Reliance Global Group, a holding company for several companies in the insurance brokerage and real estate industries, has announced the acquisition of The Referral Depot (TRD), a software-based referral program for the insurance industry.
Reliance Global had announced in November that it had entered into an exclusive partnering agreement with TRD. TRD’s software streamlines the process for third-party insurance professionals to refer business to Reliance Global or its affiliates for a commission split or other incentives.
“Since November, we have extensively tested and rolled out the software to verify the merits of this one-of-a-kind referral program,” said Exra Beyman, CEO of Reliance Global Group. “We are now offering this software at no charge and have been extremely pleased with the positive uptake among third-party insurance professionals across the US, who have begun to refer business to Reliance Global Group’s insurance agencies.”
Reliance Global has onboarded agents in Michigan, Colorado, Louisiana, California, Florida and Texas, Beyman said. So far this year, the company’s US Benefits Alliance subsidiary has added 70 referral agents in Michigan alone.
“With the acquisition now complete, we look forward to aggressively rolling out the TRD software across the US, as agents see the advantage of using this free software as compared to expensive insurance lead programs and mailers that typically don’t generate more than a 20% close rate,” Beyman said. “The historical closing rate with TRD is 53% – a stunning 165% higher return than the typical expensive lead program.”
