Blog + Magazine

Increasing numbers of new agency owners, existing independents, and former captive agents are looking to join agency networks to compete in a tough insurance market. But how do you choose the right agency network partner?

Like many people who wind up in the industry, Lee Ann didn’t plan to become an insurance professional. She fell into the industry, and ultimately realized it was the right career for her. Once she had dedicated herself to insurance, she needed to find ways to grow. Over the years, she’s done that with incredible success — and with the help of the Smart Choice network.

Agency Networks have historically been viewed as a great way to access markets, which is certainly a value proposition of most networks, aggregators, and cluster groups. However, the typical costs of participation make the financial equation puzzling. 

As we approach the halfway point of 2022, we continue to see the ripple effects on our industry of economic instability wrought by the pandemic. Although we’ve been seeing indications of a hard market for some time, the state of the insurance industry shows no signs of reversing this trend and it continues to tighten from a risk perspective.

One of the most destructive sales myths in circulation is how the “bulldog” insurance agent finally got the contract, the deal, the sale, after months of constant work. This myth is held up as the epitome of what sales is all about. For the vast majority of insurance agents, the sale is not worth hundreds of thousands in commissions.

E&S:

Clutch Coverage in a Changing Market

Download the PDF →

If you’re a captive who is experiencing challenges but also feeling lost about how to transition into the independent world – an independent agency network can help guide you.

Disruption is changing the landscape for thousands of independent and captive agents. The M&A disruption and new distribution models alter agency working environments, increase competition in many markets, impact compensation, job satisfaction, geographic opportunity and growth. While unplanned change can be for the better, for many agents, being in control of the change is preferred.

As much as he knew about insurance, Gulraiz lacked a sales track record and the essentials required for carrier appointments. He was denied at his first carrier appointment interview but soon after joined Smart Choice's Smart Start program and wrote $300,000 in premiums in just six months.

Spiking M&A activity in 2021 and steep competition for carrier appointments led a second-generation independent agent to consider next steps for his agency – to acquire or be acquired – and if he stayed in the business, how best to expand and become more profitable.

Feeling restricted by the captive offering, here's the story of just one insurance agent who chose the mission to put people first, over his loyalty to his brand — and left a captive career to start his own successful agency.

Cyberattacks can result in a significant loss of time and money— not to mention lasting emotional effects. Your clients need to be aware that this can happen to them and could have major impacts. Here are some tips and solutions to help offer them peace of mind.