Our main focus has been on information about our customers. However, a 20% plus increase in profit-sharing is becoming standard for many agencies in our industry.
As insurance carriers continue to adjust their programs to match the mandates that allow them to find profitability for themselves, Secured Advantage is helping the agent to adapt and overcome the challenges that these changes present.
As the independent insurance industry continues to evolve, it is becoming tougher to manage and the opportunities seem scarcer. With an increasing number of challenges (perpetuation, hiring needs, qualification thresholds, etc.), it is important to be proactive in taking steps to manage these issues to ensure your agency’s relevance in the industry. We believe we can help.
We are helping agencies (all sizes) to successfully advance, when they do business with SA!
The following are examples of how we have changed many agencies profit-sharing in the past. Please review them and let us know if you have any questions. We’d be happy to offer answers or clarifications!
Agency #1
A credible independent agency with one core carrier from Secured Advantage.
This agency had a great loss ratio; however, the agency was not eligible for a contingency payout that was too small.
But because they are a member of Secured Advantage, their $270,000 book produced a profit-sharing check of $7,000! And since their joining of Secured Advantage over four years ago, they have earned over $37,000 from our program.
Agency #2
A decent sized agency with a couple of carriers and no real risk of falling out of eligibility from profit-sharing with any of their core carriers.
One book in this agency, at one of the core carriers with Secured Advantage, was over $3,000,000 and their profit-sharing check doubled from what they were originally going to receive. This agency, on average, has enjoyed more than 30% better results with every book affiliated with Secured Advantage.
Agency #3
This agency has three common core carriers with Secured Advantage. All of their books are profit sharing eligible on their own, but the agency understands that their value goes up from being affiliated with a network like Secured Advantage. These three books represent less than half of the agency’s total volume.
For one of their books, the agency doubled their profit-sharing check.
For another one of their books, the agency earned a 17% excess profit-sharing check. Over their time with Secured Advantage, they have received close to $200,000 in total excess profit-sharing distributions.
Though it is easy to think of these examples as isolated incidences, we have about 80 members and they all have a similar story to those that I have just explained.
What would you do if you could increase your profit sharing checks by 20% or 30%
What kind of impact would that have on your profitability?
Let us know if you would like to directly speak with any of our member agencies. They have all volunteered to share their story and explain why they remain members of our network here at Secured Advantage.
Thanks,
Ted Rusinoff
To learn more about our story, visit www.secured-advantage.com.
You can also email me back at ted.rusinoff@secured-advantage.com or give me a call at my direct line 330.620.3559.