Why you should consider an Agency Partnership Part 2: Access to Markets

In our first Article, we explored 5 reasons for an Independent Insurance Agency to consider joining an Agency Partnership. The goal of our series is to help provide meaningful education on Agency Partnerships so that Owners can determine what is the best fit for them. Starting with part two, we are going to begin digging deeper into each individual reason from Article 1, starting with Access to Markets.

1.    Expanded Reach: Agency Partnerships often have a larger selection of Insurance Carriers than individual agencies. By joining an Agency Partnership, owners can tap into multiple Carriers that they may not have access to today due to size or business flow. There Partnership can help them compete with larger agencies by providing clients more options, but not necessarily have to meet the same requirements should they have sought that relationship on their own. In turn, access to markets helps the Agency drive growth!

2.    Diverse Carrier Base: Agency Partnerships often attract carriers with different targeted clientele or specific industry expertise. This diversity allows agency owners to access markets that they may not necessarily target with high frequency, opening new revenue streams and growth opportunities.

3.    Specialized Markets: Some Partnerships cater to niches, providing agency owners with access to highly targeted markets. For example, there are Partnerships focused on professional services, high risk properties, or workers compensation as a few examples. Joining such networks can help agency owners connect and compete for all ranges of opportunities.

Each Agency Partnership handles Access differently. Some offer more of a brokerage style partnership, while others prioritize Direct Carrier relationships that belong to the Agency itself. These details can be found in the fine print of an agreement or the way the Agency is paid when writing business. Doing your due diligence is vital in making sure you put yourself in position to maximize opportunity and have a positive return on your investment.

Overall, access to markets through an Agency Partnerships can significantly expand an agency owner's carrier base, increase visibility and credibility, and ultimately drive business growth.