In 1Q23, 382 agencies partnered with the fastest growing insurance network.
GREENSBORO, NC— Smart Choice® has signed a record number of independent insurance agencies in the first quarter of 2023 with 382 agencies partnering with the fastest growing insurance network in the nation. This number eclipses all historical first quarter results.
“Agencies that sign with Smart Choice want all the things that an insurance network should provide such as carrier access, but without risking their business to do so,” said Ashley Wingate, Smart Choice senior VP of sales. “We are the network of choice because we let new, seasoned, and owner-agents — grow on their terms and timetables.”
A recent report from the Independent Insurance Agents & Brokers of America (aka the Big “I”) shows independent agents are gaining market share. This signals a major opportunity for agents – and the right partnership can help them take advantage of this growing marketplace. The Big “I” says the independent agency channel placed 62% of all property and casualty insurance written in the U.S. In commercial lines, independent agencies placed nearly 88% of written premiums. There’s a reason why the independent agency model has staying power – it provides two things people need: choice and guidance. Data shows that between 2017 and 2021, captive carriers saw their market share fall from 46.0% to 34.7%.
With over 150 insurance networks to choose from, agencies have no shortage of marketplace options. Smart Choice offers an Agent Friendly Contract that eliminates the leading concerns that agencies have when joining an aggregator, cluster or network. These objections include ownership and control of the agency, excessive contract length, joining and monthly fees and commission splits without a cap.
“There are other aggregator type groups out there, but I feel like their contracts tie you in much longer and much deeper. One big advantage is that Smart Choice stops taking a commission percentage once a certain level is reached,” said Allan Miles, R. Allan Miles Insurance Agency. “With some of these other networks and aggregators, you don’t have that cap. They’re going to take a percentage of what you do in perpetuity, and they’re going to take it at that same percentage no matter how big your book gets. To me, that makes Smart Choice a very equitable and fair proposition.”
SOURCE: Smart Choice
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