Based in Kent, Ohio, the Stuart Smith Insurance Agency is a third-generation family business, founded by Paul Smith and currently owned by Paul’s son, Stuart Smith. Cole Smith (Paul’s grandson and Stuart’s son) is a commercial account manager with the agency, as well as an avid golfer.
Like insurance, golf is in the Smith family’s DNA. Cole studied marketing and business analytics at Ashland University and competed as a varsity golfer there. His father also played golf in college, and when Cole was a kid, he spent a lot of time on the greens.
Today, Cole continues to enjoy the game and compete in tournaments. He finds that a significant amount of his business comes from the golf course. “It’s the great equalizer. When you spend four hours talking to someone, you find out what they need,” Cole says.
The Independent Model: Key to More Birdies
The Smiths have been in the insurance industry since the early 1980s, but they started on the captive side. Then, when Cole was in high school, his father and grandfather decided to go independent.
“It was the best decision they ever made,” Cole says. He goes on to explain how independent agencies can offer so many more options than captive agencies. “As an independent agency, we can find a solution faster – especially with Smart Choice,” he says.
Placing coverage for commercial accounts can be tricky, especially when unique risks are involved or carriers are limiting their capacity in the market. While other agents might turn down those clients, Cole finds a way to help them by leveraging the Smart Choice network.
These options also come in handy when a carrier decides to non-renew a policy or reduce coverage. “We brag about our retention rate being in the mid-90s, and if we were captive, that wouldn’t even be in the conversation,” Cole says.
The Insurance Network Advantage: Best Ball
Having an insurance network behind you is a little like playing in a scramble tournament – it’s magical … if you have the right people on your team. Fortunately, the Smiths have discovered a wonderful synergy with Smart Choice, but it wasn’t their only option.
There are roughly 150 network/cluster options in the insurance market. “I know some of Smart Choice’s competitors,” Cole says. “They have a pay-to-play model that involves giving them a bunch of money up front.” That might be worthwhile if those networks offered access to more carriers and better options, but from what Cole has seen, that’s simply not the case.
Some of them also have stipulations that can harm agencies – for example, requiring them to meet quotas or pay money back.
“I’ve talked to other agents that have gone with Smart Choice’s competitors,” Cole says. “I just don’t think those other guys have as much to offer, and they want you to pay for everything.”
Cole likes the simple, transparent way Smart Choice handles costs. There are no fees, just a commission split. Once agencies reach a certain level of premium, the commission split disappears, and agencies get to keep 100%. In Cole’s mind, this is a much better alternative than upfront fees.
“I think it’s better to do a commission split at first and then grow to the point of not having to pay any commission,” Cole says. “It’s an incentive that I think is important, because you have a good reason to work hard and grow.”
Vast Resources: Essential for Navigating Sand Traps
If Cole needs help placing a challenging risk, his team at Smart Choice always connects him with the right person, carrier, or resource. “It’s a mutually beneficial arrangement for both of us, because we both want to grow, and we both want to take care of our clients,” Cole says.
As an example of how Smart Choice can help with difficult cases, Cole shares a story about his friend’s business. “They’re a start-up, so that’s a challenge,” he says. “To complicate matters further, they ship items from out of the country, and they wanted some specific coverage terms.”
Finding the ideal solution was difficult, but with Smart Choice’s help, Cole was able to deliver. “I ended up writing the business through Liberty Mutual through Smart Choice. They didn’t require any exclusions, and they came through with the right coverage and rates for his company, which was nice,” he recalls.
There have been countless other times when Smart Choice has provided a lifeline, like when Cole was able to close a large deal for a start-up trucking company that transported flammable materials. It wasn’t the sort of thing a standard carrier would typically touch, but Cole found coverage with CRC through Smart Choice’s Express Markets program.
In yet another example, Cole was able to secure a medical malpractice policy for a local dentist thanks to the Smart Choice network, which gives him access to hundreds of carriers – many in specialty niches that other agencies can’t access.
Sharing the Value: Land of Opportunity
After seeing what Smart Choice has done for him, Cole is eager to help other agents experience the same value. “I’ve already referred a few different agencies to Smart Choice,” he says.
“For me, Smart Choice has been a land of opportunity, and it’s exciting to be able to have that.”
– Cole Smith
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