Independent or Captive Agent

[Cdcman]

Hello!

I am looking at starting my own agency, I am in Florida and have 10 years of experience in the industry.

I'd appreciate feedback from both sides to help me measure out the pros and cons. I am worried about branding for recognition and getting carrier appointments since I am starting at ground zero.

Thanks!

 

[Chazm]

Experience in what? What kind of shop are you opening? Are you asking if your agents should be captive or Indy? Way too many questions to info you're not giving to give a suggestion

 

[Cdcman]

I started at a broker, was an underwriter and now worked for a captive agent. I'm thinking p&c agency. I have not sold as an outside agent in the past.

 

[Chazm]

And you want to start your own agency? I don't know much about what it takes to start a p&c agency but I can't imagine branding will do much of anything. You're not an insurance carrier. You'd be a broker I'd assume.

 

[shawnmwalker]

Well you have a decision tree here. I'll lead you down one path, but it is biased.

"Begin with the end in mind"- 7 habits of Highly effective people.

Decision #1:

What end of the Ins Spectrum do you want? if you answered P&C keep reading. If ''Other" wait for the others to respond

Decision #2: Captive or Independent.

Captive:
Pro: They will teach you a lot but inevitably you will go Indy at some point in your career. Another Pro, they will subsidize your life for a time.
Con: The District Manager will push too hard or force life on you or cut your commissions or change your contract, or, ext, ext. Your Captive will take rate increases and kill your production and you will have one price point while others dissect your book one policy at a time.

Independent: :
Pro: Control expenses. Get higher commission. Higher conversion. Higher retention. All of those factors equal more money.
Con: Starting out. Getting knowledge. Your personality type could sink yourself.

Decision #3:

Once you decide Indy is for you, in the next week or 22 yrs from now. The question will be how to do it. Your options include:

Buy an agency.
Join a group.
Become a producer for an agency.
Get direct appointments.
Get an agency that provides the back end service so you can hunt full time.

You decide which one is best for you.


Decision #4: What group should I join?

There are a lot. Consider the following. NOT ALL GROUPS ARE CREATED EQUAL! They range from good, better and best.

Any group claiming to be best of class should provide the following:
1. Transparency
2. Training and support
3. Carrier Alignment
4. and a great Contract
Give me a call, shoot me am IM. Good luck and have fun with your choices.

I have been in Insurance for 13+ years and the great thing in this industry is you can choose to never stop learning. Your learning curve is never ending. Meaning you will never get board.

 

[regularAgent]

shawnmwalker, can you xplaing a bit about, how and where to find a group to join to?

 

[shawnmwalker]

Agency Equity .com................

 

[regularAgent]

shawnmwalker, and also how to difereciate groups from agencies?

 

[shawnmwalker]

Help me understand your question better.

 

[clarissac]

Hey have you looked into Goosehead insurance?

Goosehead Insurance is a new independent agency opportunity disrupting the industry in a HUGE way.

We directly appoint you with a portfolio of A-rated carriers, with no production requirements or quotas. We provide access to our world-class infrastructure and back office, which services 100% of the book of business and maintains a 90% retention rate. Your responsibility would be solely focused on sales and marketing, allowing you to grow a larger book faster.

Key benefits:
-Book ownership with a guaranteed buy-back.
-Direct appointments with top A-Rated insurance carriers.
-Higher commissions.
-NO service work, minimal admin work.
-Comprehensive training and support.
-Customized Salesforce.com technology package.

Please let me know if you’d like to learn more about this unrivaled opportunity.

Give me a call...

Clarissa D. Cross
214-838-5243