This is one of many monthly articles featuring one of IIAV’s member agencies "on the move." In today’s fast-paced insurance environment, many agencies are participating in merger and acquisition activities. A few others are strategically growing organically. However, the feverish pace of the M&A arena is where most of the action is.
Each month, IIAV will select one of the association’s agencies that is aggressively – or perhaps, assertively - "shaking things up" through growth.
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It wasn’t that many years ago that the prospect of a young female becoming an assertive agency producer was almost something you never heard about. Branching out and creating an upstart agency was an even bolder and rarer occurrence. Summer Layton was apparently unaware of these insurance industry obstacles.
From the Lynnhaven area of Virginia Beach, Summer Layton began working with GEICO at the tender age of 18. As she recalls the experience, Layton says, "They trained me, licensed me, provided continuing education, and more. I was set up in their service department within a cubicle and perpetually attached to a headset." Layton handled primarily auto changes, endorsements, etc. At judy 21 years old and after three and a half years with GEICO, she was already a bit burned out.
When one walks into Layton Insurance LLC today there is an aura of order, control, discipline and a focus on service. Digging a bit into Layton’s background reveals a foundation of having worked with insurance firms steeped in this tradition.
Upon her departure from GEICO, Layton joined Bonnie and David Merritt at Dominion Insurance. There, she worked in a CSR-type role but began producing quite a bit as well. For a brief while Layton worked with Royall Fergusson. This new position provided a golden opportunity to work more closely and directly with carriers and she was able to network within the industry. Along the way, Summer met Billy King with London & Norfolk, Ltd. who felt she’d be a valuable addition to the agency. At one particular industry meeting, King discussed with her the possibility of working at London & Norfolk and arranged an impromptu but serious interview that afternoon. King suggested that Layton "pick up some panty hose" for a 5:30 p.m. interview. London & Norfolk apparently has a very professional dress code. Layton said that after the interview she was hired "on the spot."
About Layton, King says, "I’ve witnessed Summer grow in her insurance career from a somewhat shy CSR-type employee to a confident and assertive agency owner. The first day I met her she sat next to me in a CE class and initially said little. By the end of the day she was probing with questions about who I was, what I did, and how my agency functioned. We hired her for a producers position. Summer is full of energy and she absolutely loves what she does."
Layton’s stay of several years with London & Norfolk was, as she puts it, "a great training experience." She continues, "I am forever grateful for the communications and selling skills they taught me. Agency principal Mike Gomez was very nurturing to me professionally."
Billy King, who initially introduced Layton to London & Norfolk, eventually went to work for Towne Insurance. In 2005, Layton decided to pursue her education at the college level.
Unexpectedly, King one day contacted Layton and asked if she’d like to come back to work . . . this time at Towne Insurance. She was introduced to Jim Bradner, as the firm was looking for someone to work in the Norfolk location.
The lure was too great and Layton accepted the job. Bradner, Layton readily points out, "was terrific. He really let me grow professionally." Bradner, Towne Insurance president, Small Business says, "I quickly saw Summer’s independent nature and I was confident she’d likely strike out on her own one day. I just didn’t think it would be so early in her career. She’s a very talented lady and I’m happy and not all surprised she’s doing so well."
By 2007, Layton was determined to strike out on her own with a new startup agency and left Towne Insurance. In retrospect, Layton admits, "I wasn’t quite ready." She had been seriously talking with Erie Insurance, but the only way she could acquire an appointment was to move to the Richmond market. After the birth of her first child, she began to more seriously plan for the agency launch.
On October 1, 2008, Layton opened the doors to her new agency on West Main Street in Richmond. "This was absolutely an awful time to start a new agency," Layton laments. "I was really freaking out a bit and things did not go as I had planned." Her second child followed in 2009. "The economy was so upside down," she continues. "I should have shut the doors."
But shut the doors she did not. Layton never gave up. She shares that the real burden was the onerous $2,000 a month overhead, including the office space. Layton was running the new agency with only one part-time employee, Rachel Kuchta, who ultimately gave her notice and left the agency.
The "break" finally came. One of Layton’s commercial clients had some space just west of the city available at only $500 per month. She jumped at the opportunity and as she puts it, "just grew."
At this new location, Lindsey Garrett joined the firm. About 15 months later, Julie Atkins came on board with her life/health license. Atkins has since obtained her property/casualty license adding strength, sales and service to the blossoming agency.
Layton recalls that "she just never stopped" moving forward with her agency. Looking back she was likely too busy working towards success to worry about failing. During her first year, Layton says that "if I was writing 10 cies a month . . . it was a good month." Today, the agency is writing between 30 and 40 policies a month. And all of this business comes as referrals. Layton currently does no mass marketing, although she quickly admits to firmly believing in it as a promotional strategy. The agency leads come primarily from her activities in BNI and networking relationships she’s developed with CPA’s, attorneys, residential and commercial real estate firms. Ironically, a great deal of her referrals come from two of her former landlords – and that speaks volumes.
Creating a growing successful agency was a dream for Layton, but not a pipe dream. She’s worked hard and tirelessly to position the agency for continued growth. Her business plan spans out 20years. Layton never wants to grow beyond 10 employees She "likes the smallness of the agency business." But her plan is to ultimately sell the agency. To retire? No – rather to attend law school and teach insurance law.
How about that?
By Danny Mitchell (dmitchell@iiav.com), IIAV Vice President Business Development
Independent Insurance Agents of Virginia