June 28, 2021

5 Things Agents Can Do Now to Earn (almost) Passive Income for Years

Independent insurance agents put in a lot of work hours for our customers. Wouldn't it be great to sit back and watch the money roll in for doing nothing?  

Besides the doing nothing part, you can watch the money roll if your future includes Online Program Business. Creating digital access to a product online is the easiest thing you can do to generate passive income.  Earning a passive income online at scale is limited by your licensing and imagination, so I encourage you to spend some of your time thinking about apps that might have members who need insurance. I would find it convenient to click a few buttons to buy. Which apps reach community groups or event organizers?

This list is not a guarantee of income. It should only provide some inspiration and, hopefully, some ideas.    

5 Ways to Earn Passive Income with Insurance

Help an association streamline membership, licensing & insurance fees

A huge hassle for associations is the financial management of fees. From Yoga instructors to nutritionists, from plumbers to welders, if there is a profession, an association has members that need to collect payments, including insurance. A licensed agent can enable all transactions to fall under one transaction.

Promote yourself using OVOU

OVOU is the world's smartest business card. It helps you share your information with just a tap on any smartphone.  The app sets a URL to your digital card to leave with your friends and connections.  When someone needs insurance, they tap your card and immediately connect to you and a form to collect their data. Quotes are then stored in a dashboard, where you can quote once you have rates from your carrier.

Start a YouTube Channel

Yeah, this is a lame one, but YouTube is a huge opportunity right now. We recommend that everyone using our InsureCert/API also create a YouTube channel for their agency. Record a topic your clients ask a lot.  Some agencies find it easier to create short snippets, rather than long rants, making content more watchable.  Why is Twitter huge?  

Get local referrals on local SEO

The writing is on the wall. Google is promoting local businesses in a big way.  If you do not have a Google MyBusiness account, get one today. If you are servicing a local area, this can work in your favor.  Setting your service to in-person visits, retail, or home delivery can earn you clicks and calls for your agency's services. Getting a five-star review from a local client is going to be critical.

Become a broker nominee

Investing in your future means owing to your agency and being a broker nominee. You work hard to build your client relationships, so why put all those hours into selling policies that you don't own? To maximize your work's value means your signature should appear on the bottom of your client's policy as the broker of record.  Get your level three license and negotiate for sub-brokering agreements or work with MGAs on your own.

OK, 100% opposite of passive income, but hey, hopefully, it inspires someone to be faithful to their dreams and makes us look like chumps.

Pro Tip—Start Tracking Your Monthly Commissions online:

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