This post is part of a series sponsored by Darkhorse Insurance.
Choosing the right partnerships can make or break the success of your insurance agency. 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 prices and improve your customer service. This blog will explore the best options available and how they can make a real difference to your business.
Understanding Aggregators in insurance and agency partnerships
Insurance Aggregators
Aggregators simplify the insurance process by linking agents to different carriers through one system. The best insurance aggregators enable agents to efficiently access a wide variety of carriers and markets. By joining an aggregator, agents gain access to a network that leverages collective purchasing power and industry connections, giving them broader market access than they could achieve independently.
Insurance aggregator companies streamline the insurance process by providing a platform through which agents can access multiple providers. This model allows agents to offer a wide range of insurance products that take advantage of economies of scale and favorable terms negotiated by the aggregator.
Insurance clusters
Insurance clusters are cooperative groups of independent insurance agencies that come together to increase 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 promotes greater competitiveness and profitability for member agencies.
This model provides group discounts, shared marketing efforts and shared 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 allow agents to operate under a well-known brand. Agents benefit from established systems, extensive training and marketing support. This partnership offers a proven business model to help agents succeed.
Franchisees also gain access to resources that improve their operations and customer service. Franchise models are ideal for agents seeking the support of a reputable brand and a solid framework to start or grow their agency.
Top Insurance Agency Partnerships
Each year, Insurance Journal highlights the best agency partnerships, featuring everything from insurance aggregators to clusters and franchises. These partnerships provide various benefits, such as access to multiple insurance companies and strong support systems. Below are the best 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 | Safe risk | $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 Car Insurance Centres | $97,151,164 |
| 16 | 14 | The insurance 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 is a new 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 example, Darkhorse offers agents access to multiple carriers and contracts like a typical aggregator.
However, it goes above and beyond by providing franchise-level support, including training and marketing resources. This allows agents to maintain their independence while benefiting from the guidance and structure necessary for success. It’s a flexible option that gives agents both the freedom and support to grow their business.
Compared to traditional insurance business models, the Darkhorse hybrid approach stands out with its full turnkey infrastructure, including insurance agent technology, phone systems, IT support and more. This all-in-one platform enables agents to handle administrative tasks and process paperwork seamlessly, so they can focus on growing their business. In addition, partnering with Darkhorse provides 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
- Secure 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 is important
The global insurance market is expected to grow by around one trillion US dollars between 2023 and 2028, reaching close to 10 trillion US 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 in 2023.
For independent agents, it is crucial to partner with a trusted agency that offers strong support and resources. A good partnership can help you manage more clients, improve your services and stay competitive as the market evolves. Choosing the right agency is critical to 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: Consider any associated fees, including start-up costs and ongoing costs. Be 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 greatly impact your ability to serve customers and grow your business.
- Growth opportunities: Consider the potential for business expansion and professional development. Look for partnerships that offer opportunities to scale your operations and improve your skills.
- Market presence: Determine the geographic and market reach of the organization. A strong market presence can offer better customer access and increased business opportunities.
How to find the best fit for the growth of your insurance business
Choosing the best insurance aggregators or other agency partnerships can greatly impact the success of your business. Different options offer different benefits such as lower fees, better support and growth opportunities. It is important to compare these factors to find what best suits your goals. If you want the benefits 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.
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