Potential Agency Worksheet
Thank you for expressing interest in becoming a Frankenmuth Agency. New agency appointments are critical to keeping Frankenmuth Insurance profitable and growing. We recognize our Independent Agency partners are the lifeblood of our operation—a source of new business, our front-line underwriters and primary service contact for our customers.
Because so much of our success depends on our Independent Agency partners, we have established the following minimum standards which must be met prior to getting consideration to representing our company.
Potential Agency's Requirements
- Profitability – The potential agency must show it has produced a 60 percent or better combined loss ratio during the past 5 year period. Additionally, the Agency must be able to document any loss ratio anomalies with its top 5 companies.
- Technology — A potential Frankenmuth Insurance Partner Agency must provide high-speed Internet access to its entire staff, and it must be committed to maintaining state-of-the-art automation. While an updated agency management system is not required, it is preferred.
- Business Plan — A written business plan including marketing and perpetuation plans must be in place. This plan must show a desire for long-term growth, and it must contain specific sales goals and objectives.
- Growth — Revenue or written premium must be growing at a rate of 5 percent per year for the previous three years.
- Appetite Awareness — The Agency must have a complete understanding of what we want to write–premium size, main street-type business, billing plans, etc..
- Premium Commitment — Depending on the size of the Agency, a three-year written premium commitment will be established for each new appointment. Typical commitments range from $500,000 to $1,000,000.
- Location - The prospect should be located in a growing / prosperous community.
- History — The potential Frankenmuth Insurance Partner Agency must have been in business a minimum of five years.
- Financial Strength — The Agency must be financially stable and willing to share current financial statements.
- Sales Culture – It is critical the potential Frankenmuth Insurance Partner Agency takes pride in writing new accounts, and that it provides outstanding service to its existing clients.
If your Agency has met the above standards, we want to learn more about your operation and invite you to complete the following worksheet. We will have one of our representatives contact you shortly to discuss a partnership.
All fields on the following form are required