Kyle O'Neill is president, CEO and Founder of O'Neill & Co. Insurance Group, has a lot of chutzpah. With just a little more than three years experience in the insurance business, this 28-year old actually believes he can start his own independent insurance agency from scratch with no customers, no agency/company appointments, no staff and no financing.

Guess what: After meeting with Kyle, pictured below, at his office in Palm Beach Gardens, Fla., and talking with him, I also believe he can — and will be very successful and build his agency into a large organization just the way he visualizes it. And that's because Kyle has a unique insight not only into the agency business, but also into what it will take to be successful. Kyle O'Neill is president, CEO and Founder of O'Neill & Co. Insurance Group

Kyle contacted me after reading one of my columns to introduce himself and ask for some advice from a seasoned veteran as he had just started his own agency. Within a few minutes of speaking with him, I realized that he was something special. I recognized many of the start-up issues he was facing and was immediately impressed with his planning and strategy. I was in the same situation more than five decades ago.

After graduating in 2013 from Monmouth University with a BBA degree, Kyle joined the Celedinas Insurance Group, which eventually became part of Marsh & McLennan. Kyle credits his prior agency experience with providing him with excellent insurance sales and skills training, and as his production continued to grow he felt that he really wanted to become an entrepreneur. In July 2017, he established his own business. Along the way, Kyle obtained the prestigious CPRIA (Chartered Private Risk Advisor) designation, which he felt was a key factor in qualifying him to work with high-net-worth clients who were quickly becoming a major source of his business. He also obtained his CLCS designation.

Kyle established a business plan for years 1-3. His target markets are:

The Private Client High-Net-Worth market;
Young professionals and entrepreneurs whom he can grow with as they grow through developing relationships with like-minded prospects, with whom he shares the same business interests; and
Small and Mid-Market Commercial prospects

By the end of the first year Kyle's plan calls for having his first full-service CSR in July 2018; learning the Agency Management System (Applied) he purchased; being in the black (revenue exceeding expenses); and having three to five direct agency company appointments.

I was impressed with the scope and detail of Kyle's assessment of the risk facing him in his new venture. He has carefully planned for several worst-case scenarios. For example, once deciding to eventually launch his own agency he and his wife began to set aside enough funds from their dual incomes to carry them through the first 18 months, allowing enough time for commission revenue to build. He feels he is on target for commission income to intersect with expenses and turn the corner from red to black right on schedule.Raising outside capital or making loans was not an option, so he basically has no debt.

As the O'Neills are now expecting their first child, Kyle is in the process of buying both life and disability insurance to protect his family and provide income in event of either contingency. So with the risks of capital, death, and disability eliminated, all that remains for Kyle to focus on is to continue to build the type of relationships he feels will bring him the most success and growth opportunities for The O'Neill Insurance Group.

Kyle and I will talk from time to time about how well he's executing his plan, what changes he's made, and what new challenges he has encountered. We intend to revisit him in about a year to find out his results.

I say he makes it happen.

Barry Seigerman founded The Seigerman Agency in 1975 in Long Island, N.Y. He is an independent broker/producer, the latest chapter in a very long book of business he's built through the simple power of cultivating relationships. To reach this writer, send email to bmseigerman@gmail.com.

Special Reports /

Charting the progress of an ambitious young insurance agent

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