Smart Choice® has announced a prize for the 10,000th agency to sign with the insurance network. A cash award of $10,000 will be given to the 10,000th member to partner with the fastest growing insurance network in the nation. Approximately 9,900 have already joined, so the milestone is expected to be reached in the fourth quarter of 2023.
“One of the most critical decisions an independent insurance agency can make is whether to partner with a network and who to partner with,” said Andrew Caldwell, Smart Choice president. “First, the terms of the contract must be agent-friendly but just as important is the strength of the network measured in the number of agency members, carrier partnerships, geographic coverage and level of influence when negotiating agency compensation.”
A recent report from the Independent Insurance Agents & Brokers of America (aka the Big “I”) shows independent agents are continuing to grow their market share. A greater number of independent agencies are being established -- accelerated by the hard market, disruptions sparked by agency acquisitions, new dynamics in the captive agency model and a desire to provide insurance consumers with greater choice.
“It is imperative that agencies exploring potential relationships with a network ask probing questions regarding fees, length of contract commitments and retaining 100% ownership,” said Ashley Wingate, Smart Choice senior VP of sales. “But they must also ask how many agencies they have under contract – because most networks, alliances and clusters are surprisingly quite small.”
