We know that starting an independent agency from scratch and going out on your own can be daunting, and while many may be aware of the benefits of joining an agency alliance group, it can also be seen as another step to the process of growing your business. Here at The Insurance Connection and SIAA, we want the process of growing your business to be exciting and inspiring, focusing your energy more on learning and adapting, and less on stress. In this blog, we are going to provide you with a New Member Timeline that dives into the steps taken in the process of joining our agency alliance group here at The Insurance Connection.
Step 1: Hellos and NDAs
After the initial conversation you have with our team, The Insurance Connection will request a Non-Disclosure Agreement, NDA, to be reviewed and signed by all parties that will be included in discussing our potential partnership. While a legal document being introduced early on may seem too soon, the purpose of the NDA is truly just to provide a safe space where all parties can speak freely. You can ask all of the questions that are of concern or interest to you, and we can collect the data necessary to determine if it’s a good fit without any risk to either party’s information being exposed.
Step 2: Value Proposition: What We Can Do for You
Once the NDA is taken care of, we are able to speak freely regarding the potential partnership, we will work together to determine your independent insurance agency’s needs, where we here at The Insurance Connection can help, how your agency fits into our alliance, and which programs could be of benefit to your business growth.
The Insurance Connection and SIAA offer various programs that can lead to increased lines of business and more efficient business strategies. We offer accessible marketing solutions and advanced data analytics all at the touch of a button.
For startup agencies, we offer a consultative program that focuses on helping members establish the correct “foundation” on which to build their business, consisting of mentorship through The Insurance Connection and virtual instruction from SIAA on topics including systems and processes, automation, and marketing strategies.
Step 3: Economic Analysis: All About the Dollars
If both parties agree that the partnership is mutually beneficial following the value proposition, the next step in the membership process is an economic analysis of your independent insurance agency. While this step is not mandatory, it is advantageous and one that nearly all of our members choose to complete as it provides a clear picture of the potential economic value of joining The Insurance Connection.
Through a scheduled call or in-person meeting, we will analyze your existing agency by inputting your current book of business into our proprietary formula. This will generate a detailed projection of how your agency could profit and grow through membership. The conversation will also cover supplemental compensation and profit-sharing opportunities.
For start-up agencies, this appointment may look a bit different, as there may not yet be a large enough book of business to run through our full calculation. However, we are more than happy to walk you through the potential for supplemental compensation and profit-sharing based on the goals you’ve set for your agency’s future. If needed, we can also help you outline those goals to ensure you’re positioned to gain the most value from membership with The Insurance Connection and SIAA.
Step 4: Member Application
While the Member Application is a formality in the process of joining The Insurance Connection and SIAA, it plays a crucial role by giving us a comprehensive view of your independent insurance agency’s ownership and operations. The application includes a variety of questions covering the size and performance of your book of business, the states in which you’re licensed, the technology your agency uses, and more. It’s where all your agency’s key information is formally documented.
As part of the application process, we also request references to help validate your agency’s performance and professional background. Once submitted, our principal, Mike Rice, will review the application in detail. His approval is required before a membership agreement can be extended.
Step 5: Decision Making and Member Agreement
Once the Member Application is approved and both parties determine the partnership to be a good fit, a membership is offered through The Insurance Connection’s membership agreement that is customized to your independent agency’s individual situation. We will send you a copy to review, following with setting a scheduled time to meet privately in person to review the contents of the agreement in detail. This is the time when decisions are made. While there are times when both parties know going in what the decision is going to be, other times terms need to be negotiated and we have to hammer out the details. Once terms are agreed upon and the member agreement is signed, you are officially apart of The Insurance Connection and SIAA, the nation’s leading network for starting, developing, growing, and evolving independent insurance agencies.