANT to work here. I’m proud to say that the average age of a personal lines agent at CoVerica is 32. The commercial agents that are actively writing new business are all mid to late 30’s and early 40’s. It breathes some fun into the agency as well. We’re making a CoVerica that will last another 30 years even if we don’t hire anyone new.
In regards to compensation, we want people that want to work hard and make a great living for themselves and their family. I’ve seen a lot of agencies trap their new sales staff with ever-increasing new business goals while double stacking the duty of retention goals. CoVerica asks our sales staff to stay focused on new business while our support team manages the day-to-day that comes with renewal business. Our pay structure supports that. I can’t give you details on exactly what the commission schedule is, but I know in Personal Lines when I tell other agencies what we’re paying, their collective jaws drop to the floor. I’m usually met with, “there is no way you can make a profit paying that commission rate,” to which I say…
Another benefit at CoVerica is that as a company, we only focus on results which end up giving our people a lot of flexibility in their work-life balance. As long as you’re treating our staff, carriers, and clients as yourself, we don’t care that you didn’t come in on Tuesday. In fact, take every Tuesday off if you want. Need to leave early to coach your kid’s baseball team, go for it. All that *should* matter in an agency is that we stay in touch with our clients and your team while consistently getting the job done whatever that might be. Now that said, we have staff that I’ve seen here at 8 PM on a Sunday night to get it done. But on the other side of the coin, we have agents that I’ve never seen in the office and outside of some video Skype calls, I wouldn’t know them if I passed by them at the supermarket. CoVerica knows they’re working because their numbers support it and their clients love them. That’s all that really should matter.
As part of the management team here at CoVerica, I can tell you that we’re transparent nearly to a fault. There’s never going to be a time when you say, “what are they up to?” Have a question, ask us. Want to know what we’re planning for the next five years, ask us. It’s a company policy that we don’t have doors on any office throughout CoVerica for this reason. Even our CEO doesn’t get a door. We’re a culture that breathes transparency.
Even if you choose not to ask what we’re thinking, we’ll tell you in our next agency meeting where we’ve laid out and disclosed profits, expenses, contingency income, goals, metrics, retention, management style changes and just about anything else that is on our mind. We want everyone at CoVerica to feel a part of the process and to know that we’re all rowing in the same direction as a company.
As a reader of this, I’ll even give you some insight into transparency right now. We’re looking to double in 5 years and double again in 5 years after that. We’re performing a half percentage point above expectation to hit that goal so far in 2017.
In closing, here are five reasons why I think CoVerica is the best insurance agency to work for in Texas. It’s just five, I almost came up with a 100, but you’ve got better things to do today. If you’re interested to see what CoVerica could do for your insurance career, take a look at our career page and fill out the form. Also you can contact our Sales Management Team directly at 972.490.2226 with further questions. We’ll keep your information and any discussion we have completely private.
-An incredible office in North Dallas.
-CoVerica has zero debt.
-Our CFO makes homemade cheesecakes.
-No micro managers!
-Company prayer when one of us needs it.
-The workout room and onsite showers.
-We have a ton of amazing insurance carriers to choose from.
-94% retention rates from our phenomenal service team.
-Life-long friendship are made in this office.
-Our clients love us, it’s a mutual feeling.
-A management team that makes homemade breakfast for the entire staff.
-Learning the business from some of the best in our field.
-People that care about what you do everyday.
-Management that listens and gets things done.
-The industry is taking notice, we’ve been named a Best Practice Agent 5 years running now by the IIABA.