When looking for insurance to offer employees, managers will often deal with representatives who will help them find the insurance policy that is most suited to their unique group of employees. However, there are two kinds of insurance agents: captive and non-captive or independent. So, what’s the difference?
A captive insurance agent is one that works for the one insurance company. They only have access to one set of options that their company offers.
Noncaptive insurance agent, as their name might suggest, work as independent agents with a variety of insurance companies. These independent insurance agents generally provide more options when it comes to policies because they are not limited by one carrier option. Their goal isn’t to sell the policies of a specific insurance company but yet find the option that is best for you.
Why Choose One or the Other
The differences between captive and non-captive insurance agents directly affects the types of insurance solutions you may get offered. It’s not to say that one is necessarily better than the other but, when it comes to variety, non-captive agents take a clear lead.
Captive agents will still do their best to make sure you can find the right insurance policy, but their pool is much more limited, considering they are only working with the offerings of a single company. Non-captive insurance agents, on the other hand, work differently.
With an independent insurance agent, you are receiving more than just additional insurance options. Non-captive agents compare different insurance products on the market and select those which would best fit your business, based on the specific requirements you establish.
Some key benefits of working with a non-captive insurance agent include:
- Faster Results — With captive insurance agents, researching the market is a task businesses need to conduct themselves because the representative can only show what the company they work for has to offer. Independent insurance agents do that research for the client.
- More Expertise — Independent agents need to know about what different companies offer, so they always have their ear to the ground. Captive agents only need to focus on company policies, and might not always be up-to-date on market trends.
- A Better Understanding of The Policy — Because an independent/non-captive insurance agent can expose you to multiple offers, you ultimately have a better understanding of the perks and limitations of the policy you choose. The independent insurance agent can also provide additional support in this sense, and help you to have a complete overview of the offerings of your chosen insurance policy.
Why You Should Choose DesignTM Health for Health Insurance
If you are looking for health insurance options, the experienced team of insurance brokers at DesignTM Health are ready to assist you in your search. Our unique business value involves helping small, midsize, and enterprise-level businesses get the health insurance policy that best meets their unique requirements. We also cater to individuals and families who are not covered by an employer. Our work ethic places a strong emphasis on providing all our clients with great support and expertise to ensure you can access the best plans on the market.
DesignTM Health is here to help managers have a better view and control over insurance plans through the use of digital platforms and other tech solutions that can help streamline backend administrative functions. Moreover, we also offer customizable benefits guides that companies can use to create an ideal employee benefits package.
If you want to work with a professional team of insurance brokers that can provide true expertise and guidance in finding the right health insurance, DesignTM Health is the team to call. Get in touch with us now to schedule a discovery call.