What Not to Expect from an Insurance Aggregator

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Insurance aggregators are often advertised as the solution to an insurance agent’s business goals. But what are some things that your aggregator cannot help you with? Read on to find out about some of the things in the fine print that you may have missed out!

Software. Not all provide them. While many aggregators advertise themselves as being at the forefront of innovation, not all provide necessary insurance software to their members. Some may expect you to make those expensive purchases yourself.
Business plans for the long-term. If you are looking to join an insurance aggregator, one of your motivating factors is definitely business growth. Make sure that the cluster provides you with resources and support for your business plans. Some do it in the form of mentorship. Others provide training and financial help. But these are case-specific. Look into your aggregator’s commitment towards helping their members expand.

One-on-one carrier appointments. Don’t take direct appointments for granted. You may be getting appointed under the insurance aggregator sub-codes. In such cases, leaving the cluster will mean you also lose the carrier appointments.
Producers. In an insurance aggregator, it needs to be clarified whether the producer will be member-specific or working for all the members. Check whether or not the aggregator helps with qualified leads.
Servicing. Unless specified directly when negotiating the contract, servicing help is not guaranteed. However, to keep your clients happy, the steps after policy binding matter as much as those before. Unless you regularly check up on your insureds and handle queries and claims efficiently, they might not return for renewal. Most agencies rely on policy renewals to generate good profits. So, don’t forget to ask your insurance aggregator about the servicing help they give.

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