Smart Choice Insurance vs. Renegade Insurance: Helping Agents Make the Better Choice

TLTR: Smart Choice Insurance and Renegade Insurance are among the notable players in the independent market. Here, we will look at how they compare with each other, and you can gain insights into the difference between being a Smart Choice agent and a Renegade Insurance agent.

Iterations of independent insurance agencies or insurance networks have existed for the previous few decades. The insurance industry has long been a competitive one, with many old players who have adapted successfully to their specialty. With the influx of new players, the independent market is experiencing further inventive growth that makes it simpler for agents to sell their products, get leads and stay on top of the most recent trends.

Today, we will look at two such entities: Smart Choice Insurance, an agency network with over 25 years in the market, and Renegade Insurance, a relative newcomer “looking to disrupt the market”.

Who is Smart Choice?

Smart Choice is an insurance network agency serving over 9,000 independent agents and 100 carrier partners in 45 states across the country. The agency is built on the premise of empowering independent business owners to grow their companies, establish new market relationships and keep up to date with technology trends. They are one of the oldest agencies in the industry, with a history spanning over 25 years.

How does Smart Choice insurance make money?

Smart Choice makes money from their commission splits. It works on 70/30 commission split on business written through the Agents Program, and their commission split is capped to $20,000 no matter the carrier.

How wide is Smart Choice’s market?

Smart Choice has built a wide network with over 100 carriers across 45 states. They offer personal, commercial, life, and health markets, in addition to ancillary products and services to help agents build their business.

Smart Choice has also partnered with companies to help agents save money running their agencies, from discounted Group E&O to agency websites and online web raters.

Additional products and services offered by Smart Choice include:

• Website Design and Hosting
• Agency software like EZLynx, Applied Rater, QQ Solutions
• Lead sourcing through Everquote
• Financing
• E and O insurance
• Continuing Education
• Assistance on book roll from carrier to carrier

As a Smart Choice agency partner, you’ll also have access to additional perks such as customized product training and access to their Business Solutions Center as part of their no-fee program.

Who is Renegade Insurance?

Renegade Insurance is an agency that offers multiple lines of business for agents. With an investor portfolio of market leaders that built category-defining brands, Renegade Insurance is looking to disrupt the industry with market-leading technology.

Simply put, they offer a “you sell, we service” model that allows agents to divert their energies into areas that acutely impact their growth.

How does Renegade Insurance make money?

Renegade Insurance, like Smart Choice, makes money from commissions. Renegade does not offer 100% commissions on any lines; their splits vary across policies on all lines.

For personal lines, the commission split starts at 80/20 for new business, and varies based on premium. The personal lines renewal business split is 50/50 between agents and Renegade. Likewise, for commercial lines, the split is 60/40 for new business, and 40/60 for renewal.

They charge a monthly fee for access to their carriers, technology, training, and in-house licensed service center.

How wide is Renegade Insurance’s market?

Renegade Insurance doesn’t have a retail outlet requirement; independent insurance agents can run virtual agencies of their own.

Renegade Insurance has over 90+ carrier partners and has affiliations with multiple MGAs. Renegade agents mostly focus on selling commercial lines and personal lines policies.

Renegade as an agency, is licensed in 48 states. However, it provides its services in 7 states: Georgia, Florida, Texas, Tennessee, Alabama, North Carolina, and South Carolina.

Additional products and services offered by Renegade include:

• Proprietary Lead Management Software and Rater
• Lead sourcing through internal marketing
• Google Business Profile Handling for agents
• Product and Sales training center
• Assistance on book roll from carrier to carrier
• Client servicing assistance

How does Smart Choice insurance compare vs. Renegade Insurance?

Founded in 1994, Smart Choice is a well-established independent insurance agency network that offers its services in 45 states. The network was created with the goal of assisting independent agency owners in expanding their businesses, and establishing new market ties.

Renegade Insurance was established in 2018. With its innovative approach to providing agent-centric service, Renegade has been able to gain a noteworthy reputation in the market. They are licensed in 48 states but currently operate in 7 states.

Smart Choice works with over 100 carriers to provide personal, commercial, life, and health insurance. The commission split offered by the agency network is 70/30 with no fees charged.

Alternatively, Renegade Insurance has access to over 90 carriers and specializes in commercial and personal insurance services. Renegade offers 80/20 commission split on new business and 50/50 on renewals for personal lines and a 60/40 split on new business, and 40/60 on renewals for commercial lines.

In terms of use of technology, Renegade Insurance employs proprietary lead management and rater software to make it simple for agents to manage their businesses, while Smart Choice uses EZLynx and AppliedRater to streamline operations and help agencies to deliver accurate and bindable quotes to clients rapidly.

Both businesses recognize that an agent is in their element when they are allowed to do what they are best at, and are built around this premise. Similarly, both Renegade and Smart Choice provide its agents with marketing support, access to lead generation tools, and the ability to schedule carrier appointments more efficiently. Overall, both agencies strive to help independent agents with competitive commissions and intimately tie their success to that of the agents.

In a nutshell

Smart Choice and Renegade Insurance both have a wide range of benefits and offers to choose from, each catering to the needs of different agents. Looking at all the points presented above, you can decide the best insurance agency based on the benefits you prefer.

Curious about what you can do to increase your business as an agent? Why not check out our agent directory, add your listing, and find out!

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