{"id":1135,"date":"2019-01-21T22:09:00","date_gmt":"2019-01-21T22:09:00","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2019\/01\/21\/brightway-transforms-insurance-distribution-landscape\/"},"modified":"2025-03-13T02:15:25","modified_gmt":"2025-03-13T02:15:25","slug":"brightway-transforms-insurance-distribution-landscape","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2019\/01\/21\/brightway-transforms-insurance-distribution-landscape\/","title":{"rendered":"Brightway Transforms the Insurance Distribution Landscape"},"content":{"rendered":"

Brightway Transforms the Insurance Distribution Landscape<\/h2>\n

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\"brightway Brightway Co-Founder and CEO, Michael Miller<\/div>\n

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In a move designed to make insurance agency franchise ownership more attainable, Brightway Insurance<\/a> has unveiled a path to franchise ownership with no up-front costs or risks and the opportunity to generate immediate profit.<\/p>\n

Brightway Co-Founder and CEO, Michael Miller, announced the new program during the company\u2019s annual conference for franchisees at the Hilton Bonnet Creek in Orlando, Fla.<\/p>\n

The new commission-based agent program, called \u201cIndependent Agent,\u201d empowers experienced property\/casualty insurance Agents to start selling in the Brightway system while qualifying for franchise ownership.<\/p>\n

Once Agents successfully meet sales goals in the Independent Agent program, they qualify for a fully financed, lower-cost entry fee into the company\u2019s new franchise model in which a Brightway location can operate out of a professional office space.<\/p>\n

\"Brightway\"<\/p>\n

Today, Brightway\u2019s franchise model requires the agency to be located in a retail space where Agency Owners can build large sales teams.<\/p>\n

In the new franchise model, agencies operate in a professional office space<\/a> with teams of up to two people, dramatically reducing up-front and ongoing operating costs while helping the franchisee grow a financial asset.<\/p>\n

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\u201cBy introducing a no-cost, commission-based agent program, coupled with a new, lower-cost franchise option, we are offering attainable paths to agency ownership,\u201d said Miller. \u201cAnd, our existing franchisees can take advantage of the new franchise model. Our single store owners can grow into Multi-unit enterprises, and current Multi-unit owners can grow even larger, capturing more share across the country.\u201d<\/p>\n

Miller added: \u201cI think about these options as opening doors to the Brightway system. Based on your background and goals, you can choose any door you like\u2014Independent Agent or a franchise located either in an office space or a retail location\u2014and grow in the direction you want.  The great news is that there are options in the No. 1 franchise system that can help you reach your financial goals, whatever they are.\u201d<\/p>\n

\u201cOffering choices is a win for our existing franchisees who want to grow their footprint, test new markets and capture more share. It\u2019s also a win for people who want to get into the Brightway system to build their own business, and it\u2019s a win for consumers across the country as we provide them more choice in insurance companies coupled with local, expert, in-person counsel,\u201d he continued.<\/p>\n<\/blockquote>\n

Brightway franchisees operate 178 locations in 21 states. Total annualized systemwide written premium is $559 million, representing less than one percent of the available $600 billion Personal Lines property\/casualty insurance market in the U.S.<\/p>\n

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\u201cThere is a lot of room to grow; the sky is the limit for Brightway and everyone associated with the company,\u201d said Miller.<\/p>\n<\/blockquote>\n

Overview of Brightway Models:<\/h4>\n\n\n\n\n\n\n\n\n\n\n\n\n
 <\/td>\nRetail store<\/strong><\/td>\nOffice location<\/strong><\/td>\nIndependent agent<\/strong><\/td>\n<\/tr>\n
Insurance experience<\/td>\nNone<\/td>\nPersonal Lines property\/casualty sales<\/td>\nPersonal Lines property\/casualty sales<\/td>\n<\/tr>\n
Initial fee<\/td>\n$60,000<\/td>\n$30,000<\/td>\nNone<\/td>\n<\/tr>\n
Commission Split<\/td>\n85%-100% new\/<\/p>\n

55% renewal<\/p>\n<\/td>\n

80% new\/50% renewal<\/td>\n50% new\/50% renewal<\/td>\n<\/tr>\n
Ability to grow an enterprise (multiple units)<\/td>\nYes<\/td>\nNo<\/td>\nNo<\/td>\n<\/tr>\n
Contract term<\/td>\n5 years with unlimited renewals at no cost<\/td>\n5 years with unlimited renewals at no cost<\/td>\n6 months with one renewal option before becoming a franchisee<\/td>\n<\/tr>\n
Holistic business support<\/td>\nYes<\/td>\nYes<\/td>\nYes<\/td>\n<\/tr>\n
After-the-sale service<\/td>\nYes<\/td>\nYes<\/td>\nYes<\/td>\n<\/tr>\n
Staff required<\/td>\nMinimum of 3<\/td>\nMaximum of 2<\/td>\nMaximum of 1<\/td>\n<\/tr>\n
Location<\/td>\nRetail space<\/td>\nProfessional location<\/td>\nWork from anywhere<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Michael Miller answered additional questions about the new models on camera. Click the question below to see the video with his response.<\/strong><\/p>\n