Exploring the Best Aggregators in Insurance and Agency Partnerships
Choosing the right partnerships can make or break your insurance agency’s success. Aggregators in insurance and agency networks provide the essential support and resources you need to simplify and boost your operations. By working with these partnerships, you can access better rates and enhance your client service. This blog will explore the top options available and how they can make a real difference for your business.
Understanding Aggregators in Insurance and Agency Partnerships
Insurance Aggregators
Aggregators simplify the insurance process by linking agents to various carriers through one system. The best insurance aggregators enable agents to access a wide range of carriers and markets efficiently. By joining an aggregator, agents tap into a network that leverages collective buying power and industry connections, providing them with broader market access than they could achieve independently.
Insurance aggregator companies streamline the insurance process by offering a platform through which agents can access multiple carriers. This model allows agents to offer a wide array of insurance products, benefiting from economies of scale and favorable terms negotiated by the aggregator.
Insurance Clusters
Insurance clusters are collaborative groups of independent insurance agencies that unite to enhance their market presence and operational efficiency. By joining a cluster, agencies benefit from increased access to insurance markets and carriers, as well as cost efficiencies through pooled resources. This collaborative approach fosters greater competitiveness and profitability for member agencies.
This model provides group discounts, shared marketing efforts, and common technology systems while allowing agencies to retain full ownership and control of their business. Clusters offer a blend of collective strength and individual autonomy, supporting members with shared knowledge, training, and resources, all while enabling them to maintain their unique agency identities.
Franchise Models
Franchise models offer agents the chance to operate under a well-recognized brand. Agents benefit from established systems, comprehensive training, and marketing support. This partnership offers a tested business model to help agents succeed.
Franchisees also gain access to resources that enhance their operations and client services. Franchise models are ideal for agents seeking the backing of a reputable brand and a solid framework to start or grow their agency.
Top Insurance Agency Partnerships
Every year, the Insurance Journal highlights the top agency partnerships, featuring everything from aggregators in insurance to clusters and franchises. These partnerships provide different benefits, such as access to more insurance carriers and strong support systems. Below are the top agency partnerships you should know about.
| 2024 Rank | Last Year | Agency Partnership | 2023 Total P/C Revenue |
| 1 | 1 | FirstChoice, a MarshBerry Company | $2,024,133,346 |
| 2 | 2 | SIAA | $1,931,799,629 |
| 3 | NEW | ISU Steadfast | $888,951,297 |
| 4 | 3 | Keystone Insurers Group | $822,054,748 |
| 5 | 4 | Renaissance | $638,473,728 |
| 6 | 7 | Indium | $607,880,165 |
| 7 | 5 | The Agency Collective | $547,716,820 |
| 8 | 6 | SecureRisk | $488,039,000 |
| 9 | 8 | The Iroquois Group | $434,669,573 |
| 10 | 9 | Combined Agents of America | $372,421,732 |
| 11 | 10 | Smart Choice Agents | $245,729,000 |
| 12 | 11 | Pacific Interstate Insurance Brokers | $142,921,364 |
| 13 | 12 | Brightway Insurance | $122,700,000 |
| 14 | 13 | GreatFlorida Insurance | $97,188,427 |
| 15 | 16 | Fiesta Insurance Franchise Corp. dba Fiesta Auto Insurance Centers | $97,151,164 |
| 16 | 14 | Insurors Group | $92,350,000 |
| 17 | 15 | Insurance Associates of America | $86,449,450 |
| 18 | 20 | United Agencies | $36,250,000 |
| 19 | 18 | PacWest Alliance Insurance Services | $35,228,179 |
| 20 | 19 | SBMP Insurance Group | $33,755,610 |
Insurance Hybrid Model – Darkhorse
There’s an emerging type of agency partnership that blends the best features of traditional models. The hybrid model combines the advantages of both aggregators in insurance and franchise systems. For instance, Darkhorse offers agents access to multiple carriers and contracts like a typical aggregator.
However, it goes beyond that by providing franchise-level support, including training and marketing resources. This allows agents to maintain their independence while benefiting from the guidance and structure needed for success. It’s a flexible option that gives agents both freedom and support in growing their business.
Compared to traditional insurance business models, the Darkhorse hybrid approach stands out with its full turnkey infrastructure, including insurance agency technology, phone systems, IT support, and more. This all-in-one platform enables agents to handle administrative tasks and process paperwork seamlessly, allowing them to focus on growing their business. Additionally, partnering with Darkhorse brings several key benefits for agents.
- Agents are able to launch their commercial book of business in less than 6 weeks
- World-class mentorship from top agents
- Secured relationships with top carriers nationwide
By leveraging aggregator benefits and franchise-level support, agents can thrive in a competitive market and excel with the tools and support they need.
Why Partnering with the Right Agency Matters
The global insurance market is expected to grow by around one trillion U.S. dollars between 2023 and 2028, reaching close to 10 trillion U.S. dollars. During this period of rapid expansion, the United States has emerged as the leading country for direct premium writing, generating the highest value in written premiums globally by 2023.
For independent agents, partnering with a reliable agency that offers strong support and resources is crucial. A good partnership can help you manage more clients, enhance your services, and stay competitive as the market evolves. Choosing the right agency is essential for success in this fast-growing industry.
Choosing the Right Aggregator or Partnership
When evaluating which insurance aggregator or partnership is right for you, consider these factors:
- Fees and Costs: Assess any associated fees, including initial and ongoing costs. Make sure to understand how these fees fit into your overall budget and financial planning.
- Support Services: Evaluate the level and quality of support provided, such as training and marketing resources. Effective support can significantly impact your ability to serve clients and grow your business.
- Growth Opportunities: Consider the potential for business expansion and professional development. Look for partnerships that offer avenues for scaling your operations and enhancing your skills.
- Market Presence: Determine the geographic and market reach of the organization. A strong market presence can offer better client access and increased business opportunities.
How to Find the Best Fit for Your Insurance Business Growth
Choosing the best insurance aggregators or other agency partnerships can greatly impact your business’s success. Different options offer various benefits like lower fees, better support, and growth opportunities. It’s important to compare these factors to find what fits best with your goals. If you want the advantages of contracts and premium aggregation along with the support of a franchise model, consider learning more about Darkhorse. This option provides a complete platform and excellent support to help your business grow and succeed.