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 > Getting Started Selling Insurance

Reply to Forming Independent Agency - Need Insight Into The Process     
Old 08-03-2009, 09:36 AM   #31
New Member
 
Join Date: Aug 2009
Posts:2
State: Plinker007 is an Insurance Agent from Alabama
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
Google SIAA
Find your local master agency.. Don't let these guys get you down. You can do anything you set your mind to..
------------------------------------
  Reply With Quote to Forming Independent Agency - Need Insight Into The Process
Old 08-25-2009, 01:46 PM   #32
Expert
 
Join Date: Aug 2009
Posts:20
State: sell more life is an Insurance Agent from California
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
You are much better off contracting through an IMO that already has the contracts with the different carriers in place. You can usually get higher contracts with an IMO than the "street level" that the carriers will offer you directly. I work for such an IMO (that specializes in Indexed Univ. Life) and my agents have a much smoother contracting process through our system than by going "direct".... Just my "two cents"!! kevin ([email protected])
------------------------------------
  Reply With Quote to Forming Independent Agency - Need Insight Into The Process
Old 10-15-2009, 04:25 AM   #33
New Member
IndyGreg on Forming Independent Agency - Need Insight Into The Process
 
Join Date: Oct 2009
Posts:19
State: IndyGreg is an Insurance Agent from Alabama
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
I am an independant agent in Indiana. First licensed in 1986 selling P&C and Life and Health. I worked as a producer and started out on my own one and a half years ago with no contracts. You can get contracts, they may not be direct or the target carriers he may want and for that reason he may need to adjust his target market. I am growing and adding more contracts still. As a matter of fact I have an appointment this Friday to see about adding another carrier.

You just have to be orginized, pursistant, and work your plan. Also helps if you have any kind of face time and relationship with company reps you know.

Also look for someone to partner with if that is an option. He has money you say. Look for agency with contracts he wants and they are ready to retire or are struggling and purchase it. Beware some companies may pull out with ownership change.
------------------------------------
  Reply With Quote to Forming Independent Agency - Need Insight Into The Process
Old 11-02-2009, 03:07 PM   #34
New Member
 
Join Date: Nov 2009
Posts:1
State: scottbaio is an Insurance Agent from Alabama
Forming Independent Agency - Need Insight Into The Process Leaving MetLife
I am considering a move which would result in me giving up my MetLife career agent contract. Does anyone have any experience that might give me some insight into what happens to all of the business I have written that has not yet been paid to me on the date of "self-termination"? I heard someone in agency management theorize that Met holds the $$$ "in the bank" for 13 months and then pays me out after that time. I'm curious as to whether any business/commissions accumulate "in the bank" during that 13 month period. Thanks.
------------------------------------
  Reply With Quote to Forming Independent Agency - Need Insight Into The Process
Old 12-14-2009, 08:05 AM   #35
InsuranceMktgman
 
Posts:n/a
State: InsuranceMktgman is an Insurance Agent from
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
Part of the challenge of successfully going from captive agent to independent is legal, and part of the challenge is in managing and running your business successfully. Getting contracted with carriers is just the beginning. The key is in working with a good, reputable Managing General Agency that is experienced in helping captive agents go independent. A good organization will be able to help you through all the hoops you need to jump through and the mind-shift that you need to make.

Connecting with the right MGA will help to give you more direction and insurance marketing strategy.

I wish you the best of luck.

Insurance Marketing by Sellin Advisor Group
Insurance Administration

------------------------------------

Last edited by InsuranceMktgman; 12-14-2009 at 04:17 PM.
  Reply With Quote to Forming Independent Agency - Need Insight Into The Process
Old 01-29-2010, 01:43 PM   #36
New Member
 
Join Date: Jan 2010
Posts:11
State: mccloud55 is an Insurance Agent from California
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
FYI; Non-competes are not enforceable in California.
------------------------------------
  Reply With Quote to Forming Independent Agency - Need Insight Into The Process
Old 02-11-2010, 05:21 PM   #37
Expert
 
Join Date: Feb 2010
Posts:49
State: vistavette is an Insurance Agent from Alabama
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
Originally Posted by mccloud55 View Post
FYI; Non-competes are not enforceable in California.
As a captive agent I can tell you that these large captive companies know their stuff and have a team if attorneys waiting to pounce. While a non-compete may not be enforceable they will sue you. For example; with the captive I am with will hold back any buy-out money they owe you. Not enforceable doesn't mean you win; it means that they will bleed you to death financially. Just be careful.
------------------------------------
  Reply With Quote to Forming Independent Agency - Need Insight Into The Process
Old 03-10-2010, 10:30 AM   #38
New Member
 
Join Date: Mar 2010
Posts:3
State: Nextlevel23 is an Insurance Agent from Alabama
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
Hi everyone, I am thinking of taking the leap and start scratch with my own independent agency. I am licensed in P&C and L&H, my background is in P&C mainly because I have had my own Captive agency and started from scratch and lasted about 4 years. I now am a sales manager for another large captive agency. However, I am ready to make that leap and want to open in Jan 2011. To give myself time to get set up. Anyway I have a few questions if anyone would like to give me some feedback that would be great. To cut costs I want to do it out of my house, as now days everything is done by phone, email, fax etc. Would you guys say that is ok or would you recommend having a seperate office? I plan to be strictly sole proprieter and will be dealing with the company directly. Do I need software like Pro-rater or do I simply quote directly with the company through my log in and password? Being captive we have the software through the company. I am relocating to Texas from Arizona and looking to open up shop there. I am not new to insurance just new to being independent and will value any feedback from you guys. Thank you so much.

James
------------------------------------
  Reply With Quote to Forming Independent Agency - Need Insight Into The Process
Old 03-10-2010, 10:48 AM   #39
Guru
radiusbob on Forming Independent Agency - Need Insight Into The Process
 
Join Date: Dec 2009
Posts:300
State: radiusbob is an Insurance Agent from Nevada
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
Originally Posted by Nextlevel23 View Post
To cut costs I want to do it out of my house, as now days everything is done by phone, email, fax etc. Would you guys say that is ok or would you recommend having a seperate office? I plan to be strictly sole proprieter and will be dealing with the company directly.
Such as in any business, cash is king and this statement couldn't be more true during the start up phase. Suggest that you organically grow into an office space versus jumping into feet first. Start up capital could be put to better use that will show a quicker much needed ROI.

Most of the folks on here would say (guess I am generalizing and can't speak for everyone) that working from home can be more beneficial then an office space, one just has to level set with themselves to get into the mind set that you are working not at home "checking in on work".

------------------------------------
Radius | Lead Management + CRM
Leads, Clients, Commissions, Renewals, Products & More...
www.radiusbob.com | Manage Your Book Online Now!
  Reply With Quote to Forming Independent Agency - Need Insight Into The Process
Old 03-10-2010, 11:04 AM   #40
New Member
 
Join Date: Mar 2010
Posts:3
State: Nextlevel23 is an Insurance Agent from Alabama
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
Thank you RadiusBob! I appreciate your feedback and feel the same.

James
------------------------------------
  Reply With Quote to Forming Independent Agency - Need Insight Into The Process
Reply to Forming Independent Agency - Need Insight Into The Process 

  Insurance Agent Forum > Insurance Forums > Insurance Agents and Brokers Forum > Getting Started Selling Insurance




Similar Threads with Forming Independent Agency - Need Insight Into The Process
Thread Thread Starter Forum Replies Last Post
Independent Agency System smithgroup82 General Insurance Agent Discussions 4 11-02-2010 11:58 AM
Looking to Buy an independent agency - HELP! lookingtobuy Insurance Agency Acquisition and Valuation Forum 13 10-21-2010 04:42 PM
Looking to buy an independent agency in CT stephie Insurance Agency Acquisition and Valuation Forum 1 12-06-2009 08:43 PM
Looking for Independent Agency for Sale rockbottomquotes General Insurance Agent Discussions 1 09-17-2008 10:11 AM



All times are GMT -5. The time now is 06:52 AM.

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


Join the Forum - It's FREE

Share This Page



Weekly Poll

Where do we go from here? POLL
Nothing - No ACA fixes - status quo
29.82 %
HHS Rulings and band aid bills
17.54 %
Hail Mary repeal and/or replace bill
17.54 %
A bipartisan bill to fix ACA
35.09 %

Voters: 57. This poll is closed