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WHAT IS A NETWORK OR ALLIANCE? A network or alliance is a group of agencies that operate under one master agency code. Because of their breadth, networks give individual agencies access to more insurance companies, products and contacts, allowing them to expand their potential business. Carriers now recognize networks, and most now offer sub-codes to member agencies of a network. In return, agencies share profits with the network or alliance in the form of percentages of commission, monthly fees or both.

WHAT ARE THE MOST IMPORTANT THINGS YOU LOOK FOR IN A NETWORK OR ALLIANCE? IBA asked agents to select the top three most important qualities they look for in a network from a selection of 10 criteria. Here’s what they had to say: Commissions and profit-sharing

81% Access to insurance companies and products

80%

HOW WELL DID NETWORKS PERFORM ON AVERAGE? Commissions and profit-sharing

8.96 Access to insurance companies and products

8.88 Access to niche and nontraditional markets

8.56

Access to niche and nontraditional markets

35% Ability to network with member agencies

25% Overall business consulting

23% Training and education

22% Other

Overall business consulting

8.32 Ability to network with member agencies

8.31 Training and education

8.16 Technology

11%

8.11

Technology

8% Administrative support

7% Marketing

Administrative support

7.80 Marketing

7.79

7% Claims support

1%

Claims support

7.45

www.ibamag.com

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11/05/2018 1:59:14 AM

Insurance Business America issue 6.05  

The magazine for America’s insurance broking and advice community.

Insurance Business America issue 6.05  

The magazine for America’s insurance broking and advice community.