How Frank Chan Created an Excellent Agency
IA Valuations has been valuing independent insurance agencies for nearly a decade. From Palmer, Alaska to Quincy, Massachusetts, we’ve had the opportunity to evaluate the operations and financials of over 400 agencies across the country. Through this work, we have been identifying and qualifying the metrics that make an agency excellent.
This year, IA Valuations will be inaugurating its 2026 class of Excellent Agencies. This designation is given to a select group of agencies that demonstrate exceptional business performance, organizational strength, and long-term value creation. Agencies receiving this distinction have outperformed the industry in key areas of their business, specifically in profitability, sustained growth, operational excellence, and staffing quality. Just as important as book of business value, Excellent Agencies have invested in the people, processes, and organizational infrastructure necessary to support continued success.
To kick off the 2026 inaugural class of Excellent Agencies, IA Valuations interviewed Frank Chan of Chan Insurance Agency in Quincy, MA. The full class of 2026 Excellent Agencies will be revealed in our Q4 report, but we want to feature a recipient in each edition leading up to the full list. IA Valuations’ goal with these agency spotlights is to learn from these agents and inspire other agency leaders to continue the pursuit of excellence.
In our conversation, Chan chalked his success up to luck and timing, but our team knew there was more to his success story.
In Chan’s words, he “stumbled” into the insurance industry. He graduated in 1982 into a difficult job market. He was waiting tables when one of his regulars, who could see his potential, recruited him to MetLife to begin selling life insurance. At MetLife, he completed his licensing exams and gained experience in life and health insurance. He later joined New York Life, where he received additional training and continued building his industry knowledge. As he gained experience, he learned about the commission structure and appeal of property and casualty insurance. He realized he could be doing more to round out the risk needs of his clients.
In ‘84, Chan purchased his first personal computer and began building financial projections for a potential agency of his own. After running the numbers, he realized that independent P&C agency ownership could be profitable. He sought advice from local independent agents, explored market access opportunities, and even began to write some P&C business on the side, before opening the doors to his own independent agency.
He opened Chan Insurance Agency in 1986 on the edge of Boston’s Chinatown. His background in life insurance and his experience as an immigrant instilled a strong work ethic and mindset that helped him grow. Much of his business plan was, and still is, based on the original projections he made on his old desktop computer. Chan said, “I knew I could not quit. It is hard, but if you do not quit, you will make it.” Their growth has been slow but steady, all organic and referral-based. Chan is modest about their growth, but they started from scratch, and now Chan Insurance Agency writes over $18 million in premium.
While he credits good timing, he also made some smart observations and hiring decisions as he built his agency. When he opened Chan Insurance Agency, there was a large wave of Chinese immigrants coming into the Massachusetts community. This being his cultural background, he built a professional niche around his community. He also started hiring people from his own community, taking chances on people who didn’t have insurance experience; he just needed help answering the phones. One of his first hires, Vicky, is still with the agency today. He hired her purely for her typing skills, and she has grown with the agency for over 30 years. Vicky’s story emphasizes a key theme for Chan: potential matters more than experience. Chan’s willingness to be creative with hiring, his mentorship, and exceptionally long-tenured team are some of the organizational strengths that distinguish Chan Insurance Agency as an Excellent Agency.
Chan has always seen potential in his community, both in the people he serves and the people he hires. He describes his seven employees as efficient, dedicated, and instrumental to the agency’s success. By providing stable careers, competitive wages, and a culture built on respect, he has fostered a loyal team that takes pride in serving their community. That commitment is reflected in the agency’s longevity and reputation. Additionally, every member of the staff is multilingual, allowing them to better connect with clients and provide a higher level of service.
There are several qualities that have contributed to Chan Insurance Agency’s success, but three stand out. The first is a disciplined approach to business ownership. Throughout his career, Chan consistently evaluated opportunities, invested thoughtfully in the agency, and remained focused on long-term profitability. While many insurance professionals excel at selling policies, Chan understood that building a valuable agency requires a different mindset; one centered on operational efficiency, strategic decision-making, and sustainable growth.
Third, and perhaps the most important, is his confidence in the vision he created for himself. Early in his career, he ran the numbers, developed a plan, and trusted the results. When challenges arose, he remained committed to that long-term vision rather than pursuing shortcuts or quick wins. Chan knew that if he did not quit, the business plan would work.
Today, Chan enjoys the role of a true agency principal, having built an organization that can operate successfully without relying on any one individual. In discussing agency ownership, he emphasized a principle that has guided his business for decades: a valuable business is one that creates value independently of the owner. Chan says, “If you are running an operation that is dependent on one person to make money, then you are not running a business, you have a practice. A business is not dependent on any one person to make money.”
By developing strong systems, empowering employees, and creating organizational stability, he has positioned the agency for long-term success. The next step is training his two sons to fill his shoes and continue his legacy.
Forty years after opening Chan Insurance Agency, Frank Chan’s leadership continues to define the business. What began as a carefully planned venture has grown into an agency built on disciplined decision-making, organic growth, strong community relationships, and a commitment to investing in people. Those qualities have generated lasting value for the business and earned Chan Insurance Agency a place among IA Valuations’ inaugural class of Excellent Agencies.
By: Colleen Elliott
Colleen Elliott is the Marketing & Communications Manager on the IA Valuations team. A graduate of The Ohio State University’s Fisher College of Business, she has a background in sales, marketing, and communication. Colleen manages marketing campaigns, communications with agents and state partners, and helps the IA Valuations team from an operational perspective.
About IA Valuations and Agency Link – Founded in 2017, the IA Valuations team has performed over 400 valuations to independent insurance agencies across the U.S. Our advisors have 30+ years of experience guiding agency owners on maximizing their agency value, planning, and legal needs for ownership transition. In addition, IA Valuations has provided perpetuation planning, financial modeling and business planning for independent insurance agencies. Finally, IA Valuations has advised dozens of agency owners on selling their agencies through our Agency Link process. Agency Link is a platform that connects buyers and sellers together to further the growth and strength of the IA system. To learn more about IA Valuations, please visit IAValuations.com or contact@iavaluations.com.
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