More money, independence, access, how many times have you heard these buzz words from other networks you’ve interviewed? The truth is they lure you in with these promises, but once affiliated, you’re quick to see the tarnish under the shine. We don’t mean to burst your bubble, but we’re tired of watching independent agents fall victim to these false promises. That’s why we’ve created a list of questions to take with you when interviewing potential clusters!
Use these five questions to decide what independent insurance aggregator is right for you:
Is there a startup cost?
A lot of networks will have a significant startup cost just to be associated with the network. If that’s the case, always ask if there’s an additional charge for additional support! What does this money actually provide for you? Why is the buy-in cost what it is?
Are there transparent earnings?
Transparent earning is important because a network can tell you you’re getting 100% of commission, but they are not telling you about back-end deals and if they are withholding money from profit sharing. Your agency’s profit and revenue should be easy to understand and in the open to guarantee that you are making the most of your hard earned commission.
Also Read: What to Consider before Joining an Insurance Aggregator! What does joining an insurance aggregator normally look like? What are the kind of things you should expect from everyone you talk to? What do you need to consider before taking the leap to start your own agency?
Do you have a non-compete?
Being put out of business for a certain amount of time is always a big concern. If you have a prime carrier line up and you decide to leave, you won’t be able to use those carriers for a hot minute.
What kind of backroom support is provided?
Does this network offer their affiliates trainings, accounting, marketing? Being an independent agent means you own all of it, which can be daunting. Does your insurance aggregator provide you full backroom support to make sure that you can not only get off the ground, but thrive and grow? If not, think to yourself how you plan to take care of your entire agency’s training, accounting, marketing strategy, and more. An aggregator that is an extension of your independent agency can make all the difference.
Also Read: What does ASNOA university do to provide you and your entire staff with training? Look at one insurance aggregator’s entire catalog of free professional insurance courses, ongoing weekly trainings, one-on-one instructions, and more.
Finally, what are your exit options?
Maybe you haven’t put much thought into it, but here are some ideas of what you should be able to do if you leave a network: Sell your book and keep the profits; Pass it along to someone of your choosing (succession planning); And leave without a non-compete. Sometimes things don’t go to plan, and you don’t want your way out to be harder than your way in.
Don’t let buzz words like ‘greater access’ distract you from the fine print! You should get out of an aggregator what you put into it.
The insurance aggregator that you choose to work with should provide you with fair commission and bonus structures, easy to understand contract terms, and continuous agency support. At the Agent Support Network of America, we’re setup to help every single agent of ours grow and succeed. With support at every step of the way, we help you get off the ground, build a strategy that compliments what you want to do with your business, and provide continuous training and resources for you and your staff. No other aggregator acts as an extension of your agency like ASNOA.