ANE, Agency Network Exchange, has formed an agreement with Hyundai Marine & Fire Insurance Co. that gives its members direct access to Hyundai’s new homeowners insurance product. ANE and its member agents collaborated with Hyundai to develop this product, which will give ANE agents 50 percent more commission than if they placed the business through an insurance wholesaler for the same product.
Hyundai’s new homeowners insurance product provides nontraditional coverage options, including:
- Home Systems Protection: covers repairs and replacement when home systems and equipment fail, such as central heating, air conditioning and dishwashers.
- Identity Recovery and Fraud: provides clients with protection and recovery assistance from identity theft.
- Service Line Coverage: covers repair and replacement of service lines on the homeowner’s property, including outdoor property.
- Water Backup & Sump Pump Coverage and Sinkhole Collapse: covers non-flood-related water back-ups through sewer lines, drains and sump pump overflow, and structural damage caused by sinkhole activity.
Formerly Consolidated Insurance Agents, ANE recently announced that it is expanding into Pennsylvania and other mid-Atlantic states. In the last three years, ANE has assisted members in writing more than $25 million in organic new business and paid more than $1.8 million in profit sharing to members this year. ANE works with more than 40 independent insurance agencies with over $350 million in controlled premiums.