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Reply to Forming Independent Agency - Need Insight Into The Process     
Old 03-12-2010, 11:54 AM   #41
InsuranceMktgman
 
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State: InsuranceMktgman is an Insurance Agent from
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
My company is a Life Insurance/Annuity IMO-MGA. We frequently help captive agents go independent. Here are some thoughts.

- It is common for agents to work out of their homes when they first make the transition. Put some time and money into creating a solid branded marketing presence instead of into office rent.
- Search out and find an affordable shared executive suites office complex in which to meet clients for when you need to meet them face to face. Most executive suites will let you rent a space on an hourly basis until you can afford to rent from them on a monthly basis. This is a great way to keep costs low and to still project an established image.
- I can only speak for the financial services side of the business, but work with an MGA that will lift as much of your admin load as possible. For instance, part of our services is that other than taking taking the actual application, we do all of your back end support. Example: quote generation, creation of sales presentations, application scrubbing, ordering and managing Parameds, APS', chasing underwriters. All you do is take the app and deliver the policy. We do everything else. By working with us or a similar company, you probably won't have to hire an office administrator and you can spend all of your time in front of the clients selling.
- Online quoting - most life IMO's today offer online quoting with engines like ipipeline.com. We are no exception.
- Training and support. Working for a captive agency is very different than being independent. We help to coach, mentor and train our agents to help them make that transition. I suggest working with a similar company so that you can get some guidance and not have to figure this all out on your own.

I hope that my suggestions have been somewhat helpful.

All the best,
Daniel
Life Insurance Training
Oregon Medicare
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Old 03-15-2010, 06:13 AM   #42
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Join Date: Mar 2010
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State: lucia is an Insurance Agent from Alabama
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
yes, it is not easy at all to start.......
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Old 03-31-2010, 11:46 AM   #43
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Join Date: Mar 2010
Posts:18
State: va_agent is an Insurance Agent from Virginia
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
Hello,

where can i find a list of MGA's and IMO's?
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Old 04-14-2010, 12:58 PM   #44
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Join Date: Mar 2010
Posts:18
State: va_agent is an Insurance Agent from Virginia
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
maybe there is a list on this site.
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Old 08-05-2010, 06:27 PM   #45
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Metalrocker1962 on Forming Independent Agency - Need Insight Into The Process
 
Join Date: Aug 2010
Posts:3
State: Metalrocker1962 is an Insurance Agent from California
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
In Reply :

I was with a former Agency. in the last few months the agency folded and went out of business . However during that time before they closed I was able to write enough business with a few carriers and I was released I was able to go back to these carriers and get re-appointed under my own Hirearcy with the potential to recruit new agents , Now Iam Doing just that. Being captive is for kids . (sorry if your a captive agent). certain places in the industry are lowering there critera , and I suppose that it is because the health Industry reforms etc. My goal is to recruit agents that are willing to start there own agencys , and My goal is a agency that allows independance we will be simular to a asscosation as opposed to being captive .. Some Agencies are plainly greedy . My first big commission check has arrived and I can see why ! if I take on new agents never been in the business , i will only ask for a small amount in there commissions and trainning fees , yes It cost Money to have a agency .. You buy your own leads , you have cost associated with overhead . Alot research should be done when finding a company to represent .. Tell Your Dad get it done ..
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Old 10-19-2010, 11:31 PM   #46
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Join Date: May 2010
Posts:19
State: Mr. Frog Dog is an Insurance Agent from Michigan
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
It is not that difficult to get contracts. You may want to consider affiliating yourself with a group that can get you access to their contracts immediately. Take a look at the Iroquois Group or Agentsecure.

The costs to starting an independent agency can also be quite low these days. Many carriers no longer even require you to have office space.
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Old 01-08-2011, 09:15 PM   #47
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Join Date: Jan 2011
Posts:2
State: nsureall is an Insurance Agent from Alabama
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
How about you setting up an independent agency? This way it is "arms length" from your father. You get it rolling and then he comes over. How long is his "non-compete" with the current agency? What age is your father.
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Old 05-11-2011, 11:55 AM   #48
Super Genius
 
Join Date: Feb 2011
Posts:51
State: dizzy is an Insurance Agent from Undisclosed Location
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
Where is there a good commsion split company for an experienced agent to go, someone suggestion would be appreciated low splits and we retain the client?
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Old 05-13-2011, 01:01 AM   #49
Super Genius
 
Join Date: Nov 2010
Posts:71
State: wave828 is an Insurance Agent from Texas
Forming Independent Agency - Need Insight Into The Process Re: Forming Independent Agency - Need Insight Into The Process
Originally Posted by dizzy View Post
Where is there a good commsion split company for an experienced agent to go, someone suggestion would be appreciated low splits and we retain the client?
Huh? Anyone care to translate?
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Old 05-23-2011, 01:44 AM   #50
Expert
TWAgent on Forming Independent Agency - Need Insight Into The Process
 
Join Date: May 2011
Posts:22
State: TWAgent is an Insurance Agent from Undisclosed Location
Forming Independent Agency - Need Insight Into The Process Re: New Jersey Insurance Law
Originally Posted by howez View Post
Hello,

I am currently looking to sell insurance as a single person but I do not have a license. Does anyone know where I can find the laws regarding this issue ( and general laws).

Thanks,

Howe
Just google your states name and then after that put department of insurance. They should have a phone # listed you can call and ask where to go for what you are looking for.
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