Our SmartInsurance Enterprise Consulting program eliminates real and perceived conflicts of interest between customers, consultants, and agents. It fills agent pipelines with high quality commercial prospects and significantly reduces the cost and friction for customers. Customers need competitive options for managing their risk, and too often- they choose between relationships/expertise and competitive pricing. By creating a collaborative platform, we provide consultants with the tools to add maximum value to customers, provide agents with ‘free’ quote opportunities with limited time investment, and all of the costs are covered using carrier commission dollars- so there is no added cost to the customer for consulting expenses. Customers seeking free consultations can CLICK HERE.
Skeptical? Let’s break it down…
Insurance Relationship Consultants
This involves the solicitation and relationship layer. This the person who knows the customer or who the customer trusts- whether because of their expertise, or their relationship- or both. We also allow for referral compensation for professionals who may have relationships in a particular industry, but can’t dedicate the time or expertise to truly consult with the customer. The introduction still adds value, and in most cases we can pay the referral source. CLICK HERE to register as a referral source if you have relationships or would like to solicit or direct middle market prospects toward our program.
The Consultant is the person who the customer trusts to assist with providing independent and objective information. The level of expertise or advice may vary, and it isn’t necessarily about risk management or a particular area of expertise (although that certainly would be attractive to the customer as added value), but the consultant serves as a layer between the customer and the agents/brokers that allows for information to be transferred accurately, efficiently, and with fairness to all parties. If an agent/broker tells the customer- “You don’t need to shop this year. Your rates are good.”, they may be telling the truth- or they may be protecting their own bottom line. The consultant doesn’t stand to gain or lose revenue whether the customer shops or not, so their perspective is inherently more trustworthy. CLICK HERE to register as a Consultant. This role is ideal for industry professionals who enjoy objective consultation.
Agents and Brokers
Did we forget about who is actually writing and servicing the policies? Not quite. We are fully aware that most agents are consultative by nature, and that many also possess the knowledge and skills to provide comprehensive risk management services. You may even be more “qualified” than the consultant. Our goal is to facilitate collaborative relationships between you and consultants who have already earned the trust of the customers you want to sell your products and services to. When you receive a prospect from one of our consultants, you will receive:
- Free leads. If the customer doesn’t buy from you, you don’t pay.
- Pain points, goals, etc. You will know exactly what is important to the customer.
- Instant credibility with the customer. If the consultant presents your agency as a potential fit, there is a presumption that you are qualified and capable of handling the account.
- Completed acord applications, supplements, and any information you need to quote the account, as well as access to the person (consultant) whose primary job it is to get you what you need.
- A guaranteed opportunity to present your proposals and information to the customer.
CLICK HERE to register as a Partner Agent
How Does Everyone Get Paid?
The insurance premium is a significant expense to the customer and the insurance carrier pays somewhere between 8-20% of that amount to the agent who physically writes and services the policy(ies). While the agent/broker is the only one who has access to the insurance products and commission dollars, the opportunity and labor (completed apps, etc) provided by the consultant are a de facto part of the sales process, and it is more than fair to share those dollars with the consultant who has collaborated to generate revenue for that insurance agent/company combination. In fact, the consultant will spend much more time and do much more work during the initial process than the agent. Most of the agent’s effort will be servicing the policies after they are bound. Compensation guidelines:
- Agent/Broker must agree contractually to report and pay commissions to the SIEC program when policies are placed and for as long as they are in force. New and renewal commission splits are unchanged so there is no change in financial incentives over time. The agent always ‘owns’ its policies and the consultant is not a broker.
- The agent selected by the customer pays 40% of all commissions received to SIEC to compensate the consultant and/or referral sources. In order to avoid conflicts, this is disclosed to customers and is the same for every agent. There are no exceptions and no deviations. The goal is to be fair to all and to eliminate any unintended conflicts of interest.