Independent agents who partner with a high-quality agency network experience better growth and close-ratio outcomes post-relationship. Retention of book of business, opportunities for higher commissions, no network fees, and flexibility to choose which network services to use facilitate agent satisfaction.
Surveyed agents reported varying growth and increases in book of business since partnering. All agencies save one were $3M+ agencies, ranging up to $7M. Most achieved $3M in growth between 3 to 5 years.
Close Ratios and Rationale
Agents noted that their lead close ratios percentage increased after leaving their captive roles and partnering with the network. As a dedicated agent, their close ratios were reported between 15-20%, while ratios rose to 80-90% after partnering with the network.
Most commented that their close ratios went up dramatically for two reasons:
- Access to numerous companies to quote for best all-around fit and package at the best price
- Not feeling compelled to write the business with one carrier over another because they were beholden to production requirements
Here is what other agents had to say regarding the growth of their agency:
- “Partnering with Smart Choice has had a HUGE impact. I have grown my business far more than I could have expected, and it was because Smart Choice provided access to the markets needed to be successful.”
- “The impact on our agency has been significant. We were able to reach the commission cap in a very short period of time which now allows us to be paid 100% of the commission from the carriers. We also qualified for profit sharing this year which greatly impacted our agency's revenue.”
- “Our revenue has been significantly bolstered working with Smart Choice — we’re hitting bonus multipliers we wouldn’t be able to reach otherwise — like 4.5% in aggregate instead of 2.5%.”
- “My goal is to continue to grow my Agency, and having Smart Choice partner with us to identify opportunities to purchase books was unexpected.”
- “I know how to sell and build relationships, but the daily aspects of running a business were challenging. Having advisors at Smart Choice help me learn how to navigate things was an amazing resource. They helped me put a strong foundation in place so my agency could succeed immediately. I think they help agents grow the RIGHT way — and that’s really important.”
- “It’s hard to imagine running this agency without the support of Smart Choice. The reality of being a brokerage is that it is significantly more complex because every writing company has its unique differences. Smart Choice helps us solve that problem by giving us one central point of contact for help with dozens of writing companies. It prevents us from getting caught in the minutiae and lets us focus on what matters most: serving our customers.”
Finding the Right Insurance Agency Network
Access to top-rated carriers that would otherwise have been inaccessible pre-partnership supports agents in providing the best match and highest satisfaction for their clients. This, along with higher close ratios and rapid growth, demonstrate the power of the right insurance agency network for independent agents.
Beyond Survival: Key Strategies to Thrive as an Independent Agent outlines pain points many independent agents face and shows how a high-quality agency network can help agents overcome these hurdles, achieve financial growth, and better serve customers.