Suggestions for moving into P&C business

CT Insure Guy · 09-03-2008, 03:07 PM

I have been doing Health/Life for 15 years now, 2 of which I have been a Self Employed broker working from home in various states. However, I think I would like to now move into the Property/Casualty area.

My questions are:

1. What lines are easiest to get hooked in with when planning to (initially at least) work from home?

2. What are the most popular products those of you working from home sell?

3. In regards to auto/home, do ALL carriers require an actual office space (which I do plan to rent eventually) or are there some who allow WFH setups?

4. Any suggestions in regards to particular products/services, etc?

THANKS!!

MedMalAgent · 09-03-2008, 03:42 PM

Check out the following for p&c markets:

SIAA
Smart Choice
Iroquois Great Lakes
Superior Access
Insurance Noodle

They are all a little different. At least one should fit your busniess model.

CT Insure Guy · 09-03-2008, 03:47 PM

Originally Posted by MedMalAgent

Check out the following for p&c markets:

SIAA
Smart Choice
Iroquois Great Lakes
Superior Access
Insurance Noodle

They are all a little different. At least one should fit your busniess model.

Are these websites or should I just google this, etc?

saieddie · 09-04-2008, 08:57 AM

Google is your friend.

MedMalAgent · 09-04-2008, 09:19 AM

Originally Posted by CT Insure Guy

Are these websites or should I just google this, etc?

I tried posting the links but this forum doesn’t allow that until you have 15 posts or more. At the time I only had 6 posts. The information should come up with GOOGLE pretty easily. I am meeting with the SIAA this morning so we can share information if you would like. I have talked to each group and I have some thoughts/opinions on each one.

GoingIndy · 09-05-2008, 08:03 PM

Stay away from aggregators if you can. Trying going direct first if you can unless you enjoy splitting your commissions.

TonyC · 09-07-2008, 12:02 PM

Are any of the above considered aggregators?

GoingIndy · 09-08-2008, 09:23 PM

I know the first three listed are. SIAA, Iroquois and SmartChoice.

TonyC · 09-10-2008, 01:42 PM

Ok...so what's the problem with Aggregators?

rocketboy · 09-15-2008, 01:43 PM

Ya, what are the problems with aggregators?

MedMalAgent · 09-15-2008, 03:52 PM

Originally Posted by TonyC

Ok...so what's the problem with Aggregators?

I think they are a perfect fit for some situations. All have different business models but overall you pay a pretty high price for access to markets. Right now is a great to get a contract on your own if you have the right mix of experience and track record. You should contact them on your own and make your own decision. I have talked to all of them in the past but I have not and will not do business with any of them.

rocketboy · 10-10-2008, 03:07 AM

Medmelagent, if you can provide some more information it would be really appreciated. I am currently looking at

Iroquois
SIAA
Superior Access
Smart Choice
Insurance Noodle
Potter Group
Networked Insurance

So far it looks like Iroquois is the only one that gives you binding authority. Can you please tell me why you wont use any of them?

MedMalAgent · 10-10-2008, 09:00 AM

Originally Posted by rocketboy

So far it looks like Iroquois is the only one that gives you binding authority. Can you please tell me why you wont use any of them?

If I were going to use one it would be Iroquois. If you have looked at the contract you are aware of the one big negative.
I started my agency one year ago. I now have two direct appointments. I wouldn't use any of them because now is a great time to get appointed, most companies are looking to grow right now. I started out with one and just got the second one about 6 weeks ago. With this soft market you don’t need 15 carriers to hit some big numbers. They all want business and will give you the pricing you need to make money. I had 6 years of working for an independent before I launched my own agency.

saieddie · 10-10-2008, 11:13 AM

How do you get the "pricing you need to make money"? I thought auto and home rates were filed with the state.

rocketboy · 10-10-2008, 01:49 PM

Ya, Iroquois is what I am planning on going with if I can't get direct appointments. I mean I have a great business plan, financial reports, business background, marketing plan and money, but no insurance experience. Do you think it is possible to get direct appointments?

1manshow · 10-13-2008, 01:54 PM

Travelers, Hartford, Safeco, Farmers IA, are all hungry right now and giving out contracts in our state with no premium committments. I'd follow MedMal's advice and solicit direct appointments at all costs. Put together a good marketing plan and they seem to be all ears.

Good luck

MedMalAgent · 10-13-2008, 02:55 PM

Originally Posted by saieddie

How do you get the "pricing you need to make money"? I thought auto and home rates were filed with the state.

I am 100% commercial lines. I think you are correct about home and personal auto rates with most states.

djs · 10-13-2008, 06:17 PM

Aggregators make a great secondary source. Try to get appointed directly with your primary company, then use one of the aggragators to deal with the misc market stuff that comes your way. Don't get to distracted writing things outside of your norm, but you want to take care of your clients.

For me, I used to have a problem writing dump trucks. I'd have clients that would have a dump truck they used in their business, so rather than sending the entire business elsewhere, I would use SIAA to write the truck through Progressive, and I'd write the core business in house if it made sense.

At the same time, I would never bother to go visit a cement company or a general contractor for their liability insurance. I don't have a market for it, and it is a distraction to have that conversation. yes, I could place it, but I don't want to take the time to learn that market right now.

Dan

saieddie · 10-14-2008, 10:12 AM

Great advice. I usually only deal w/excess lines stuff if my niche business is quiet that day. Its usually more trouble than its worth getting it written anyway.