"We have built Brightway into a company that fills a major gap for customers seeking convenience and choice."
David Miller, CEO of Brightway
JACKSONVILLE, Fla (PRWEB) September 10, 2013
Brightway Insurance, the only franchised retail store offering extensive insurance carrier choices under one roof, marked its 10th anniversary by announcing an accelerated growth strategy.
"We have built Brightway into a company that fills a major gap for customers seeking convenience and choice,” said David Miller, CEO of Brightway. "With more than 100 stores now open it's quite gratifying, but we see the real growth ahead, which is why we've adopted a new growth plan in addition to the continuation of traditional franchising."
The new growth plan is an overlay, not a departure. Brightway is adding this strategy to its already successful efforts of opening new offices. Brightway’s growth is organic and customers have been choosing Brightway over traditional agencies for 10 years now. The company's 50 percent organic growth without traditional advertising is proof positive that customers like the distribution model more than either the “one product” option offered by direct marketers and captives, or traditional agencies. When customers are given the choice of shopping for insurance through “one product” brands, or a robust brand that offers many top choices with all the modern conveniences, Brightway wins in the marketplace.
According to the company’s CFO, Bob Taylor who came to Brightway from H&R Block, “The execution here is extraordinary. Due to the efficiencies unlocked by Brightway’s model, we are able to afford to pay significant up-front cash to existing traditional agency owners who wish to either grow the value of their agencies or simply retire. With so many agency owners nearing retirement age and considering perpetuation plans, we felt the timing was perfect.”
The new, aggressive strategy involves acquisition and conversion of existing independent agencies to expedite growth. Acquisitions involve purchasing a book of business from an independent agency, whereas conversions result in a new Brightway location. Conversions are not available elsewhere in the industry and are very attractive to agency owners. This is because conversions allow for a liquidity event that's otherwise only available when selling an agency. Under a Brightway conversion, the owner will remain in business with a liquidity event up front, ongoing earnings and a liquidity event if/when they sell the business. Brightway expects to complete a total of three-to-five acquisitions and conversions per month going forward.
In addition to the tremendous benefit to customers, Brightway provides agents with exceptional business growth. Ironically, most insurance agents are stymied by their own growth; the more business they bring in, the more time they spend on customer service. It's essential to provide good customer service, though doing so limits time generating more business. By creating a unique customer service system, Brightway frees agents to do what they do best, bring on more customers while building a broader portfolio of business in a shorter period of time.
Brightway has approximately 200,000 policyholders and 600 associates in 115 offices, and generates more than $300 million in annual sales. The company expects to reach $1 billion in annual sales by 2018.
The company has taken a leadership role in several areas, including the recognition of the military veterans in business by offering 100 percent financing of the franchise fee for these heroes. Brightway also leads the industry in the new technology implementation, such as the recent conversion to a new agency management system to provide greater efficiencies across the organization.
About Brightway Insurance
Founded in 2003, Brightway Insurance has become a leading national independent insurance retailer. The company’s focus on creating the "ideal customer experience" has resulted in an industry-leading customer retention rate of 93 percent and increasing growth. From 2010 to 2011, sales grew from $108 million to $168 million and rose sharply to $257 million in 2012. Brightway Insurance is already an Inc. 500|5000 Fastest-Growing Company, making the list for the last five consecutive years. In 2012, Entrepreneur Magazine in its annual ranking of the Top 500 franchises ranked Brightway Insurance the #1 insurance agency franchise in the nation. For the previous three years, Florida Trend has ranked Brightway Insurance on its list of the top 100 "Florida’s Best Companies to Work For," and in 2013, Trend also recognized Brightway as the 102nd largest private company in the state in the state in terms of revenue. For more information, visit http://www.brightway.com or call 888-254-5014.
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