Over 150.000 insurance professionals and consumers come to the Insurance Forum every month. Click here to register for FREE


Go Back   Insurance Forums > Insurance Agents and Brokers Forum > Auto Insurance Forum

Reply to Quick Binding Authority for Auto     
Old 02-01-2017, 08:31 PM   #1
New Member
 
Join Date: Oct 2015
Posts:4
State: zee123 is an Insurance Agent from
Quick Binding Authority for Auto Quick Binding Authority for Auto
Hi, i just joined smart choice and regret it since it takes a day or same day binding authority. I need policy issued within 30 min since most of my clients are buying cars from a dealer and need insurance asap. Can anyone advise what other clusters provide instant binding? Thank you
------------------------------------
  Reply With Quote to Quick Binding Authority for Auto
Old 02-02-2017, 08:30 AM   #2
djs
Guru
 
Join Date: Mar 2007
Posts:6,518
State: djs is an Insurance Agent from California
djs is a member of 5000 posts Super VIP club
Quick Binding Authority for Auto Re: Quick Binding Authority for Auto
Doesn't Smart Choice get you binding authority? Most clusters start with you writing through the home office, but move you to your own appointments once you start some production.

You can get some direct appointments yourself with perhaps progressive and a regional carrier or 2.


Dan
------------------------------------
  Reply With Quote to Quick Binding Authority for Auto
Old 02-02-2017, 09:15 AM   #3
Expert
lukifer on Quick Binding Authority for Auto
 
Join Date: Feb 2017
Posts:49
State: lukifer is an Insurance Agent from Alabama
Quick Binding Authority for Auto Re: Quick Binding Authority for Auto
I am looking at going through them too and had the same thoughts. Which companies have easy appointments and quick bindings? Non-standard and standard would be great.
------------------------------------
  Reply With Quote to Quick Binding Authority for Auto
Old 02-02-2017, 09:23 AM   #4
djs
Guru
 
Join Date: Mar 2007
Posts:6,518
State: djs is an Insurance Agent from California
djs is a member of 5000 posts Super VIP club
Quick Binding Authority for Auto Re: Quick Binding Authority for Auto
In the P&C world, there are a few things that don't mix well together:

- New agent (agency)
- Easy / quick Appointments with standard / preferred carriers
- No proven history of production
- No proven track record of loss history

Progressive has historically been one of the easiest 'large' carriers to get appointed with, but in some geographic areas, they have clamped down a lot and wanting production and the ability to show loss history.

You can usually find regional carriers that will work with you, at least on the non-standard part.

That said, it never hurts to ask various carriers. You want to have conversations with them anyway and find out what they need to get an appointment.

Dan
------------------------------------
  Reply With Quote to Quick Binding Authority for Auto
Old 02-02-2017, 10:03 AM   #5
Expert
lukifer on Quick Binding Authority for Auto
 
Join Date: Feb 2017
Posts:49
State: lukifer is an Insurance Agent from Alabama
Quick Binding Authority for Auto Re: Quick Binding Authority for Auto
Yeah.

Got some connections at used car lots/ BHPH, but since I'm captive I can't write anything they send me because my company thinks bad credit people are Satan incarnate and deny everything.

PArt of the reason why I'm looking at going independent.
------------------------------------
  Reply With Quote to Quick Binding Authority for Auto
Old 02-02-2017, 10:08 AM   #6
Guru
VolAgent on Quick Binding Authority for Auto
 
Join Date: May 2009
Posts:12,433
State: VolAgent is an Insurance Agent from Tennessee
VolAgent is a member of 5000 posts Super VIP club
Quick Binding Authority for Auto Re: Quick Binding Authority for Auto
Originally Posted by lukifer View Post
Yeah.

Got some connections at used car lots/ BHPH, but since I'm captive I can't write anything they send me because my company thinks bad credit people are Satan incarnate and deny everything.

PArt of the reason why I'm looking at going independent.
Those people are also a lot more work. While you can certainly build an agency off that market, it will require a lot more work per policy than the preferred market.

------------------------------------
You can pay the premium or you can own the loss.
  Reply With Quote to Quick Binding Authority for Auto
Old 02-02-2017, 10:11 AM   #7
Expert
lukifer on Quick Binding Authority for Auto
 
Join Date: Feb 2017
Posts:49
State: lukifer is an Insurance Agent from Alabama
Quick Binding Authority for Auto Re: Quick Binding Authority for Auto
Originally Posted by VolAgent View Post
it will require a lot more work per policy than the preferred market.
Totally get that. However, I am currently in the business of turning away business. While it is never my intention to focus on the more non-standard side of things, if there is money on the table, I want to be able to take it.
------------------------------------
  Reply With Quote to Quick Binding Authority for Auto
Old 02-02-2017, 12:09 PM   #8
Guru
BlockO on Quick Binding Authority for Auto
 
Join Date: Sep 2010
Posts:989
State: BlockO is an Insurance Agent from Ohio
Quick Binding Authority for Auto Re: Quick Binding Authority for Auto
Originally Posted by VolAgent View Post
Those people are also a lot more work. While you can certainly build an agency off that market, it will require a lot more work per policy than the preferred market.
A lot more work for an agent new to non-standard. but once an agent learns the non-standard biz, there are procedures that go a long way in weeding out the bad/pain-in-the-ass customers..... then it just becomes a little more work, not a lot.

Preferred market is definitely better vs. non-standard, but not that big of a difference that agents who don't fool with non-standard make it out to be.

------------------------------------
Dan Lyles
Lyles Insurance

Serving Ohio, Michigan, Pennsylvania, Indiana, Virginia and West Virginia.
  Reply With Quote to Quick Binding Authority for Auto
Old 02-02-2017, 12:10 PM   #9
Guru
VolAgent on Quick Binding Authority for Auto
 
Join Date: May 2009
Posts:12,433
State: VolAgent is an Insurance Agent from Tennessee
VolAgent is a member of 5000 posts Super VIP club
Quick Binding Authority for Auto Re: Quick Binding Authority for Auto
Originally Posted by BlockO View Post
A lot more work for an agent new to non-standard. but once an agent learns the non-standard biz, there are procedures that go a long way in weeding out the bad/pain in the ass customers..... than it just becomes a little more work.

Preferred market is definitely better vs. non-standard, but not that big of a difference that agents who don't fool with non-standard make it out to be.
That makes a lot of sense. Although it sounds like this guy is also newish to insurance and working with a carrier that doesn't do non-standard. So he may not know the procedures to simplify his life when dealing with that market.

------------------------------------
You can pay the premium or you can own the loss.
  Reply With Quote to Quick Binding Authority for Auto
Old 02-02-2017, 12:34 PM   #10
Guru
BlockO on Quick Binding Authority for Auto
 
Join Date: Sep 2010
Posts:989
State: BlockO is an Insurance Agent from Ohio
Quick Binding Authority for Auto Re: Quick Binding Authority for Auto
Originally Posted by VolAgent View Post
That makes a lot of sense. Although it sounds like this guy is also newish to insurance and working with a carrier that doesn't do non-standard. So he may not know the procedures to simplify his life when dealing with that market.
He'll learn quickly, as there isn't much to learn as far as the weeding process.... Learning how to deal with people bad about lapses & re-writes is the bulk of it.

On the other hand, getting leads primarily from used car dealers brings up other challenges.
------------------------------------
  Reply With Quote to Quick Binding Authority for Auto
Reply to Quick Binding Authority for Auto 

  Insurance Agent Forum > Insurance Forums > Insurance Agents and Brokers Forum > Auto Insurance Forum




Similar Threads with Quick Binding Authority for Auto
Thread Thread Starter Forum Replies Last Post
Heres a Silly Noob Question. Binding Authority iiinycboi Life Insurance Forum 5 09-21-2012 10:12 AM
Cluster That Gives You Binding Authority... insrox P&C Insurance Forum 11 07-31-2012 10:14 AM
Binding Authority - License Required? Pamchi General Insurance Agent Discussions 6 05-01-2011 07:30 PM
Lack of Binding Authority capstone P&C Insurance Forum 11 01-27-2010 11:34 PM



All times are GMT -5. The time now is 10:10 PM.

Forum enabled with vBulletin®
Copyright ©2000 - 2017, vBulletin Solutions, Inc.


Join the Forum - It's FREE

Share This Page



Weekly Poll

Whats the biggest selling point for voluntary benefits?