New Member Needs Advice for New Agency

[frkvandyke]

Dear Forum Members......recently joined this forum and reaching out to other insurance professionals for advice and direction. I am a licensed agent in KY (L&H, P&C)....non-res license in other states. My experience: Certified Risk Manager (have been in risk mgt on corp side for 8 years).....w/Northwestern Mutual for 2 years.....stepped back into corp side just this past year......our company has established a new subsidiary (an insurance agency).......we have 3 employees who recently completed their P&C licensing for TN (they are very green with zero insurance experience/agency experience)......our company is domiciled in TN......i know the hurdles in front of us and very difficult to get management to understand such challenges as: no existing experience (other than me), no existing track record, book of biz, loss ratios, carrier contracts/appointments, etc.......having hard time getting out of the batters box in regards to securing E&O coverage.....been declined by carriers for contracts due to lack of experience and newness of the agency........i'm familiar with wholesalers, aggregators, etc.....however, do not wish to pursue business this way as i've heard you lose a good bit of your commission and client credits.....thanks for your time and appreciate feedback

 

[Norwayguy]

Dear Forum Members......recently joined this forum and reaching out to other insurance professionals for advice and direction. I am a licensed agent in KY (L&H, P&C)....non-res license in other states. My experience: Certified Risk Manager (have been in risk mgt on corp side for 8 years).....w/Northwestern Mutual for 2 years.....stepped back into corp side just this past year......our company has established a new subsidiary (an insurance agency).......we have 3 employees who recently completed their P&C licensing for TN (they are very green with zero insurance experience/agency experience)......our company is domiciled in TN......i know the hurdles in front of us and very difficult to get management to understand such challenges as: no existing experience (other than me), no existing track record, book of biz, loss ratios, carrier contracts/appointments, etc.......having hard time getting out of the batters box in regards to securing E&O coverage.....been declined by carriers for contracts due to lack of experience and newness of the agency........i'm familiar with wholesalers, aggregators, etc.....however, do not wish to pursue business this way as i've heard you lose a good bit of your commission and client credits.....thanks for your time and appreciate feedback

Okay 3 posts exactly the same and not to be a jack@ss but your story doesn't lead anywhere. You haven't asked a direct question, I'm assuming you are asking for advice on the P&C side and don't want to deal with wholesalers. Come on if you can't ask the direct questions here on a forum for agents will you be able to ask your clients?

I don't sell P&C however I believe these are your options.

1. Your ultimate goal is direct appointments but you are not eligible at this time...great next option
2. Wholesalers aggregators etc would get you off the ground and building your book of business to the point where you could get direct appointments
3. Using the appointments of another existing agency for a split of the business.

Those I believe are your options.

 

[frkvandyke]

thank you for your response and i'm sorry about 3 post.....learning ins and outs of the forum

 

[1manshow]

With an aggressive marketing plan and your past experience I would think a "regional" would give you a shot at it if you presented a plan that guaranteed them first shot at every piece of green business. Here in Pa there are several that would work with a "scratch" agent with your experience, can't imaging TN would be that much different.