This is such a helpful and resourceful thread for insurance folks in all stages of their careers. I can personally relate as I am currently opening my own brokerage and have worked through many of these startup issues recently. I have just secured my E&O insurance and am now finalizing the business plans to begin approaching clusters. This is definitely a career changing decision in branching out on my own but I have never been more motivated and excited about work. Good luck to all those indys out there and especially to all who are just beginning such as myself!!
A Guide to P&C for New Agents and New Agencies
- Thread starter NCAgent
- Start date
STC, If your immediate objective is to join an agency network - aka: cluster, aggregator, etc. - focus a significant portion of your business plan on the marketing features. Ask: "How am I going to attract the profitable business that I need to write, to make me successful and attractive to the carriers I want and need?" Let me know if you want some relative thoughts.
ElioJMarroquin
New Member
- 1
This is some of the best info that I have came across
- 143
The one thing I have not seen is a breakout of Commission Splits that one structure or another would take.
1. I have a very successful health insurance agency over 1,100 current clients. We are ONLY busy during Open Enrollment from Nov 1st to Dec 15th. We get several requests per week for auto or home insurance, so cross selling will be easier than most. Also we are super slow the rest of the year, so have the time to work. I worked in P&C about 12 years ago before doing mainly Life, Health and Disability. My employees would do mainly P&C.
2. Probably will work under another agency and would prefer to own my BOB.
What commission split would you suggest if we work through them? First year and Renewal.
1. I have a very successful health insurance agency over 1,100 current clients. We are ONLY busy during Open Enrollment from Nov 1st to Dec 15th. We get several requests per week for auto or home insurance, so cross selling will be easier than most. Also we are super slow the rest of the year, so have the time to work. I worked in P&C about 12 years ago before doing mainly Life, Health and Disability. My employees would do mainly P&C.
2. Probably will work under another agency and would prefer to own my BOB.
What commission split would you suggest if we work through them? First year and Renewal.
- 1,481
This picks up at the moment we start talking about leaving Captive to go independent:
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