Joining an insurance agency network comes with a substantial amount of perks – but with so many options to consider, how can you select one that’s right for you?
The value of an agency network is determined by exactly what its members receive in return for joining – and Renaissance Alliance’s offerings extend far beyond what agency principals might expect.
Most agency networks offer expanded market access and increased profit sharing. While those benefits are certainly valuable to any agency, they’re just part of the substantial value proposition that Renaissance Alliance delivers.
Renaissance Alliance helps our member agencies to grow faster and smarter, with a menu of additional services designed to support their processes and accelerate deal flow. This leads to improved profits and increased valuation of the business you’ve worked so hard to build.
Our membership is all-inclusive, meaning that member agencies enjoy access to all of these services at no additional cost. Since our members still retain 100% ownership and ability to make their own decisions, they get to decide which of these services give them the largest competitive advantage. Our data shows that the more agencies leverage these member services, the greater their overall growth will be.
There are three specific areas in which Renaissance helps agencies: Premium Growth, Revenue Growth and Improved Operational Efficiency and Expense Management.
Let’s dive into how each of these works.
Growing Your Premium
Renaissance’s services make it simpler for members to unlock premium growth opportunities and develop action plans to capitalize on them. That’s one reason why our members grow at 2-4 times the rate of your standard independent agency.
Here’s a look at how we empower our members.
Agency Growth Partners: Your Key to Acceleration
Each member agency is assigned a dedicated Agency Growth Partner (AGP), who creates a customized strategy to help maximize your business growth. Comprehensive analysis of your agency provides insights into which Renaissance member benefits can be put to your maximum advantage: Your AGP acts as an extension of your team, helping your agency fully utilize the services that will best benefit your business.
Specifically, AGPs help to boost your agency’s capabilities in:
- Retention, increasing your overall retention rates and keeping existing clients;
- Cross-Sell/Account Rounding, increasing the number of policies per customer;
- Close Ratios, increasing your percentage of new customers; and
- Lead Generation, unlocking more new, viable business opportunities.
To accomplish this, AGPs review your agency’s data to find new revenue streams for your business and develop strategic initiatives to make them a reality.
Technology & Analytics that Work for You
To ensure that up-to-date information is made available to drive calculated growth decisions, members are offered access to software tools as well as our mobile app. These include:
- Data dashboards: for integrated and precise tracking of insights to discover new business opportunities every day;
- Daily reporting tools: to drive initiatives that can create growth in your business;
- Arno: a member-exclusive mobile app that helps agency principals quickly find and flag opportunities for revenue growth, set and track goals, and view the status of submissions;
- Portico: a submission system that integrates a small-commercial comparative rater, dramatically streamlining the submission process
Renaissance’s proactive approach to innovative insurance technology means we are constantly talking with new companies and sourcing the best technology solutions for our member agencies.
Expanded Market Access Provides Better Service
As an independent agent, finding the right insurance carriers to serve your customers’ needs is an ongoing challenge. Renaissance members have access to more than 40 standard carriers, more than a dozen specialty brokers, and a full-time staff of experienced placement specialists that make the process work better for everyone – especially your clients.
Having this expertise on your side helps drive new account placement (particularly in Commercial Lines), assists with out-of-state placements, and eliminates minimum premium goals with carriers.
Enhanced market access gives Renaissance members several key benefits: Having more markets means you have more choices and allows you to provide better value for your clients. A greater number of willing insurer partners also means improved close ratios for your producers, increased revenue, customer satisfaction and, in turn, better retention. All of this results in accelerated growth for your agency.
You’ll also get support to help you make the most of this expanded access:
- Commercial Lines Placement Specialists help member agencies find the best markets for commercial lines submissions and assist your agency from quote to bind to renewal. Most of our specialists have worked on both the agency and carrier sides of the business and have a wealth of knowledge about underwriting appetites and niches. They also know exactly who to call to help get your submission through the pipeline.
- Personal Lines Placement Specialists serve as an extension of your Account Management/CSR teams and can help your agency find markets for hard-to-place business or provide exceptional service to valuable clients. High-net-worth accounts can be complex, and our experienced specialists are here to help.
- Workers’ Compensation Specialists provide account-level consulting to both member agencies and their clients, helping to decrease experience mods, rein in costs and ensure compliance with federal and local statutes.
Marketing Experts Elevate Your Agency’s Profile
Properly marketing your agency can be a challenging, time-consuming endeavor, and most agencies don’t have the in-house expertise to do it effectively.
With fierce competition from direct writers with billion-dollar marketing budgets, agents need a marketing partner that works to help them reach more prospects as well as improve communication with their current customers.
That’s why our members receive access to powerful marketing services that boost your agency’s branding and digital presence. These include:
- Maestro: An e-mail marketing tool that interfaces with your agency’s data and automatically sends customer welcome kits, cross-selling campaigns, renewal reminders, claims check-ins and win-back requests.
- Website Development: We work with trusted vendors to design and build custom, affordable websites for our agency members. A dedicated project manager serves as your point person for all website services.
- Branding: Need a makeover? Renaissance offers agency logo design and branding kits from an award-winning designer.
- Social Media: Our on-staff marketing experts are available to help your agency get started and to share best practices.
Growing Your Revenue: Steps to Further Success
Everyone loves additional revenue, but unlocking new opportunities to make those gains isn’t always easy. Here are some ways in which Renaissance helps our members find new opportunities to grow:
Relationship Management with Carriers
Renaissance members enjoy the benefit of a dedicated Carrier Relationship Management team focused on facilitating and maintaining the agency’s connections with a variety of insurers, as well as maximizing our members’ compensation.
This service helps free up time for agency principals and management to spend more time on revenue-generating and growth-focused activities. Additionally, Renaissance eliminates the minimum premium volume and policy-in-force thresholds that independent agencies often face with their insurance carriers.
All of this is achieved without jeopardizing any pre-existing relationships your agency may have with other insurers.
Maximizing Your Agency’s Revenue
Renaissance helps our members earn more revenue on the premium they’re already writing by negotiating better deals with our partner carriers. Our member agencies enjoy fixed overrides on all new and renewal business with override-paying carriers, and earn profit-sharing and growth bonuses.
Our GRO (Generating Revenue Opportunities) Team works with your agency to identify these accounts and find new markets for them – and we never recommend making any changes unless it’s in the best interest of your agency and your client.
As a fully independent member, the decision is always up to you.
Improving Your Operational Efficiency and Expense Management
Renaissance members have the ability to shift non-revenue-generating functions, including such tasks as billing, bookkeeping, accounting, commission reconciliation, marketing services and more, to our specialists. This not only reduces staff expenses for the member agency, but also frees up time for agency staffers to shift to client-focused, revenue-generating tasks that drive growth.
IT Help Desk & Training
Renaissance offers dedicated on-site and virtual training services for all supported systems, and also provides help desk support to keep our technology tools working for your benefit.
Renaissance members receive discounted services from trusted providers of agency management systems, outsourcing services, agency E&O insurance, loss runs, consulting services, graphic design, and much more. Savings on these services — and others — help reduce expenses and make your business more efficient.
Get More of What Your Agency Deserves.
Why join an agency group that only helps increase profit sharing and market access when you can join one that also helps increase agency revenue and valuation?
Membership with Renaissance Alliance equips your agency with more tools and capabilities than other agency groups, in addition to the standard expanded market access and increased profit sharing.
Explore how we can help ensure your agency’s future through organic growth. Talk to one of our growth experts and find out how joining Renaissance Alliance provides you substantial benefits and a trusted partner.