Power In Numbers: Why You Should Be Working With Other Insurance Agencies

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Power In Numbers

Some insurance agents feel like joining an aggregator means they’re waving a white flag and giving up. But that couldn’t be further from the truth. 

When did teaming up get such a negative connotation?

By choosing the right partners, you can combine your powers to create new opportunities for growth and increase your own individual success. And there’s no need to give up your independence. 

Here’s just a few of the benefits you can unlock:

Power in Numbers

There’s real strength in numbers, and it can directly lead to more favorable compensation, additional market access, and less pressure from carriers at your specific agency.

When you work with other agencies through an aggregator, you share success with one another. Your collective momentum through a group like Renaissance creates a rising tide that can lift all boats.

Agents that join Renaissance get access to services and tools that help create substantial growth.  As member agencies grow, our carrier partners experience growth as well. This results in more favorable carrier contracts, which enables improved compensation for all member agencies. We like to call this concept “the virtuous cycle”. Carrier Compensation and Growth Cycle

Group Support

Who understands what you go through as an independent agency better than other independent agencies? By joining forces with like-minded agencies you feel more supported, improve your understanding of complex issues, provide a sounding board for ideas, and create opportunities for feedback and advice. 

Rather than trying to figure everything out on your own, you can pool your knowledge, share advice, and connect with professionals who are experiencing similar situations. 

Members of Renaissance are offered quarterly member meetings where they can ask questions and discuss whatever they’re going through. They can also connect with others through regular webinars and panel discussions.

Less Work for All of You

Like other agency owners, you’re spending lots of time on things that keep you from managing your business and growing relationships with clients. When you combine resources and share support staff in an agency group like Renaissance, you can remove a lot of time-consuming work like:

  • Commercial lines rating and quoting
  • Agency billing and collection
  • Accounting postings in your agency management system
  • Monthly commission reconciliation
  • IT support services
  • Carrier management
  • Carrier code setup and maintenance
  • Website maintenance and email marketing

 

An agency group should serve as an extension of your team, providing you the extra firepower you need to accelerate your growth. And, by saving this time, you can keep your primary focus on what you’re best at – building relationships and selling more insurance.

Better Data & Technology

Let’s face it: a lot of Agency Management Systems can be a pain to use, and you can’t always get the data you need to take action. But when you collaborate with other agencies through an aggregator like Renaissance, you up your analytics game thanks to:

  • Proprietary agency data dashboards that are updated daily.
  • A proprietary mobile app that allows agency principals to surface cross-selling and renewal opportunities.
  • A powerful email marketing tool that hooks right into your agency’s data and enables things like cross-selling campaigns to be sent to your clients on a recurring basis.
  • A submission system that incorporates a comparative rater for small commercial lines.
  • Helpdesk support to assist you with any troubleshooting problems.
  • Dedicated onsite and virtual training services for all supported systems.
  • Research, development, and deployment of new technology to help you grow.

 

These services not only save you time, they optimize your agency efforts from top to bottom, allowing you build a more efficient and profitable business model. 

Joining Forces with Other Insurance Agencies

If you believe that joining an aggregator means that you can’t go it alone, it’s time to change your mindset. There’s no need to undermine the collective advantages of teaming up with other agencies through an aggregator.

By adopting an “all in this together” mindset, you increase your chances for significant growth.

To access this community of support, and experience the upsides of an agency group, get in touch with a Renaissance Alliance expert.

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About Renaissance Alliance

Renaissance Alliance works with independent property casualty agency owners to grow your premium, maximize your revenue and increase the value of your agency through increased profit sharing, guaranteed override revenue and offloading non-revenue generating activities. The net effect is higher revenue, decreased expenses, improved operational efficiency, and accelerated agency growth.

 

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