Secrets the insurance industry doesn’t want you to know
The fact is, the insurance sales network is stacked against you as the buyer. We even the playing field and work the system on your behalf. Our average savings is 35%, the most we have saved a client is 74%.
- Your agent represents the insurance carrier. Your agent works for an agency. Agent and agency split a commission between five and thirty percent every year, for the life of your policy. The more premium you pay, the more the agent and the agency make. The agent is paid by, and represents, the insurance seller — not you as the insurance buyer.
- You cannot get the lowest price with one agent. Some carriers are direct writers, they write insurance for only one carrier. Independent agents write for multiple carriers, but they must meet minimum business thresholds, forcing them to choose a handful of carriers. No agent can quote your insurance across all carriers. The fact is, it takes nine agency relationships to access all carrier markets. But without carrier competition, you will never get the lowest price and the approach must be strategically done.
- Everything is negotiable (you don’t have to switch agents). Two to four weeks before your current policy expires, you receive your renewal quote. Like most business owners and CFOs you assume the price is what it is. But, if you’re prepared with a competitive quote your carrier will often drop the premium to match it. Same agent, same agency, same coverage. Nothing changes but what you’re paying.
- Insurance does not need to be time consuming. You have a fiduciary responsibility to manage risk at the lowest premium. But who has time to pursue nine agency relationships with multiple quotes from each? The big secret — you don’t have to. You can hire RateCraft to represent your interests. An industry expert that will market your policy to all carriers, will negotiate for you, is paid only if you save, and that will take no more than two hours of your time. In a 15 minute phone call or meeting, we can let you know where your premium sits relative to comparable organizations of your size and in your industry.