Farmers Insurance office in Maryland. Photo: Diego M. Radzinschi/ALM
Farmers is planning to add nearly 1,700 new Farmers agency owners over the next year, the company announced on Tuesday.
The recruitment drive is aimed at driving organic growth and revitalizing the carrier's distribution network.
Farmers is also launching a new Elite Owner Program to attract high-net-worth entrepreneurs as agency owners. The program is aimed at candidates with at least $500,000 in capital who can stand up large agencies on day one.
Participants will be eligible for three levels — gold, platinum and diamond — of tiered benefits, such as enhanced support lines, priority service assistance, and additional startup and marketing incentives.
"We're doubling down on the entrepreneur model to drive our next chapter of growth," said Ken Walton, president of distribution at Farmers, in a statement. "This is about thinking big and moving fast. By onboarding 1,700 new agency owners — including an Elite tier of well-capitalized business leaders seeking to build or expand their portfolio — we'll be injecting fresh energy into our distribution force."
The recruitment push, if achieved, would be one of the largest single-year expansions in Farmers' 95-year history. Farmers says it's seeing strong interest already. As of February, new agent appointments were up 34% year over year.
In addition to the Elite Owner Program, Farmers is also continuing to recruit through its Retail and Acquisition programs, where prospective agency owners can start an agency from scratch or purchase an existing one. Candidates can also enter the carrier's Financial Services Agent (FSA) or Business Insurance Agent (BIA) career programs.
"Agency owners enjoy the flexibility of operating their own businesses — including the opportunity to sell select non‑Farmers‑branded products — while benefiting from the unmatched support of Farmers behind them," Walton said. "We believe this combination of entrepreneurial autonomy and big-brand support will propel significant growth, benefiting customers and agency owners."
Photo credit: Diego M. Radzinschi/ALM
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