What is an Insurance Carrier? Carriers and Insurance Intermediaries Explained
Insurance carriers, brokers, agencies, wholesalers, aggregators,
intermediaries… it can be hard to keep the different players in the
insurance industry straight. At Agents’ Advantage it’s our mission to
keep you ahead of your competition, whether it’s by helping agents stay
independent and increase revenue by being able to compete or by providing
access to specific carriers. Access to our knowledgeable Underwriting Team
helps you better understand what our program and its carriers can do for you
and your insureds.
What is an insurance carrier?
An insurance carrier is the company that holds a particular policy,
responsible for issuance and assumption of covered risks. There are many
insurance carriers, offering a wide range of policy and coverage options.
Not all carriers are created equally, Agents’ Advantage works with only
the best national and regional insurance carriers; providing our members
access to more than fifteen A rated insurance carriers.
What is an “A-Rated” insurance carrier?
Insurance carriers’ ratings are determined by a quantitative and
qualitative evaluation of the company’s balance sheet strength, business
profile, and performance. The rating provides an overall picture of their
creditworthiness—their ability to pay current policies and meet financial
obligations. An “A Rating” indicates that the insurance carriers’
creditworthiness is excellent. Agents’ Advantage is proud to offer our
members well over a dozen A rated insurance carriers.
What is an insurance intermediary?
An insurance intermediary like Agents’ Advantage helps small to mid-sized independent
insurance agencies better serve their customers and grow their businesses by providing
them access to a larger range of A rated carriers. In essence, an insurance intermediary
can perform similar functions as an insurance wholesaler: we bind policies from carriers
on behalf of many agencies, a process which allows our members to gain out of reach markets
without large volume requirements (Affiliate Membership). Insurance intermediaries like
Agents’ Advantage can also offer additional membership types which can allow you direct
access to a carrier (Sub Code Membership).
Why should my agency use an insurance intermediary?
An insurance intermediary like Agents’ Advantage allows you to provide
competitively priced policies for your clients. That is not the only reason
to use an insurance intermediary, we work with many carriers to provide you
with the best quote we can obtain! Greater options, flexibility and
competitive premiums can greatly increase your closing rates, therefore
improving your business. Agents’ Advantage gives you the ability to represent
multiple insurance carriers without the hefty premium dollar commitments
usually required to provide these products.
Unlike traditional insurance intermediaries, Agents’ Advantage is fee free:
we do not charge membership, annual, or even application fees. Furthermore,
with Agents’ Advantage you maintain total ownership of your book!
Agents’ Advantage will help keep you ahead of the competition: our aim is to be your premier
insurance intermediary!
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