Latinos and the Insurance Business

Many large corporations are trying to encourage business ownership among Latinos. Opportunities for insurance agency ownership, like the one advertised this week with Nationwide, appear to give the entrepreneur a head start by providing a proven business model to follow coupled with first class support. It is not uncommon to find agents who make a six figure income.

In some demographics, decisions about which insurance broker to do business with may be influenced by price, internet, television, or radio advertising. However in the Latino community, individuals or households are more likely to turn to friends, relatives or neighbors for advice. Latinos are also more likely to seek out a local broker who speaks Spanish and who understands their needs and concerns when language communication or cultural awareness becomes an issue.
There is an old stereotype that Latinos don't take insurance seriously. But once you get beyond the stereotypes, you can see that Latinos understand and value the importance of insurance. Only a small percentage of the Latino community considers insurance an unnecessary expense and this is no different than the general population.

Columbus is a great market for those that want to jump into the insurance industry. Here in Central Ohio we have more than 40,000 Latino residents that represent tremendous purchasing power. In ever increasing numbers, Latinos are buying houses, cars and all kind of commodities. The ongoing needs for culturally aware agents will only increase. If current demographic trends continue, by the year 2050 1 in 4 Americans will be Hispanic. Furthermore, Latinos do particularly well as entrepreneurs. Their success rates surpass all other demographics and are the fastest growing segment among new business owners

So I wonder, for the entrepreneurial minded Latino how do you feel about agency ownership as a business?