Insurance Agency Valuations

Insurance agencies and brokerages form the key link connecting carriers and policyholders. These entities fall into four distinct categories:

• Captive Agencies: These agencies have a sole alliance with a specific carrier such as State Farm or Prudential.
• Independent Managing Agencies: These entities mediate between the carrier and client, with extended powers in pricing, underwriting, and policy administration.
• Independent Wholesale Agencies: They serve as intermediaries between other agents and the carrier, majorly dealing with specialty or hard-to-place markets.
• Independent Retail Agencies: These agencies connect individual clients to the broader retail market, focusing on fostering relationships with multiple carriers to secure the best pricing and policy terms. This model is the primary industry revenue source.

At their heart, insurance agencies are sales-oriented enterprises. Their sales force, labeled as producers, earn their compensation based on producer contracts or agreements. Commissions from policies form the main income source, with property and casualty insurance yielding around 57% of the revenue.

A successful agency operation hinges on astute business acumen, adept sales skills, and finely-honed interpersonal abilities. Agency owners typically boast mandatory industry training, notable capital reserve, and impressive credit scores. Implementing solid business models, centered around client-acquisition and retention, greatly enhances their prospects.

Typically, an insurance firm operates out of a single location, has about seven employees, and brings in roughly $1.2 million in annual revenue. Effective marketing, particularly via referrals and online lead generation, contributes significantly to their success.

In terms of legal structuring, about 55% of insurance agencies are S corporations, 22% are sole proprietorships, and 16% are corporations, with the remaining operating as partnerships or non-profits.

Mergers and Acquisitions (M&A) are integral to the changing marketplace within the insurance industry, offering opportunities for growth, diversification and efficient market capitalization. M&A can be broadly divided into two categories: mergers, which traditionally involve two equally sized companies combining to establish a new entity; and acquisitions, where a larger company absorbs a smaller organization, either voluntary or involuntary.

Over the past two decades, we have observed a significant surge in insurance M&A transactions, elevated from roughly 80 deals under $40 billion in 2003 to an impressive 869, totaling $57.5 billion in 2021. Even in light of the economic decline in 2022, the insurance sector showcased resilience, with agency and brokerage driving M&A activity at a much higher rate than carriers.

The insurance market's predominantly fragmented nature and the aging ownership base form the primary catalysts for consolidation, leaving room for a considerable proportion of mid-sized, family-owned, and closely-held businesses.

Factors such as high cash flow margins, minimal capital intensity, mandatory insurance policies yielding recurring revenues, and the accessibility of credit contribute to the industry's attractiveness, drawing more participants into the market arena.

Typically, multiples range from 1.3 to 1.9 times annual commissions. However, various factors, such as the size of the agency, quality of insurance carriers, staff compensation, sales growth, and others, can affect the agency's value, causing multiples to vary from 1 to over 3.5 times commissions. EBITDA multiples can range from 4.5 to over 11 times depending on these factors.

Public broker valuations have surged in recent years. Policy repricing and changes in market share usually result from comparison shopping among bigger carriers. Despite the volatility, the industry's consistent demand and revenue streams have piqued buyer interest. The private equity influx since 2001 has been instrumental in driving the accelerating transactions market.

Selling an independent agency after years of stewardship can seem daunting; critical considerations such as timing, buyer expectations, and essential preparations leading up to the sale.

When is the most opportune time to sell? What are third-party buyers seeking in an agency acquisition? How should an owner prepare for a sale, both in the immediate term and years in advance?

The value of insurance agencies is primarily driven by internal, industry-specific factors and external influences, usually involving insurance carrier partnerships. Below, we propose several factors for owners to consider in preparation for a sale. These factors can either boost or diminish the agency's value, impacting whether agencies sell for a higher or lower price.

Market behavior, insurance carrier activity, and broader macro trends are prominent external influences. High competition among insurance providers causes independent agencies to intensify their sales efforts. However, carrier losses can impede market growth, affecting agency development.

Factors like employment rates and general economic trends contribute to 'exposure units' or the customer base. For example, a factory shutdown in a small town would eliminate its insurance account, damaging the local agency's business.

Key macro aspects impacting 'exposure units' encompass employment rates, expenditure on business and capital, density, and population growth, rates of homeownership, per capita income, and healthcare spending. Urban agencies take advantage of more customer opportunities compared to those in rural areas.

Independent insurance agencies with a diverse portfolio, preferentially focusing on commercial property and casualty policies, are generally more valuable. By selling their portfolio, agency owners can enhance their firm's value.

Factors that impact an agency’s value are:

• Age of agency
• Number of policies and clients
• High client retention
• Diversification across industries, products, policy types, and regions
• Policy mix (commercial vs. personal)
• Carrier representation
• Location
• Profit margins (earnings, cash flow, EBIT, EBITDA)

Just like in other businesses, an agency's internal value is defined by its quantitative attributes—such as revenue, expenses, efficiency measures, profitability, growth—as well as the qualitative elements like company culture, management experience, and employee relationships.

The qualitative aspect, especially for a people-centered business like insurance, is crucial during due diligence and management discussions. Other internal factors may fall under five categories:

• Acquisition history: Has the agency expanded organically or via acquisitions?
• Product and markets: Does the agency offer a range of insurance lines or specialize in one? Are they seeking growth opportunities?
• Sales and marketing: How does the agency engage new clients? Does it employ traditional approaches or leverage digital marketing advancements?
• Customer relationships: Are these held by the producers or the agency?
• Competitive positioning: How does the agency compare against larger carriers and emergent Insurtech startups?

Often, agency owners remain deeply intertwined with their businesses, driven by a profound passion for their customers, staff, and community. The prospect of parting with this integral facet of their life can be daunting. However, several indicators could suggest it might be an appropriate time to contemplate a sale:

Waning Passion

For many, dwindling enthusiasm for their once beloved profession signifies it's time for transition. Understandingly, the dynamic pace of the industry can overwhelm some operators. This could present in deteriorating client interactions, dampened fervor for regular client engagement, or diminished zeal to adopt and implement novel technological advancements. If these sentiments resonate, it might indicate a time to consider selling.

Declining Book of Business

Quite predictably, the absence of passion and energy most likely shows as a decline in your business's book. Although the independent insurance industry boasts a substantial 90% retention rate on average, it's not uncommon for agencies to experience flat or decreasing books of business.

Should your losses surpass your gains, selling your business becomes a viable consideration. Remember, while your client list naturally contracts due to life's inevitable changes and unsought events, it should ideally grow annually despite these reductions.

A receding book will impact your agency's valuation and directly affect your income – a declining annual revenue is a tell-tale sign that selling may be the proper course of action.

Attractive Acquisition Offers

Even if selling hadn't been on your horizon, receiving purchase offers for your agency necessitates deliberate consideration. Given the current M&A market, propelled by continuing private equity presence and sky-high valuations, inspection of serious offers is prudent.

Knowing an agency's value has never been more important, yet many independent agents only explore their agency's value when they are about to sell or retire.

An insightful valuation of your agency opens doors to seeing the potential impact and risks associated with your current book of business. Prioritizing the knowledge of high-risk areas allows agencies to make informed decisions regarding their capacity and coverage, ultimately maximizing their profits.

While assessing the risk within your book might seem challenging, Cake's innovative platform eases the process with seamless technology integration and a user-friendly interface.

A valuation will allow you to build on your strengths, address your weaknesses, identify operational inefficiencies, and make decisions on potential investments for the future. A valuation can be used as a roadmap and blueprint for the future success of your agency.

Whether you are an owner who is just getting started or a tenured veteran in the industry nearing retirement age, the best time to get a valuation is now so you can start using it as a part of your business planning process.

During the acquisition process, potential buyers perform due diligence to evaluate the agency and its worth. For owners nearing retirement, it's crucial to understand the factors that will attract buyers and those that may dissuade them.

Identifying ways to enhance your agency’s value can significantly increase your final sales figure. Many owners dedicate more than 30 years to managing and growing their agencies, often selling their largest financial asset without adequate guidance. Investing the necessary time and effort in the lead-up to a sale is paramount to realizing optimal results.

The biggest factors that influence the value of your agency include a strong and consistent organic growth rate, retention rate, profitability, and overall performance. By being keenly aware of these contributing elements and the correlating risk factors, you can work strategically to reduce your agency's internal risks and bolster its value.

Understanding the factors that influence the value of your agency is key to optimizing your performance, maximizing your value, and conquering the Mergers and Acquisitions (M&A) marketplace.

As an independent insurance agent, whether you're looking to buy or sell books business or fractional sales of your portfolio, knowing how these elements impact your practice can make a substantial difference. At Cake, we've built tools to aid you in this process.

The fair market valuation focuses on performance indicators such as growth, retention, loss ratio, and profitability—all crucial to determining the ideal offer price. These determinants may vary in importance between the buyer and the seller, involving agency synergies, risk assumptions, growth rates, and revenue projections.

An agency with solid policies, key employee contracts, and a firm grip on their metrics can negotiate a more favorable sale price. Conversely, agencies with weaker figures or lack of competency in providing expected performance metrics are likely to have a more uncertain future performance and, consequently, a lower selling price. These factors play a critical role in establishing a realistic price for the agency.

Growth equals success. It generates investment, positivity, and opportunity. It significantly shapes an agency's culture and its eventual triumph while bolstering its overall value. A thriving agency has the potential to increase its assets, acquire and retain expert talent, and divert profits towards sustaining further growth.

Agencies demonstrating consistent growth often appear more attractive to prospective buyers. Thus, ensuring operational efficiency until the point of sale is crucial. Buyers tend to favor an upwards trajectory in assets rather than a declining one. Although a growth hiatus doesn't spell disaster for an agency, it raises potential concerns.

Agencies with a strategic growth focus, boasting a two-year growth trend of 10%, can attain a valuation multiple that is 0.5 to 2 basis points higher compared to stagnant or declining ones planning to sell to external parties without involving internal staff. The dissimilarity in agency valuations between a growing and a shrinking agency can equate to hundreds of thousands of dollars in a sale in favor of the agency’s owners.

Client Acquisition and Retention

 

Organic Growth

Revenue growth profoundly impacts the value of your agency. This growth, excluding acquisitions, divestment, and other unpredictable income, showcases your agency's yearly growth and the culture it fosters.

Agencies reporting high organic growth tend to heavily invest in producers and staff. They typically feature a balanced generational mix due to lower owner and producer age ranges. In contrast, underperforming agencies remain stagnant, neglect investments in talent, and mostly comprise older owners and producers.

High revenues indicate a thriving agency that can make profits and attract new clients. A regular evaluation of these revenue trends can offer insights into your agency's performance and foresee potential value shifts.

Sales Velocity

Sales velocity, described as the ratio of current period new business to past period commissions and fees, also drives growth. A healthy growth delineates an agency with a sales velocity exceeding 12-13%. If your agency's growth aligns with a 5% organic growth market rate, it should likely prioritize new business.

Sales velocity, calculated as the ratio of new business obtained in the current period to commissions and fees accrued in the former period, also impacts growth. Agencies boasting a sales velocity exceeding 12-13% are in a healthy growth state.

If aligning with an environment experiencing a 5% organic growth rate, your agency should likely concentrate its efforts more on acquiring new business.

Retention Rates

Retention is measurable through three metrics: Client Retention, Policies in Force (PIF), and Revenue Retention. Revenue retention holds vital importance, as commission revenue constitutes a key element in an agency's profit and loss statement and valuation.

Agencies must consistently attract new clients to expand their policies in force (PIF) and diversify their portfolio. Referrals, online marketing, and social media are vital tools for sourcing new clients. Failing to meet carriers' new client acquisition targets, however, can result in agency termination.

Customer retention rates are crucial for ensuring the financial stability of an agency. High retention rates enable agencies to establish a strong revenue base and improve the accuracy of future cash flow predictions. To achieve these rates, agencies should focus on excellent customer service and competitive premiums, while employing strategies such as bonus programs, lapse ratio monitoring, and mandatory policy reviews.

Successful agencies target add-on sales and extended coverage options to increase revenue per client. Implementing a system to encourage, monitor, and reward agents for add-on sales can significantly boost this endeavor. Ultimately, strong retention rates drive growth and profitability, resulting in a more valuable agency over time.

Agencies can specialize in a niche for at least a part of their portfolio. Such specialization portrays the agency as an expert, makes access to appropriate markets easier, helps develop efficient processes to retain clients, and facilitates value-added service and expertise. This fosters client confidence, further enhancing retention and overall agency value.

Retention is central to an agency's performance, with various customer acquisition models available in the industry, including direct marketing, lead purchasing, referral development, and producers. Typically, acquisition costs amount to 75-100% of the first year's revenue, which is less than 20% of the lifetime revenue.

Agencies utilizing a marketing-driven model (such as personal lines) usually allocate 3-6% of revenue to replace around 10-20% of lost business. In contrast, those adopting a producer-driven model often spend 40-50% on the first year's commission.

High-performing agencies consistently achieve an impressive 93-95% average customer retention rate, with the number of policies per customer further demonstrating an agency's effectiveness. Independent agencies ought to target an average of 2.5 policies per customer, although specific client needs may cause variations. Long-term customer retention indicates stability and increased customer satisfaction, leading to a higher agency valuation.

The Power of Policies Per Customer

The 'Policies Per Customer' can serve as a predictive indicator of ongoing retention. Research estimates suggest an independent agency averages 2.5 policies per client: 1.7 policies for personal lines customers and 4.4 for commercial lines clients. The coverages a personal lines customer or a commercial lines customer require can significantly vary, leading to differentiated averages.

The independent insurance industry largely depends on trust-driven relationships. Agencies adopting robust account rounding strategies and offering multiple policies to their clients generally experience higher revenue and retention rates while building a loyal customer base.

Agencies with robust account rounding and retention strategies invariably have higher policies per customer. These agencies are better positioned to generate higher revenue and retention rates, and have the potential to build stronger trust with their clients.

This trust can lead to enhanced client loyalty and satisfaction, boosting their confidence in their agents to provide the right coverage and advice. The independent insurance industry, being predominantly relationship-driven, values trust and customer loyalty as key pillars to strengthen an agency's value.

Satisfied clients with high confidence levels are less likely to shop for their insurance. Additionally, having multiple policies in place makes it complicated to switch insurances. The intricacies of insurance and the time-consuming process of forming new relationships and comprehending the necessary changes can deter changes.

When an agency owner considers transitioning ownership, their customers naturally seek guidance on whom to trust amidst the change. Agencies with a high level of trust and loyalty among clients can transition these relationships more smoothly than those that lack a solid clienteles' foundation.

Establishing enduring trust relationships results in heightened customer loyalty and satisfaction, further raising clients' confidence in their agent's ability to provide suitable coverage and advice. Loyal, satisfied clients rarely seek other insurance alternatives, thus solidifying an agency's value. These trust-based relationships simplify ownership transitions, ultimately improving the agency's value.

Although often overlooked, this aspect can significantly impact your agency's value. If clients are unwilling to transition to the new ownership or team, it potentially undermines your agency's worth. While acquiring new business is crucial, maintaining strong relationships with existing clients is equally vital. To augment your agency's value, capitalize on opportunities to cross-sell and upsell to your current clients.

Agencies generate revenue from various sources including the sale of policies, commissions, and carrier-client fees. Agency income can extend beyond just the core commissions and fees. Upfront payments for multi-year policies and contingency/bonus commissions also play a role.

Commission rates vary, influenced by the type of insurance and carrier underwriting policies, with a tendency for higher rates on new policies and lower for renewals. There's also room for earnings enhancement via performance-based commissions and brokerage fees.

Sales can be inconsistent due to factors like changes in policy inception dates or carriers. Cash flow, too, may see irregularities due to different commission plans, posing a challenge particularly for startups reliant solely on commissions.

Profit margin is commonly used as an indicator of agency profit and value. In general, those holding a high profit margin of 25%-35% are considered more valuable, as it reflects strong operational efficiency.

Underwriting is chiefly a carrier decision, but agencies have the latitude to be selective with clients, which can minimize claim rates and bolster profitability. Operational efficiency often pivots on streamlined processes and technology, including agency management systems for customer data handling and workflow automation.

Strategic expense management can drive overall value. Lean operations may tilt towards higher payroll expenses, potentially affecting operating profits. Typically accounting for 50%-60% of costs, payroll is a significant factor, especially for smaller, privately owned, or family-run agencies, and could necessitate careful distribution of returns on labor versus capital.

EBITDA (earnings before interest, taxes, depreciation, and amortization) often surfaces as a key metric in profitability discussions. However, pro forma profitability -- achieved by excluding non-recurring operations and owner excess compensations -- is a more accurate profitability measure.

While determining pro forma EBITDA, it's pivotal to pick the right period for examination. As agencies grow, pro forma EBITDA margins may decrease due to increased investment in growth strategies and resources. The 'spread,' signifying the revenue-per-employee to compensation-per-employee ratio, can reveal agency productivity and help set performance benchmarks.

The performance inconsistencies make it imprudent for smaller private agencies to rely solely on public averages. Buyer perceptions of value alongside pro forma EBITDA are key determinants as they consider ongoing revenue, expenses, compensation policies, and reinvestment.

The synergy between the purchasing and selling agencies significantly directs the selling price. The success of a transition can be contingent on the similarities in the customer bases of the buying and selling agencies in regards to demographics, average policy sizes, customer behaviors, and agency philosophies.

A fair price should take into account potential revenue, anticipated adjustments in expenses, and risks and opportunities stemming from carrier and customer relationships.

In a hard market, insurance companies might realize increased commission and fee revenues, assuming their customers can tolerate the escalated rates. Client-incurred higher claims and losses can drive policyholder premiums upwards, somewhat compensating for the increased costs.

However, the augmented premiums might pose challenges for independent insurance agencies. Potential customers could be deterred by the higher costs, while existing clients might reconsider affordability, potentially causing a dip in sales and retention revenues.

Insurance companies, additionally, might grow selective about the risks they are willing to underwrite. This could decrease the volume of policies available for sale, subsequently lowering agency sales and revenue. Increased competition from other agencies in a tight market can further contract profit margins.

Counteracting Hard Market Effects

Despite the challenges, independent insurance agencies can implement several strategies to diminish a hard market's impact.

• Commit to Exceptional Customer Service: Exceptional customer service bolsters client retention and attracts new clientele, even in a challenging market.
• Establish a Robust Retention Strategy: Clear communication about market conditions to your current clientele is vital. Proactively providing advice and guidance during these testing times reinforces the agency-customer relationship.
• Diversify Insurance Product Portfolio: Market hardships may be concentrated in specific coverage areas. Offering a variety of insurance products could help alleviate a particularly hard-hit area’s impact.
• Develop a Comprehensive Digital Presence: A robust online presence is indispensable for businesses in the digital age, insurance agencies included. Improving website usability, remaining active on social media, and implementing digital marketing strategies broadens customer reach.

Making your agency appealing to buyers means focusing on optimizing operations, increasing customer retention, and diversifying product offerings. Buyers are enticed by agencies demonstrating growth capacity and operational efficiency.

Post-acquisition, an agency may maintain multiple locations or consolidate into one depending on the proximity, community reputation, and the negotiated terms among other factors. The decision on location maintenance will influence costs related to rent, utilities, equipment leases, insurance, etc. Additionally, it will determine the integration's impact on staffing, employee benefits, agency systems, marketing, and other costs.

A red flag relates to an agency's awareness—or lack thereof—of its financial metrics. At times, agencies with impressive revenue and commission figures may appear to be growing rapidly until a review of their expenses reveals excessive spending or poor expense management. Agencies should ideally have revenues exceeding expenses.

Regular collaboration with advisors, such as Carey Wallace and the adept team at Agency Focus, is crucial to gain a comprehensive understanding of incoming revenue. This knowledge will assist you in determining your agency's ideal expenditure framework. Each year brings novel challenges and prospects for agencies, including the acquisition of new producers or technology. These factors invariably affect the expense number—but the crux is being mindful of agency expenses.

Investing in staff improvement, technology, or culture enhancement are all essential aspects of agency growth. However, a fundamental understanding of the agency's financial state is pivotal in rectifying this and other red flags.

Given today's market dynamics, diversifying your book of business is essential for agencies. It helps safeguard against potential risks, including natural disasters and cyberattacks, which can significantly impact capital, pricing, and coverage aspects of the industry.

Before marketing your agency, take a comprehensive look at its strengths and weaknesses, analyzing factors such as the range of carriers, the ratio of personal to commercial lines, and client demographics.

High-performing agencies tend to focus more on commercial accounts as opposed to personal lines. Agencies heavily reliant on personal lines are vulnerable to disruption and commoditization. Clients' ability to compare offerings at their leisure heightens risk. A market fluctuation or a price surge from a carrier can significantly impact agencies with a high concentration of personal lines.

Striking a balance with a 50:50 personal-to-commercial lines ratio and robust partnerships with reputable carriers can bolster profit sharing and lower risk for prospective buyers. Additionally, exploring cross-selling opportunities, expanding into new regions, or introducing fresh business lines can significantly amplify your agency's value.

The customer base similarity between the two agencies involved could significantly influence the transition process. This includes customer and agency behaviors, the average policy size, and customer demographics.

Acquisition is an effective strategy for agencies looking to diversify into new markets, lines of business, or niches. This involves a thorough evaluation of cross-sell prospects by examining the number of monoline accounts or accounts extending beyond your primary expertise (like cyber, benefits, worker’s compensation, etc).

Factors such as personal relationships with key customers and unique expertise requirements also weigh in when assessing the business's sustainability and the resources needed to service existing accounts.

Maintaining solid client relationships and high customer retention rates is a cornerstone of a successful sale. By developing a niche and implementing a carrier strategy that emphasizes your primary partnerships, you can optimize contingency plans, making your agency more attractive to buyers.

A seamless transition requires alignment in customer engagement strategies, such as claims processing, upselling services, auditing, and account remarketing. Greater alignment will enhance customer and staff experience during the transition, whilst differences can flag potential opportunities.

A diversified and stable business portfolio is generally more appealing to potential investors.

The carrier relationships an agency holds could make it a lucrative acquisition prospect. For some, combining agencies could enable ventures into new markets and accruing contingencies with carriers currently beyond reach. However, a potential challenge could arise if carriers are unwilling to collaborate with a larger entity, necessitating a book roll to retain business.

Understanding carrier relationships, getting appointments with new carriers, and evaluating the overall carrier strategy impact is essential.

Multi-Carrier Partnerships for Risk Diversification

The cyclical nature of the insurance market necessitates a resilient business model. One key strategy is establishing partnerships with multiple insurance carriers. This defends the agency performance from extreme impacts during fluctuating market cycles, and provides a buffer against restricted market options and high susceptibility to market volatility.

By diversifying your carrier partnerships, your agency's stability and resilience are enhanced, maintaining consistent revenue flow amidst variable market conditions. You could consider incorporating an 80/20 rule whereby 80% of your business is concentrated within your top 20% markets.

If one carrier underwrites a significant portion of your clients, it's prudent to reconsider your production strategy and diversify your risk allocation. In this way, even if a carrier encounters market adversities or modifies its underwriting guidelines, the agency's risk exposure remains mitigated due to diversified carrier partnerships.

A diversified business model increases your agency's stability and valuation by shielding it from market volatility and catering to diverse customer segments through a broad product range. However, bear in mind that diversification doesn't simply entail expanding the carrier count but forming meaningful partnerships that align with your agency's strategic needs.

Carrier Optimization for Maximum Profit

While having access to multiple markets can be beneficial, strategic fit should always be prioritized over quantity. Acquiring the right markets that align with your agency's target clientele and niche specialization is more important than simply expanding market breadth.

Understanding your clients' coverage needs and preferences can help you pinpoint the most suitable carriers. Choosing carriers with proven expertise in your niche markets not only bolsters your agency's credibility, but it also lowers the risk of potential mismatches between client needs and carrier offerings.

This strategic alliance with carriers paves the way for numerous profit-sharing opportunities without compromising service quality for clients.

While smaller agencies looking to grow might think expanding market access is the right strategy, larger agencies often struggle with managing a wealth of relationships. This can impose hidden costs on your agency, leading to inefficiency due to excessive meetings and unproductive quoting activities. Your focus should remain on identifying suitable markets, providing necessary coverage for your clients at reasonable costs.

During the carrier evaluation process, key factors to consider include the carrier's risk appetite, track record for the business lines you intend to offer to clients, their growth plans, and financial stability.

Strategic efforts with a select group of carriers attuned to your clients' needs can establish economies of scale, boosting potential profit sharing within your partnership processes. This ensures top-line and bottom-line stability, creating a steady revenue stream, even in challenging market scenarios.

The Importance of Good Agency Management System (AMS) Data

Good AMS data is vital for proactive risk management and revenue protection. Maintaining accurate and up-to-date data provides insights into your business, allowing you to identify potential risks and make informed decisions.

In a hard market, it's crucial to have accurate AMS data to swiftly identify clients and risks when reacting to market news. Correctly coding your policies with policy type, effective and expiration dates, the issuing and billing companies, allows for immediate report generation to plan your re-marketing strategy for affected clients.

While carrier appetite guides can be helpful, accurate AMS data can offer a more precise appetite guide. This also informs you about which carriers are suitable if one alters their underwriting guidelines. The ability to generate this report allows you to respond rapidly should a carrier discontinue writing a certain line of business or geographic area.