Q&A with Lindsey Petrillo

Lindsey Petrillo, MBA, CIC is president of the Eric W. Snyder Insurance Agency, a full-service independent agency in Parkton, MD. Prior to purchasing the agency, she worked as a district sales manager for Erie Insurance Group.

Q. Eric Snyder passed away unexpectedly, which prompted the sale of the Eric W. Snyder Insurance Agency. Why did you decide to take the plunge into agency ownership? And what was the acquisition process like?

A. Honestly, I never saw myself owning an agency. It’s funny what life throws at you though. Leading up to this in 2021, I was at a point in my career where I was really burnt out and looking for a change. Personally, I had been riding a rollercoaster for the two years prior. In 2019, I was diagnosed with a very rare head and neck cancer. Over the next year, while I went through surgeries and radiation therapy, I was also getting my MBA from the University of Maryland. As that chapter came to a close and I stepped onto the road toward recovery, COVID-19 hit. Needless to say, when 2021 rolled around I was admittedly a little lost, but knew I needed to make a change.

Eric’s passing was devastating. He was a close friend and mentor I had worked with since I moved to Maryland in 2016 to work for Erie. Little did Eric know that prior to his death, I was debating the idea of approaching him about perpetuating his agency. Unfortunately, we never got to have that conversation. A few months later, when the family decided to sell the agency and asked for my help in finding a buyer, I felt compelled to step up. This was the opportunity I had been looking for, and the opportunity was made so much sweeter when I could do it in honor of a dear friend.

The acquisition process was a beast. Going about acquiring an agency without the prior owner makes it challenging. I was lucky to have a solid team around me to support me throughout the process. I also had some great agent friends who let me vent on the hard days or were there cheering me on, on the good ones. Having a strong support system – both professionally and personally – is vital for anyone who is going through the acquisition process.

Q. What lessons have you learned from this experience?

A. I think the biggest lesson I’ve learned from this experience is to have more patience … with the process, with myself, with the business, etc. It’s something I still have to remind myself of regularly. I have friends who have often told me the only way to eat an elephant is one bite at a time. My situation was a little more unique because Eric didn’t retire, he passed. I had to take the process and the transition one day at a time. There were things I had to learn and the key person to learn them from wasn’t here. I have had to lean on others to help me get up to speed. It’s been a very humbling experience.

Another lesson has been accepting that you’re not going to please everyone. One of our biggest hurdles has been addressing Eric’s passing with customers while also introducing new ownership and team members. Again, we are in a unique situation, and there really is no “right” way to handle it. Some customers have taken his death very personally, and we know change is hard. All I can do is be confident and comfortable in the way I have approached it and that I did so with Eric’s family, my team, and the business in mind.

Q. You were a successful district sales manager before switching sides of the desk. What would be helpful for other independent agents to know about their carriers, reps, and the support they offer?

A. It’s important to remember that we are all on the same team. Success for an agent means success for the DSM, branch, and carrier. There are times where tough conversations are had or decisions are made by a carrier that aren’t agreeable to everyone, but know they are trying to do their best to advocate for agents and help where they can.

Another thing, be kind! Sometimes we can forget that DSMs and branch managers have a lot of plates in the air just as agency owners do. We are all busy and stressed and are trying our hardest. When days are hard or we disagree, it doesn’t hurt to remember to be kind.

Q. What’s your favorite thing about working in the insurance industry?

A. I think my favorite thing is operating a woman-owned business. I recently attended the Women’s Conference IA&B held in March. It was great to network with other women in the industry, but what really made the day special was meeting a few young women who currently work for another independent agency. When they found out I owned my agency, they told me how inspiring it was, and we proceeded to have a great conversation with them asking me a ton of questions about my experience. It’s only been 17 months of owning the agency, but a long-term goal of mine is to focus on the female customer – whether she be a homeowner, or a business owner, or both. I see it as an opportunity to empower women to learn more about their insurance and why it’s important.

Q. Having worked on the carrier and the agency side gives you a unique perspective on our industry. What do you see as the independent agency channel’s biggest challenge?

A. Currently, I think the hard market we are facing right now is the biggest challenge. I’ve heard others talk about it saying it’s the hardest market many will ever face in our careers. When it comes to rates and customers shopping around, as a district manager, we look at it very factually, and everything is data driven. We get to have the bigger conversations with multiple departments to understand what our experience is and what’s actually driving rates. On the other side, as an agent, it’s a much harder conversation to have. Every dollar added to someone’s policy is a pain point for a lot of customers right now. I think there is some sharing of perspectives between company and agent that could help both sides.

Looking ahead, I think many can agree our biggest challenge is recruiting and retaining quality employees. I have explored various ways to recruit talent and have worked with consultants in the fields of HR and recruiting to hone my approach. When it comes to retaining staff, I think it’s abundantly important to show gratitude toward and appreciate your employees. Providing structure, a comfortable work environment, and stability (in the form of quality pay, incentives, and benefits) are also vital. The market has changed, and we as agents must adapt and be willing to invest in our employees so they will want to stick with us for the long term.

Q. When you’re not working, how do you spend your time?

A. Through my personal experiences, I have learned how important it is to take time for yourself and to prioritize self-care (especially when you’re a business owner). When I’m not at the office, I enjoy spending time with my friends and boyfriend exploring Baltimore city or traveling. I am an avid reader, so you can often find me completely engrossed in the next book on my list. I also love being active, whether it’s hiking, doing Pilates, or a spinning class.