Any Thoughts on Smart Choice?

[Suburbanred]

I'm reviewing SmartChoice's Contract as I write this. My concern would be are they price competitive? I don't have a problem with the percentages until production levels are achieved. I have a feeling that the Insurance Carrier pays
SmartChoice a % for the volume they forward. If that's the case the carrier will off set the additional costs through higher premiums.

 

[KayInsure90]

im looking into smart choice as well has anyone else worked with them

 

[somarco]

SmartChoice - www.smartchoiceagents.com

 

[Agent5913]

I contacted them 5 days ago and nothing yet. Not sure if they are going to call, email, send me a text lol.

Ive heard good things. Our agency is going to be 100% scratch.

Ill keep posted when I hear something.

 

[anteater]

I was interested in SmartChoice earlier, but after speaking with them came to the conclusion that it's not for me. I just got my license for P&C and am starting a new agency. SmartChoice sounds great with respect to several things - 1. they get you appointed with a standard insurer so your name is on the policy you write and 2. they can get you a fantastic deal on E&O (for me practically a 1/3 of what I can get elsewhere).

Why I won't be joining them - 1. they take 30% of your commissions up to $15,000 (that's a lot of money to lose for someone just starting out, could be the difference between making it or not!) and 2. once you join you're trapped because once you leave, there's a 2 year waiting period before you can be re-admitted with the insurer they had you appointed with. Yeah, you own your book of business, but if you decide to leave SmartChoice and have to tell your customers that you can't keep them with their low priced carrier and have to place them with a higher priced one, those customers are not going to stick around!

For these reasons, I plan to go with Superior Access. I won't have binding authority, but for me right now, it's the lesser of all evils.

 

[dragan]

It looks like Superior Access does about the same

 

[FL P&C Broker]

So are there any good P&C wholesalers out there?

 

[saieddie]

I don't know who anteater talked to, but if you want to terminate the contract, they give you the option of buying out it out over a period of time.

SIAA is a good option too. Just not very attractive because of the lack of binding authority, you can't do your own service work, and no direct access to the carriers. You might as well make an arrangement w/a local independent agent.

 

[wappahso]

As I said earlier, insurance noodle is $200 for a year you don't have binding authority but at least it can get you started..

You can sign up with any other carrier later and you can leave any time you want.

It is harder to get direct appointment if you are new as all these carriers wants to make sure you have a book of business before they will deal with you.