Parker appears in the Top 100
People in Finance Magazine
From left to right: Stephanie, Braden, Parker, Russ, Jesse, Susie
In the fast-paced world of modern insurance, Parker Reed stands as a shining example of change and empowerment. As the president and co-founder of Platinum Insurance Group, Inc., he has carved a unique path in the industry, one that emphasizes independence, client-centricity, and opportunities for others. Parker's journey from a captive insurance agent to a trailblazing entrepreneur is a testament to his unwavering commitment to reshaping the insurance landscape.
Parker's story begins with humble roots in the insurance world. He started his career working for his uncle, Russ Parry, at his agency, where he quickly distinguished himself, earning accolades as the Top New Agent multiple times. Yet, Parker felt a burning desire to shift his focus from representing insurance carriers to advocating for clients. He yearned for the freedom to run his own agency, unrestricted by the whims of a single company.
Dissatisfied with the limitations of the captive agency model and disillusioned by a company that offered little support and took a hefty portion of his commissions, Parker decided it was time for a change. He joined the independent side of the industry, seeking a way to provide his clients with the best possible insurance solutions without feeling trapped by contractual obligations and corporate constraints. However, even in the world of independence, he encountered challenges and deception, leaving him feeling like he was constantly swimming against the current. It was during this turbulent period that Parker Reed and Russ Parry decided to rewrite the narrative. They co-founded Platinum Insurance Group, Inc., an independent insurance company with a mission to do right by their agents and clients. Their vision was clear: create an agency where agents could thrive financially while delivering exceptional client service. They aimed to break free from the industry's norms, which often entangled producers with numerous contracts and bureaucratic roadblocks, hindering their entry into the field.
Parker's passion for building strong client relationships remained steadfast throughout his career. However, he had grown weary of losing clients to companies with lower prices. As an independent agent, he could now focus on nurturing these relationships and place clients with insurance companies that truly met their needs. Flexibility and adaptability became his watchwords as he pivoted clients to the right companies whenever their needs changed.
Reflecting on their journey, Parker emphasizes, "We aren't forced to serve just one or two carriers; we have hundreds to choose from for our clients." In an insurance market fraught with challenges, Platinum Insurance Group's versatility and size have positioned them as the gold standard of stability. While other agents face declining commissions and layoffs, Parker's team remains resilient, reaping the rewards of their volume and size.
At Platinum Insurance Group, Inc., the philosophy is simple: the rewards earned are shared with their agents. Parker proudly notes, "Our agents' commission remains solid, and they're actually making a lot more money because we have such volume and size that carriers are rewarding us with higher commissions." The company's commitment to fostering agent success has resulted in a nationwide network of over 100 locations, with over $100 million in annualized premiums. Moreso, the accolades they have earned speak volumes about their dedication and superiority. From Elite Agency awards to top rankings with their major partner carriers, including Progressive, Liberty Mutual, Safeco, Main Street America, Clearcover, Berkshire Hathaway Guard, and United Insurance Group, Platinum Insurance Group, Inc. has consistently demonstrated their industry-leading prowess.
We spoke with Parker to learn more about Platinum Insurance Group’s unique model.
Parker, what makes Platinum Insurance Group the top choice for agents?
Platinum stands out due to its commitment to agent support and accessibility. We offer easy access to carriers and comprehensive training right from day one, all while maintaining affordability for agents at every stage of their journey. Our model was designed to empower agents by offering them significantly higher commissions and a simple, flat monthly fee structure. We provide comprehensive support, including technology assistance, training, carrier guidance, and even help with aspects like hiring practices, websites, and logo design. Agents can choose between a 90/10 commission split or a flat monthly fee, currently set at $1000. This flexible approach enables them to retain the majority of their earnings, facilitating growth and the ability to hire staff members. Furthermore, our team includes compliance experts and dedicated professionals who assist agents in their day-to-day operations, covering a wide range of needs, from technology and training to administrative support and more. Having Jesse, our director of agency growth, ensures that agents always have an advocate available to answer their questions, while I remain actively involved in day-to-day operations and client interactions, providing agents with a hands-on and supportive experience. We also plan to expand our team to enhance this support and strengthen our carrier relationships, providing our agents with even more tools, options, and benefits.
Platinum has achieved extraordinary success, with accolades from industry, agents, and thousands of clients. To what do you attribute this adoration?
I attribute our extraordinary success to the people we've surrounded ourselves with. It's all about choosing the right leaders and agents who have contributed to our collective effort. Russ Parry, in particular, has played a pivotal role in shaping Platinum into what it is today. He's been a strong advocate for our agents. Braden Otto, who joined us a decade ago with no prior insurance experience, is another remarkable individual. Although we initially hired him for a short-term position, he gradually found ways to improve our company, showing his value and working his way up to become our CFO and part owner. His journey is truly inspiring. We also have Jesse Porch, who began as an agency owner within our ranks, built his own book of business, and now leads efforts to support our agents on the corporate side. In an industry where typically two out of every ten agents switch careers within five years, our company boasts a significantly higher retention rate of over 50%. This success is a result of our dedication to nurturing and supporting the growth and achievements of our agents.
President and Co-Founder
Platinum Insurance Group, Inc.