You may have heard of profit-sharing as a bounty of extra money that insurance carriers give to the biggest agencies for closing deals worth millions of dollars. You may also think you will never be big enough to meet the volume requirements for such bonuses, or at best that it will still take you a number of years to grow your book of business enough to get there.
The truth is, you could be getting profit-sharing bonuses right away.
SIAA has unmatched local, regional, and national profit-sharing requirements! With the highest commission rates available, our profit-sharing program has no requirement for minimum premiums, making it accessible to all of our independent insurance agents, no matter the agency size.
Profit-sharing is an additional incentive that insurance carriers offer to their best-selling agencies. Insurance carriers use a part of their underwriting profits to encourage sales and motivate independent agents to sell their products instead of those from another carrier.
Profit-sharing has extra requirements above and beyond commissions, but agencies that meet them essentially get free money for the same work they already did.
For example, a carrier may offer a bonus of 1.5% of an agency’s total volume if their yearly sales reach $1,500,000 and they keep a loss ratio of 50% or better- this means an extra $22500 on top of whatever commissions had been already paid.
You might think: “I’m nowhere near selling a million a year”, and this is why it’s so advantageous to belong to SIAA: while many new independent agencies are not selling that volume of premiums on their own, TOGETHER we can all reach the requirements and then share the profits.
SIAA’s profit-sharing program puts mere insurance agency clusters to shame.
Our independent insurance agents are eligible for profit sharing with no required minimum premium levels! It doesn’t matter how long you’ve been in the industry or how large your agency is, everyone has access to profit sharing.
Profit-sharing relieves some of the pressure of being an independent insurance agent. You get more security than if you were on your own or strictly commission-based. This program protects all of our agents.
As SIAA helps you become more successful, you also end up with an increased share of the profits. Another benefit is that profit-sharing creates a collaborative environment.
We believe in creating opportunities for independent insurance agents. Even though our members make their own decisions, and operate their agencies independently, they also benefit from being part of a network.
Joining SIAA means adding immediate revenue without increasing your expenses by participating in profit sharing. You can earn more income from your efforts, no matter the size of your agency.
Your independent agency becomes more valuable as soon as you join SIAA. You have access to our training and coaching programs but also the profit-driving features of profit sharing and bonuses.
At SIAA, we believe that the independent agency system is the best way to serve the insurance needs of consumers. Our vision is to continue to grow and build the independent agency system by helping existing agencies thrive, not just survive, and by helping create new, successful independent agencies by providing them the ability to grow quickly and profitably while retaining their independence.