Florida-based Brightway Insurance is looking for people interested in opening one of its insurance stores in Colorado Springs.
The company’s CEO David Miller said he expects to expand his franchise into the Springs this year. He wants to open 40 stores in the state.
It might seem like a big goal. But, Miller started the company in 2003 with one store and three employees. Today he has 105 stores in five states, 500 associates and 130,000 policy holders. Last year, the company franchised 24 new offices.
The company is making a push in a dozen states. The idea is basic, Miller said.
“Today, there really aren’t any insurance stores,” he said. “There is no equivalent in the insurance business like a Best Buy – a place where you have all access to 100 different brands under one roof.”
Folks looking to buy insurance must go to each carrier to compare prices. At Brightway, they can compare about 100 insurance carriers in one location, he said.
“I had been in the insurance business for a number of years,” he said. “I had a sense of customer frustrations.”
Miller has targeted 30 to 50 metropolitan markets for expansion. His model is based on one store per 50,000 residents, he said. His is selling the first five Colorado franchises for $30,000. After that, he said, the one-time fee is $60,000. The stores have had a 90 percent success rate, he said.
“We’ve had our eyes set on bringing our unique insurance store franchise model to Colorado for years,” he said.