Advice for New Agency, Do We Sign with a Local Broker or Online Insurance Cluster?

[ktmorgan]

I'm doing the same research on contract for a client.

As others have said well, read, read, read the contract. Then have your attorney read the contract. Then hire a second attorney for a second opinion. You may even find items that the Business Development guys might not even now.

Make sure you know who owns the book, how you can legally separate if ever needed, are you required to sell your book back to them, or if they force "first right" on you, will you ever get direct contracts,break-points, are they fee-based, split-based, membership or some combination..etc...etc. A MASSIVE amount of diligence is due in this case.

 

[pacificcrest]

Pacific crest does not. We have one channel - the independent agent.

We do however have carriers in our portfolio, such as Progressive that offer a direct channel competing against the independent agents as a whole.

 

[FL P&C Broker]

Pacific crest does not. We have one channel - the independent agent.

We do however have carriers in our portfolio, such as Progressive that offer a direct channel competing against the independent agents as a whole.

Who is Str8line?

 

[pacificcrest]

Who is Str8line?

Str8line is a separate entity. It provides leads for independent agents.

 

[Theo4569]

Again, thank you everyone for all of the advice! It's tough for new agents, but we are pushing through and doing all of the necessary tedious research to make sure we don't end up in a precarious situation. Shawn, I just sent an inquiry through your website and am eager to hear back from you guys.

 

[HDR]

Hello everyone!

We have an independent agency in Florida and seven of our agents have recently gotten their 2-20 General Lines License. During our research to see who we can get appointed with, discovered that the best way for new agents to do this is one of two ways.....either with a local broker or through an online insurance cluster. What would you guys recommend that we do? Local broker? Online insurance cluster? Both? We'd appreciate any and all feedback, thank you in advance!!

Hi Theo4569,

I'm in the process of getting my P&C license here in FL. I saw your question and I wanted to get some clarification as I am researching my options as well.

So you have an Independent Insurance company here in FL that has 7 agents that just got licensed and you are trying to get them appointed with insurers? If this is correct, why wouldn't they just work under the appointments your company has as opposed to getting their own appointments? Or did I totally misunderstand your question? Does your company have appointments already in place?

Thanks for any clarification you can provide.

 

[Dusty75]

I you want access to every carrier and also training, Premier Group Insurance is the way to go. It's a bit pricy $$ at first, however in the long haul it is worth every penny. Just make sure you own your book and don't need to buy it back from an aggregator if you leave.

 

[New agent 9]

I appreciate the thoughts and Kind words folks.

I would love to chat (Time permitting) about the avenues available to you and what you might find most rewarding. (Whether PGI or not) There are so many avenues, it is important to slow down and search each one.

Hi Shawn, I’ve been reading posts here for couple weeks. It was just a matter of time before I reached out to you. So many users recommend you! Does PGI do business in VA? If yes, I would like to chat with you

 

[marindependent]

Whatever you choose to do. Compare the contracts, Read Each Detail.
Understand the exiting information.

 

[PhilL]

I am an agent in Florida who deals with several agency networks, both here and in other States. I've had dealings with both PGI and Pacific Crest over the past four years. Both have good programs.
If you want to talk to me, I can give you some input relative to your situation. If so, I can be reached through my website.