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This section is where Source Insurance group posts articles either written by our employess or oter respected individuals in the industry.  If you have a specific topic you would like us to research and write about - dont' be shy.  Just contact us and we will do our best to get it posted for you. 

 

 

 

November 18, 2009
Why an Independent Agency vs. a Captive Agency?

The founding fathers of Source Insurance Group decided to build the Agency around the "Client's Needs". We are an Independent Insurance Agency offering a wide array of Insurance products to protect you and your assets. Being an Independent Agency, Source Insurance Group enjoys the following characteristics...


• More choices – who are Captives shopping your rates against? They’re not – they sell you their products and nothing more. WE can shop your rates with multiple carriers, so when one carrier’s rates are high, another will be better and you benefit from having us looking out for you year after year.


• Consistency – how many times have you established a relationship with someone and liked that person, but had to leave because you could save money somewhere else? With Source, the carriers may change, but the relationships won't. You get the best of all worlds – options without strings attached.


• Lower costs means greater savings. With Captives, the burden of Marketing, Overhead, Benefits, etc. on a national basis are borne by all of the Captive Agents in one way or another.  In an Independent Agency, the carriers pass their savings on to you, so you benefit. The carriers pay the Independents for brokering the transaction, which saves them significant overhead.


• With a Captive, a hurricane in Florida, could impact your rates in PA. Why? Because the losses incurred in different parts of the country could impact rates locally. With a Captive, that means your stuck losing money, unless you change carriers. Unfortunately, that means more times and effort for you to shop and build a new relationship. With Independents, we’ll know if rates rise when you do, so with one simple conversation, we can shop your policy with multiple carriers and get you moved without a major waste of your time, energy and patience.

 

Where most agencies - both captive and independent - fail with clients is that they're incented to get your business, but have little incentive to keep your business. It's why you rarely hear from your Agent after the policy is in force.  In part, the reason is because most Agents (actually, most sales professionals) are driven by a transaction, not a relationship. That's simply because the more transactions they ink, the more money they make.

In addition, Carriers and Agencies often pay Agents less for renewing policies than for new policies. The incentive is to get new business and not necessarily service the business they have.  

 

The largest reason the transaction trumps the relationship, in our opinion, is the time it takes to do the right thing. Asking questions, reviewing policies, coordinating the Agent's recommendations with the clients' advisors, and ultimately educating our clients takes a tremendous amount of time. We're talking hours not minutes - for each client.  That's not attractive to most Agencies. Volume drives most businesses and that drives behavior. Focus on a transaction is paramount for the vast majority of insurance agencies.   The relationship often becomes secondary. 

 

That's the primary difference between Source Insurance Group  and the market. We won't compromise what right for what makes financial sense.

 

Here is a great video explaining why you should consider doing business with an Independent Agency like Source Insurance Group. 

 

http://www.youtube.com/watch?v=QymowGMTf_A

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