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Insurance Cluster and its Importance

In this presentation, it discusses the major loopholes of insurance cluster. Lack of control over the quality of business written and lack of professional management is discussed in detail. Insurance aggregators are the advanced form of insurance clusters. To know more, visit: https://agencyheight.com/insurance-aggregator/

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Insurance Cluster and its Importance

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  1. Insurance Cluster 

  2. What is an Insurance Cluster? • Insurance Cluster allows agencies to collaboratively share an insurance carrier contract.  • It also spreads the premium requirement by the insurance  carriers.  • Insurance aggregators are the improved version of insurance clusters. 

  3. Why Insurance Cluster?  • Traditionally, insurers would not contract agents who could not bring a half a million dollars in premium volume.  • Therefore, establishing agency was important and considered remarkable.  • In order to overcome the challenge, the concept of insurance clusters came into the limelight. 

  4. What is an Insurance Aggregator?  • It is the website that gathers insurance-specific information from different sources and organizes in one place.  • It fosters a network of insurance carriers, agents and clients • It helps shoppers find detailed information about insurance policies- price, coverages, premium, and other features.

  5. Loopholes of Insurance Cluster  • Insurance clusters had two major loopholes.  • Lack of control over the quality of business written  • Lack of professional management  • In order to overcome these loopholes, insurance aggregators came into place.

  6. Importance of Insurance Aggregators  • Aggregators focuses on market access, profit sharing, networking with insurance carriers, and so on.  • Becose it is an association of insurance agencies and clients & carriers; it is better than independent agents acting alone. • It limits frauds, allows up-selling and cross-selling and help you keep up with the digital technology. 

  7. CONCLUSION  • While aggregators help clients get quotes in just few clicks, agents' scope will not diminish.  • The automated system only provides quotes for general policy but lacks human touch to the service.  • Why not become a part of winning strategy and be on top of the competition? 

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