SIAA Insurance vs. Renegade Insurance
TLTR: This article compares SIAA Insurance with Renegade Insurance (formerly Covered by SAGE) based on customer service, experience, claims processing and overall suitability and reputation. Insurance companies are generally rated on the quality of their product offerings and trustworthiness. When you decide to be part of an agency, you are entitled to quality service, and a range of coverage options to find the best clients.
In this blog
How Does SIAA and Renegade Insurance Compare?
Founded in 2018, Renegade Insurance is an insurance technology company that combines cutting-edge client-centric tools with premium services and quotes. So, at the backstage of a completely customer driven model is ample space dedicated to empowering agents by growing their books faster and retaining them longer. Lastly, Renegade Insurance specializes in insurance distribution. It seeks to enhance the experience of insureds and provide them with the best quotes.
Along with carrying personal and commercial lines, Renegade Insurance also offers life and health policies.
On the other hand, SIAA was founded in 1995 as an attempt to fill 2 main independent agency industry gaps discovered by SIAA’s founder at the time, growth and access to markets. Lastly, SIAA is an alliance of independent insurance agency.
The main obstacles for small independent agencies have been cost, including low commissions, and access to competitive companies. That is to say, SIAA has a unique business model of hosting 48 Master Agencies in the United States, and each agency responsible for a particular region. As a result, agents have access to services and profit-sharing of that region.
How Does SIAA and Renegade Insurance make money?
Renegade Insurance draws income via its commission split with agents. There is a $100 monthly fee but no onboarding fees for agents.
Renegade Insurance’s success metric is therefore directly tied to the success of its agents. Because of this, agents are a priority.
At SIAA, payment is commission based. In addition to agents receiving commission, they receive regular program training and business development materials. SIAA also has a consultation program for building and operating successful businesses.
Renegade Insurance Offering
Renegade Insurance agency owners are provided with:
- Best-in-class technology: Proprietary agency platform transforms agents from a price-quoter to a risk advisor.
- Wide Market Access: Direct appointments with national insurance carriers, providing broad market access across all lines of insurance.
- Comprehensive servicing: Dedicated agent-support team handling all your servicing needs, concierge onboarding, training and sales support.
SIAA offers both commercial and personal lines of insurance. To sum up, their partner carriers are American Modern, Acuity, CNA, Mercury Insurance, Nationwide, Swyfft and the Main Street America Group.
Here are the few main personal line insurance offerings:
- Mortgage life
Meanwhile, the major business/commercial line offerings are:
- Worker’s compensation
- General liability
Factors to Consider
When choosing an organization that is best for you, the first step is to visit the website of the agencies operating in your area.
- Check out their licensing page and their state-wise coverage. Furthermore, you can find out who the agency is appointed with, and other similar information. Furthermore, you can view a list of the agencies they have appointed under their license.
- Another line of research will help you locate an agency member online, or their website.
- Talk to the agency’s carrier representative, they are excellent at giving the right recommendations.
SIAA Vs. Renegade Insurance: At a Glance
What Is Best For You: SIAA or Renegade Insurance
Compared to Renegade Insurance, SIAA is shown to have high maintenance requirements in membership fees, early termination, buyout fees, and selling fees. SIAA additionally takes 50% out of agent bonuses, including 5% of annual commissions.
SIAA’s founding principle is not enough to tackle the challenges of the new insurance climate, while Renegade Insurance has a steady track record of reinventing itself according to the needs of the time. Similarly, agent loyalty doubled for Renegade Insurance after the pandemic. The unique proprietary plug-and-play technology at Renegade Insurance has also seen significant agent approval.
In this regard, compared to Renegade Insurance’s agent-centric focus, SIA focuses on their master agencies. So, this may not be convenient if you are an agent that prioritizes bonuses and carrier relationships. In conclusion, as an agent looking to grow their books and enhance skills, Renegade Insurance will support an agent’s professional development more thoroughly and ask for very little in return.