Agency Owners Please Help

[Apex0177]

I am a P&C agent with 5 yrs experience. I have developed my book of business almost entirely in the transportation industry. I currently have a $2,500,000 book of business generating about $300,000 in agency commissions. Being that I am only getting 30% on new biz and 20% on renewal I am seriously considering opening up my own agency. Unfortunately almost my entire book is with and exclusive program.

I have focused all of my attention on sales and therefore I don't have very much experience with the admin side of the business. This is were my questions come into play.

1) What licenses and registrations do I need to open an agency? (I live in Maryland) or where could I find this information?

2) How would I go about securing Markets? I looked at things like insurance noodle but it seems that isn't really geared toward what I am looking to accomplish.

3) What are the most common agency management systems? I need to be able to produce ACORD Apps, CERTS, ID cards for the trucks (do I need register with the department of motor vehicles?)

As I said these are just a few questions as I am new to the Admin side of things. Any additional information you think is pertinent, I'm all ears!!!!

Thank you in advanced for your help!

Chris

 

[Carlos Gil]

We may be able to help get you setup and assist you with management and running the back office.

We can assist with licensing, appointments, E&O, Agency Management System, Management, Etc...

Please visit Fiesta Insurance Franchise - Structure, Agency Automation, Training, Operational Support

 

[Apex0177]

I have done some research and have an answer to my first question. Could still use some help on the rest. Can someone on the forum please point me in the right direction.

Thanks again

Chris

 

[Cranson]

Do you have a non-compete with your agency? With your transportation business, who is your biggest competitor? I would contact them first to see if they can work with you on first of all appointing you but also doing a special program for you. $2.5 Million of premium should be enough for them to consider a program if you would be able to take a good chunk of your clients with you. As for direct appointments, you may want to try Travelers, they are appointing new agencies currently.