Insurance is a complicated, but mandatory confusion. Health and auto insurance are required and many additional forms of insurance are encouraged, or considered a necessity.
It is hard wading through all the competition, red tape, and legal mess that can confuse the average consumer. Luckily, an independent insurance agent can help you navigate the waters more easily.
What is an independent insurance agent?
There are two types of insurance agents; captive insurers and independent insurers. Captive insurers typically represent and work exclusively for one insurance company, providing a specific portfolio of insurance products. They’re often limited to only that company’s products, services, and coverages.
An independent insurance agent can offer consumers choices. It’s not a one-size-fits-all proposition with an independent agency. You can develop a life-long relationship with your independent agent.
What does this mean for me?
Choice is the biggest difference between a captive insurer and your independent agent. Both are qualified to deliver excellent choices and coverage, but a captive insurer is limited by the company. While those products and services are probably of high standard (confirmed by insurance ratings, etc.), they are limited in their scope.
Many carriers don’t bend and flex their policies, prices and coverages based on need. It is a “blanket coverage” based on what their representative company provides.
Independent insurance agents have the freedom to explore from a variety of options available and still provide you with affordable and quality coverage and service.
What are additional benefits to choosing an independent provider?
Relationship building is key to any partnership. While you can build a connection with a captive carrier, it isn’t as direct or intimate as with your independent insurance agent.
A captive insurer must worry about turnover, politics or the hassle of dealing with a team rather than maintaining a one-on-one relationship with a person who has earned your trust and established a friendship.
Trust is key. Personal relationships are much more reassuring in business transactions than outsiders that don’t customize to their clients.
With a carrier, if something goes wrong and the company decides to non-renew your account, you have to find a new agent. Should that happen with an independent agent, your agent can find a new insurance carrier for you and you still maintain your trusted relationship.
What is the key difference?
While captive insurers are certainly qualified to insure your needs, remember that many of them work for the carrier. Independent agents work directly with customers to make sure they get what they really need.
Convenience can also be a big selling point. Since independent agents can offer more choices and savings, a consumer doesn’t have to spend hours gathering quotes from other agencies.
Choices can be overwhelming at times. However, we (name of insurance agency) can make the transition seamless and ensure the choice you make is the correct one.
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