Strategic Insurance Agency Alliance (SIAA) Ratings
Strategic Insurance Agency Alliance (SIAA) Reviews 2023 (Ratings, Complaints & Carriers). Established in 1995 Strategic Insurance Agency Alliance (SIAA) started out as a boutique insurance company, and in the nearly 30 years that they have been in business, they have evolved into the largest alliance of independent insurance agencies in the United States.
Though the company was officially launched in 1995, their history actually dates back 12 years earlier than that, when, in 1983, Jim Masiello, the owner and operator of Masiello Insurance Agency, based out of Keene, NH, was seeking to overcome two of the biggest obstacles that independent insurance agencies faced:
- Ability to grow
- Access to markets
To overcome these challenges, Masiello created the first Master Agency - Satellite Agency Group (SAN Group). He found that boutique insurance agencies were constantly running into roadblocks due to their size, their low commission rates, and their inability to access competitive companies.
Masiello had the idea to develop a Mater Agency that would help agencies grow and increase their profit margins by providing company access and other services.
When a group of independent agencies signed onto SAN, the master agency was appointed by its first Strategic Partner Company. The potential of the model was easy to see, and from there, the SAN was up and running.
Thanks to interest from agencies throughout the New England area, SAN experienced rapid growth as a regional alliance. By the middle part of the 1990s, SAN Group had established membership and written premiums, providing smaller member agencies a chance to acquire appointments so that they could grow. Executives and consultants that worked in insurance encouraged SAN Group to continue their success.
Fast forward to 1995 and the national alliance - SIAA (Strategic Insurance Agency Alliance - came to be. SAN's multi-level partnering was recreated across the country. Now, SIAA has a reliably established alliance of 48 master agencies that cover all 50 states within the United States. Read on for Strategic Insurance Agency Alliance (SIAA) Reviews.
Check out Strategic Insurance Agency Alliance (SIAA) reviews, ratings, complaints & carriers for their members for the creation, growth, retention, and evolution of the local independent agencies.
Following are some of the answers to commonly asked Brown & Brown small business insurance questions:
- What Is The Strategic Insurance Agency Alliance (SIAA) Business Model?
- What Kind Of Member Agencies Does SIAA Seek?
- Is There A Minimum Amount Of Insurance Experience Needed To Join SIAA?
- What's The Difference Between An Insurance Aggregator, Cluster, Or Network?
- What's The Length Of Commitment Between An Agency And The Strategic Insurance Agency Alliance (SIAA)?
- Are Strategic Insurance Agency Alliance (SIAA) Reviews & Ratings Good?
What Is The Strategic Insurance Agency Alliance (SIAA) Business Model?
The new multi-tiered partnering business model, known as SIAA, was created in 1995. Now, nearly 30 years later, SIAA has more than $10.5 billion in total written premium, making them the largest independent insurance agency alliance in the United States. The alliance that SIAA is built in is partnerships between the SIAA and 48 master agencies, insurance companies, and independent strategic members.
What Kind Of Member Agencies Does SIAA Seek?
Agencies of all shapes, sizes, and backgrounds find membership to the SIAA to be advantageous and profitable. Though there isn't a particular profile for members, a lot of the agencies that SIAA partners with are smaller and as such, they are in need of markets or are seeking out stability.
The following are some of the agencies that have found the SIAA model to be beneficial:
- Direct writers
- Life and financial service agencies
Is There A Minimum Amount Of Insurance Experience Needed To Join SIAA?
Though there isn't a specific minimum, the vast majority of startup agencies are able to achieve success when their principal has at least two years of experience as licensed property and casualty (P&C) insurance agents.
What's The Difference Between An Insurance Aggregator, Cluster, Or Network?
The following is a brief overview of each:
- Insurance aggregators offer market access and aggregate premiums, in some cases, with extra compensation; however, never with support services or tools. People join as aggregators so that they can access insurance carriers contracts.
- Clusters occur when groups of agents form, either in a formal joint venture or as a loose affiliation, to position their individual books of business as a piece of a bigger book so that they can achieve the highest commissions possible, or profit sharing.
- SIAA is a network, meaning that it is an organization that is comprised of several other master agencies throughout America.
What's The Length Of Commitment Between An Agency And The Strategic Insurance Agency Alliance (SIAA)?
If you decide that you would like to become a part of the SIAA organization, your membership contract will live with the regional master agency that is responsible for the region where your agency is located.
The terms of the contract can vary and the length of time will vary, as well.
Strategic Insurance Agency Alliance (SIAA) Reviews - Pros & Cons
So, what are people saying about the Strategic Insurance Agency Alliance (SIAA)?
PRO: It has been said that SIAA is good for newer and smaller agencies that need access to insurers, training and support.
CON: it has been mentioned there are large fees for selling or leaving (buy out) a SIAA affiliate - and it is recommend that if you are consider joining SIAA that you carefully review the terms and contract.
Are Strategic Insurance Agency Alliance (SIAA) Reviews & Ratings Good?
It has hard to find any objective reviews about SIAA. There is some chatter on insurance forums including:
Here is a thread about SIAA, where an agent wants to leave do to restrictions.
Another thread is asking How to buyout from SIAA?
It seems that when agents want to leave that the Strategic Insurance Agency Alliance (SIAA) Reviews are below average.
Strategic Insurance Agency Alliance (SIAA) Contact Information
Address: 234 Lafayette Road Hampton, NH 03842
The Bottom Line On Strategic Insurance Agency Alliance (SIAA) Reviews, Inc.
If you are a newer or small independent insurance agency looking for access top national carriers and national and local incentives and profit sharing - SIAA is an option to consider.
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