In the insurance world, you will run into two types of insurance agents. One set of them is independent, and the other is captive. Unfortunately, many people aren’t familiar with these terms.
Captive insurance agents sell insurance from only one type of provider. However, independent agents have access to many insurance companies or carriers, offering more options.
Knowing this is important because while there are certain advantages associated with doing business with a captive agent, an independent agent can give you many more benefits. In this article, we’ll examine exactly what these advantages are and why they should matter to you.
Much Better Customer Service
You might overlook customer service at first, but we assure you that it is the most essential part of any insurance policy. Working with an independent agent allows you to get the best possible service.
Excellent and responsive customer service can often mean the difference between getting your claim resolved within a couple of days versus months. That’s why many independents promise quick callbacks, often within 24 hours.
You Get More Options From An Independent Agent
Since independent agents work with multiple carriers, they are in the best position to offer their clients better and wider options. The result is that you can save money with an independent agent by choosing an insurer that offers you the lowest quote for the most coverage, in other words, value for money.
Furthermore, clients don’t have to switch agencies if their insurance requirements change. For instance, if you currently have renter’s insurance but have purchased your property, you will now need homeowners’ insurance. Instead of finding a new agency, the existing independent agent can help you find a good deal, making it easier to switch over to homeowners’ insurance.
Most independent agencies will offer insurance products like life insurance, business insurance, home insurance, auto insurance, renters insurance, etc.
Independent agents will often get to know their clients better. That’s why it isn’t uncommon for agents to be aware of the persons’ personal and business life, which allows them to offer customized solutions.
It is in the best interest of an independent agent to make sure that the quality of their product is the best it can be. That customer-focused drive with experience is why they can help deliver the best value.
Independent agents don’t work for a particular company, which means that they work for the client. Since they represent you, they are there for you when they need them. That’s the opposite of what a captive insurance agent does because they receive a salary from the insurance company, plus a commission for each insurance product they sell.
The best thing you can do is to choose to buy your insurance product from an independent agent. Independent agents with years of experience can help find solutions as your life’s needs change, which means that once you find a trustworthy agent, you are almost certainly set for life.