While marketing and sales are important, so is the agency's ability to provide service when their customers' requirements change or they have a claim. That's why providing customers a choice is important. One size doesn't fit all. Your independent agency will need to have a contract with each insurance company you represent. The contract describes the duties of each party.Many exclusive insurance agent companies also contract with independent agents. This was not always the case, but over time many exclusive companies have recognized the close relationship that independent insurance agents have with their clients.
Finding the right car insurance can seem overwhelming. The Allen Thomas Group . One way people navigate this complexity is by talking with an independent insurance agent. These agents are licensed to sell insurance products from multiple companies instead of being direct employees of just one company. An independent insurance agent could lighten the load for people who don’t want to do the legwork of collecting quotes and information from different companies. ATG’s insurance experts have put together some helpful information about the potential advantages and disadvantages of using an independent agent. An independent agent works with multiple insurance companies to offer a broader range of insurance products to meet consumer needs.
Captive agents may show the prices offered by competitors, but they will not be able to offer and sell those policies. While independent agents can offer their clients policy options from a variety of different insurers, they may not be considered completely objective. Because the insurance companies pay a commission to the insurance agent when a new policy is sold, the agent may push clients to select policies that provide the agent with a higher commission rate. Because independent agents are not fully supported by a single insurance company, they are often responsible for generating their own business. They may have to produce their own marketing material and manage their own operations, though they do benefit from the general advertising and marketing done by specific insurance companies; however, if the independent agent does not sell the policies offered by an insurance company that is conducting a large branding advertising campaign, the benefit will be limited.
Working with an independent insurance agency offers numerous advantages, one being having them shop around for quotes on your behalf. As they have access to multiple companies' rates and coverage types, an independent agent can compare quotes quickly from various carriers at once. Information provided once saves time and can potentially save money as well. Independent insurance agents could know which companies possess the features that you are searching for - saving both time and potentially money in the process. As your policy comes up for renewal, be sure to inform an independent agent about any increases so they can shop around for better rates to help determine if it makes more sense to stay with the same insurance carrier or switch. Even if switching insurance carriers, your agent remains with you.
Captive brokerages are affiliated with specific insurance companies and have contracts with specific providers to sell only their products. An example of an independent agent would be an insurance agent that has a client looking for a life insurance policy. The agent would be able to contract with many providers, such as Northwestern, Mass Mutual, and Prudential to find the best life insurance policy for the customer. The main advantage of using an independent insurance agent is that you are given more options because the agent contracts with many insurance companies, not just one. Having more options means you can find policies better suited to your needs as well as lower premiums since you have many choices while shopping around. The opposite of an independent insurance agent is a captive insurance agent.
We take the time to understand your unique needs and circumstances, ensuring that the insurance solutions we provide are tailored to your life, your assets, and your aspirations. Our expertise, independence, and commitment to your well-being set us apart in the world of insurance. So, why choose The Allen Thomas Group Independent Insurance Agency? Because when you choose us, you choose more than just policies; you choose a future filled with security, confidence, and peace of mind. Get started today and let us be your beacon in the world of insurance. Your peace of mind is our mission. Contact us now and unlock the peace of mind you deserve with The Allen Thomas Group – Your Trusted Independent Insurance Agency.
When it comes to safeguarding your future and protecting the things you hold dear, the choice of an insurance agency can be a critical decision. In a world filled with uncertainties, The Allen Thomas Group emerges as a beacon of trust and reliability, ready to guide you through the complex landscape of insurance. As an independent insurance agency located in Akron, Ohio, we are dedicated to serving individuals and businesses across the United States. Allow us to illuminate the path to financial security, offering tailored solutions that fit your unique needs.
Here's why you should make us your first choice: 1. Tailored Solutions for Your Peace of Mind We are not just another insurance agency; we are your partners in securing your future. Our dedicated insurance agents take the time to understand your specific needs and financial goals. We then craft customized insurance packages that provide the coverage you require without unnecessary expenses. 2. Expertise You Can Rely On Our team of experienced insurance agents possesses in-depth knowledge of the insurance landscape. We stay updated on the latest industry trends and regulations to provide you with the most relevant advice and coverage options. With The Allen Thomas Group, you have the assurance of working with seasoned professionals who have your best interests at heart. 3. Independent Agency Advantage Being an independent insurance agency sets us apart. We are not bound to any single insurance provider, which means we can shop the market to find you the best rates and coverage options available. This independence allows us to act solely in your best interest, not the interests of a particular insurance company. 4. A Wide Range of Insurance Services Whether you are seeking car insurance to protect your vehicle, home insurance to safeguard your property, or comprehensive business insurance to secure your livelihood, The Allen Thomas Group has you covered. Our extensive range of insurance services ensures that you get all the coverage you need under one roof. 5. Local Roots, National Reach While we call Akron, Ohio, home, our services extend far beyond state lines. No matter where you are in the United States, The Allen Thomas Group can cater to your insurance needs. We are your local insurance agency with a national presence. 6. Personalized Service Our commitment to you goes beyond policies and paperwork.
All insurance agencies also have a fiduciary responsibility towards their clients to act in their best interests. To help simplify the process, many insurance agencies employ licensed agents who work on behalf of the client to negotiate rates, set up payment schedules, handle claims filing, and answer any questions or concerns. These agents are responsible for providing clients with clear information about policy features, benefits, exclusions and answering any question they may have about their insurance policy. An important feature of most good insurance agencies is their ability to assess risk accurately. This means analyzing various perils that could potentially occur and making predictions based on statistics and data available. The agency will then be able to recommend the right level of protection based on these assessments. For example, if you're purchasing home insurance in a flood-prone area, your insurance agent would likely recommend flood insurance coverage as it might not be included in your standard homeowner's policy.
By working with insurance companies on behalf of their clients during these tough times, agents aim to quickly resolve and fulfill claims while providing friendly customer support. In 2019 alone, there were more than 7 thousand property damage claims filed in Alberta due to severe weather events. Through an agent's expertise, they can navigate these complexities to guide you through efficient solutions and speedy claim resolution All in all, an insurance agency's primary purpose is client satisfaction by offering full-service support throughout the process. With their conveniences offered via digital methods nowadays as well as offices worldwide located close-by to clients shows why it remains a popular option among consumers even today. Insurance agencies determine their rates for policies based on a variety of factors, such as the level of risk involved, the type of coverage required, and the claims history of the insured individual or organization.
The higher the perceived risk, the higher the premium. For example, car insurance premiums are generally based on factors such as age, driving record, and the make and model of the insured vehicle. Health insurance rates can be influenced by factors such as age, pre-existing conditions, and lifestyle habits. According to a report by Insurance Journal in 2020, statistics show that the average cost of auto insurance in the United States is around $1,004 per year. However, this can vary greatly depending on a number of factors including location and age. Furthermore, health insurance premiums averaged $456 per month for an individual in 2019 according to eHealth. It's important to note that insurance agencies may also take into account external factors such as market trends and economic conditions when setting rates. Ultimately, it's up to each particular agency to determine how they set their rates but understanding how they do so can help individuals find the right policy for their needs while saving money in the long run.
Successful independent insurance agencies strive for a balance of high retention and new sales. Independent insurance agents make an average of 10% to 12% in commission per insurance policy they sell. So, if an agent sells one car insurance policy with an annual premium of $1,000, they will receive $100 to $120 annually in commissions. Home and business insurance have similar commission levels. To receive policy discounts for the customer, many independent insurance agents try to “bundle" car and home insurance policies with the same insurance company. It's a win-win for the customer and the agent when policies can be bundled to the customer's advantage. In short, successful independent insurance agents can make a comfortable living while serving their communities.
An independent agent may present you with an insurance quote from an unfamiliar company but one that still meets your needs and offers the right insurance coverage for your family. While there are several potential advantages to working with an independent insurance agent, there are also some possible drawbacks. One benefit of working with a captive agent is they are usually experts on the company they represent. This means they know the policy types, coverages, available discounts and how to get you the best deal with the insurance company. Independent agents work with multiple insurance companies, so they may not be as knowledgeable about each one and their policy offerings. You may miss out on unique coverage or discounts because the independent agent wasn’t aware of it. Independent agents usually receive less support than captive agents because they are not partnered with just one company.
Whether you're an Akron native or a resident of any other state in the U.S., we're here to provide you with insurance solutions that make sense for your locale. FAQs: Your Burning Questions Answered What is an independent insurance agency? An independent insurance agency is not tied to a single insurance provider. Instead, it has the flexibility to work with multiple insurance companies to find the best coverage options and rates for its clients. This independence ensures that the agency can act in the client's best interest rather than being limited to the offerings of one insurer.
Life insurance is designed to provide financial support for your loved ones in case of your unexpected death. There are two main types of life insurance policies: term and permanent. Term life insurance covers you for a set period, such as 10 or 20 years, while permanent life insurance covers you for your entire lifetime. Permanent policies also come with a savings component that accrues cash value over time. Auto insurance is mandatory in most states to cover damages resulting from accidents involving your vehicle. Auto policies can include liability coverage that pays for injuries or damage caused by your car to others; collision coverage that covers damages to your own car; and comprehensive coverage that covers damages to your car from anything other than collisions including theft, storms, and natural disasters.
Compare cards in one place to find the one for you. Figure out funding for your next car or refinance with confidence. Check out today’s auto loan rates. Drive with peace of mind when you compare insurance carriers and find the policy that’s right for you. We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
They are trained to sell policies that the parent company offers and do not have the ability to recommend products from other carriers. As a result, they may not be able to provide a comprehensive range of options. On the other hand, independent insurance agencies represent multiple carriers and can provide customers with several options from several companies. These agents can typically access different policies and compare them based on your specific needs giving you more options than signing up with a captive agent. There are also online or direct-to-consumer insurance agencies that offer policies primarily through digital channels such as email and their website.
When comparing costs between various providers, be sure to check for bundled policy discounts. Lastly, it’s crucial to research the reputation and financial health of the insurer before committing to any policies. This ensures that your policy is sound and valid when you actually need it in the future. Let's consider another example: You've selected an agency and a policy but are concerned about high premiums. After researching this further, you learn that certain safety features like airbags or a rearview camera can significantly reduce your annual premium since these make your car safer and less susceptible to accidents.
According to a study by J.D. Power, customers who are satisfied with their insurance providers are less likely to switch compared to those who aren't happy with their agents’ services; therefore, it’s essential to take customer service seriously. In conclusion, finding a reputable insurance agency involves evaluating their trustworthiness, the availability of policies, financial stability as well as their quality of customer service. Taking these factors into consideration should give you some peace of mind and make choosing your next insurer slightly easier. Choosing the right insurance agency can be a daunting task, but it is crucial in ensuring that you have proper coverage when you need it the most.
One of the major benefits of working with independent agents includes getting many quick quotes from multiple insurance carriers. If someone is shopping for insurance, independent agents are a great place to start checking out policies because they can check several different companies’ rates all at once. The more companies checked equals the greater chance of finding the best rate for you and your family. The time-saving factor is huge because a prospective policyholder only has to provide their information one time. Independent agents and insurance brokerage companies both take the sales approach of representing the customer first and offering a variety of products from different insurers; however, insurance brokerage companies are typically larger than independent insurance agencies. Additionally, brokerage companies may be either independent or captive. Independent brokerages are not affiliated with any insurance companies, and they are able to recommend and sell clients any product that is in their best interest.
Allen Thomas Group offers quote, bind and issue services at point of sale with automatic underwriter referral if necessary. Independent insurance agents rely on us for access to top-rated markets, product training, sales and marketing support - plus no-fee programs! Home equity refers to any portion of your home you have paid off and could use this as leverage towards meeting other financial goals. Life insurance needn't be complicated: find peace of mind by selecting the appropriate policy. Increase business with rewards and perks tailored specifically to you; compare cards in one convenient place until you find the one that best fits; fund or refinance your next car purchase or refinancing with confidence!
They'll take it from there! Your experience begins with a simple conversation as your independent insurance agent learns more about you before suggesting suitable policies to fit your individual needs. Should an accident happen, The Allen Thomas Group offers comfort in the form of guaranteed repairs, accident forgiveness and an streamlined repair process. As your life changes, from moving into a new apartment, house, having more children or purchasing an RV, boat or motorcycle - your independent insurance agent is always there for you. Independent insurance agents provide more than auto and home policies; they also offer coverage options to cover motorcycles, RVs, boats, etc. No matter your needs or lifestyle stage, independent insurance agents offer expert guidance, tailored policies, and personalized service - discover more of their advantages here.
They are also able to offer similar insurance products across a broad range of companies. Captive agents work with just one insurance company, offering only the products offered by that specific company. There are several potential advantages to working with independent insurance agents vs. captive agents. Working with an independent agent usually does not cost anything and can save the customer time by allowing the agency to shop for quotes from multiple insurance companies. An independent agent may be able to find a better deal for your insurance needs than you can. Ultimately, you will need to decide if these and other possible advantages are beneficial to you.
Brokerage companies may either be independent or captive. Independent brokerages do not work under contract from any insurance companies and can advise and sell clients any product that would best meet their needs. Captive brokerages are affiliated with certain insurance companies and have contracts with certain providers to sell only their products. An example of an independent agent would be an agent working with someone seeking life insurance policies. An agent could utilize multiple providers like Northwestern, Mass Mutual and Prudential in order to locate the optimal life insurance policy for their customer. Benefits of Working with an Independent Insurance Agent [Independent agents provide more options, because they contract with multiple insurers instead of just one]. More options mean more tailored policies to your needs at more reasonable premiums compared with dealing exclusively with captive agents (the opposite of independent insurance agents).
Most insurers pay commissions based on when customers pay their premiums; businesses and personal lines customers often make payments monthly, quarterly, semi-annually or annually. Since premium payments may differ depending on customer circumstances, estimating commission revenue for an agency that is just starting up can be challenging. Good news is that property/casualty commissions will continue as long as a customer renews their coverage. With regard to individual life and disability policies, insurance companies usually pay larger commissions during the initial year before decreasing them gradually in subsequent years. Maintaining strong customer relationships is key for continued sales, referrals from your customers' friends and relatives, and the possibility of selling additional policies like home and car insurance to your life and health insurance customers.
Check out today's auto loan rates and drive with ease knowing you compared insurance carriers and found an appropriate policy - we are an independent, advertising-funded comparison service! At our mission, our aim is to assist you in making wiser financial decisions by providing interactive tools and calculators, publishing original and impartial content, conducting research for free allowing comparison of information between institutions - so that you can make confident financial decisions. Established in 2003, The Allen Thomas Group has long been recognized for helping people make sound financial choices. We've upheld our reputation over four decades by simplifying financial decision-making processes and instilling confidence among people regarding what steps should be taken next. Our insurance team comprises agents and data analysts.
Similarly, someone who works in a high-risk profession like construction or law enforcement may need a policy with more comprehensive liability coverage than the average driver or homeowner. It's also worth noting that there are other factors besides simply "what you own" that can impact the type of insurance coverage you need. For instance, someone who has significant savings or investments may be more inclined to opt for a higher deductible on their policy since they have money set aside to cover unexpected expenses. On the other hand, someone with less financial flexibility may prefer a lower deductible so that they're not faced with an unmanageable bill in the event of an accident or incident.
That is why offering them choices is essential - one size doesn't fit all. Your independent agency must enter into contracts with each insurance company it represents, detailing their respective duties. Exclusive agent companies also contract with independent agents. Not always was this the case, but over time many exclusive companies have recognized the close relationships independent insurance agents enjoy with their clients. Can people purchase insurance directly over the internet? Absolutely! But many aspects of insurance policies remain obscure to most.
Customers can often apply for coverage online in a quick and easy process, thereby eliminating the need to meet with an agent in person. Finally, there are insurance brokers who act as intermediaries between policyholders and insurers. Brokers work for the policyholder to find coverage that matches their unique needs by comparing policies offered by various carriers. With different factors impacting individuals' choice of a policy; hence finding an agency that specializes in your area of interest is essential. For example, any homeowner seeking flood insurance should look for agencies offering flood-specific coverage options. Your primary goal when choosing an agency should be finding reliable advice without being required to pay upfront or tied down to purchase a particular product.
Captive agents may offer cheaper policies than independent ones; however, it will be difficult for clients to determine whether they're receiving the best value if only one option is made available to them. Captive agents may show the prices offered by competitors, but will be unable to sell those policies directly to clients. On the other hand, independent agents offer policy options from various insurers but may not always be seen as impartial advisors. Due to commission payments from insurance companies for new policies sold, insurance agents may incentivize clients to select policies with higher commission rates - creating potential conflicts between client requests and agent goals.
The car that you drive is an important factor when it comes to the cost of insurance. The cost of repairs, the engine size, and the safety record of your car are all factors to consider. Automobiles that have high-quality safety equipment may qualify for premium discounts.
Local agents get to know their clients and can learn about changes they have experienced over the years. They offer advice, and they learn which companies provided satisfactory service to you in the past. Local insurance agents also have knowledge of specific risks in the area.