This is a collaboration group for P&C Insurance professionals interested in working together to support the consolidation of independent insurance agencies. The goal is to help smaller agencies professionalize through combination, help large carriers manage risks and enable those agencies seeking to exit their business to find partners.
There are over 30,000 independent P&C insurance agencies mostly run as a mom and pop operation but selling an estimated $300 billion of P&C insurance policies annually (nearly half of the market size) for large insurance carriers. Like all industries, this sector has been impacted by technology that has been taking up a growing size of total sales now amounting to nearly 25%. However, the old model of independent insurance agency has not updated to fully take advantage of technology or to update their model for the market today. We believe some of this is due to the lack of professional management smaller companies struggle with and that may be prevalent in the industry. We believe enabling agencies to partner with each other to acquire talent and expand can strengthen weaker agencies and help them better survive market disruptions from technology or other downturns while allowing carriers to manage risks and cut costs.
This group enables professionals serving the market to meet each other, share expertise and network and build relationships with agencies and carriers alike at scale under one platform. Professionals can host insights discussions for managers of independent agencies and carriers interested in strengthening their knowledge and expertise and identifying partners. Beyond sharing expertise, professionals in this group will work in small groups to originate, package and sale M&A advisory solutions to independent agencies while identifying carriers that can sponsor this initiative as a way to manage risks within their distribution channel.
We're seeking strategy, M&A and operating professionals with P&C insurance backgrounds and network to join this group to scale their services through collaboration and sharing. Please request to connect with this project if you are interested to explore and join this group.