Anyone with Experience with SIAA ?

[buldog63]

I have been with a captive company the past 11 years and am looking to go independent and I am looking for advice as to the best way to do that.
I have been looking at SIAA and meet with a rep yesterday and they are promising some very high commission rates but also want some very high money up front. do they earn the 15 grand on the front?
+an addittional monthly membership (6-10% of comm)?
They also have profit sharing and excess compensation I believe paid at the end of the year.
Please let me know if you can reccomend any of the other guys also.
Thanks
Mark

 

[SEEC P&C]

Re: Anyone with Experience with SIAA???

Ive been with them since 10-07. I was also a captive agent before them. In the 2 years I've been working with them I am very happy. I was able to make payments on the up front money. Had an initial payment then they gave me a 3 year payment plan that I pay when I send in my monthly reports.

 

[thesox1211]

Re: Anyone with Experience with SIAA???

I'm in the process of opening my independent insurance office. And I've researched SIAA, however the contract they have you sign, seems like they're putting a gun to your head. I'm in Ca, so i'm not sure if it's different in other states, but the contract is for 15 years! and they take 25% of the book anytime you sell (with a clause of them gaurenteeing SIAA a fixed amount of 2.5 times your book, who knows what can happen in 15 yrs, to long of a contract, in my opinion) My buy in was $8,000, but after negotiating, he said he'll go down to $6500. The point being, if you do it neg the buy in.
They give you 90% of the commission they get with the carriers, but yet you pay a guarentted min of $300 then a min of 10% a month, after the first 6 months. I thought it was to rich for my blood.

Check out Smart choice or TWFG. However, if you just want carriers and binding authority isn't imporatant, Insurance noodle seems to get the best reviews.

Good luck.
Jeff

 

[SEEC P&C]

Re: Anyone with Experience with SIAA???

I'm in the process of opening my independent insurance office. And I've researched SIAA, however the contract they have you sign, seems like they're putting a gun to your head. I'm in Ca, so i'm not sure if it's different in other states, but the contract is for 15 years! and they take 25% of the book anytime you sell (with a clause of them gaurenteeing SIAA a fixed amount of 2.5 times your book, who knows what can happen in 15 yrs, to long of a contract, in my opinion) My buy in was $8,000, but after negotiating, he said he'll go down to $6500. The point being, if you do it neg the buy in.
They give you 90% of the commission they get with the carriers, but yet you pay a guarentted min of $300 then a min of 10% a month, after the first 6 months. I thought it was to rich for my blood.

Check out Smart choice or TWFG. However, if you just want carriers and binding authority isn't imporatant, Insurance noodle seems to get the best reviews.

Good luck.
Jeff

everything in the contracts can be negotiated. Mine is not for 15 years...

 

[FL P&C Broker]

Re: Anyone with Experience with SIAA???

Do they allow you to get appointments with carriers they don't represent?

 

[buldog63]

Re: Anyone with Experience with SIAA???

Thanks for the responses!! I haven't seen the contract yet but was told 15000 upfront or 5000 down and 10,000 at 6% over 2 years. Also new about the 10%. The commission rate for the primary carrier was 24% with loss ratio below 60 or 20% with a higher loss ratio, not sure about renewals. It would seem to be worth it for that commission rate but no gaurantees with it.
I am looking at agent secure, smartchoice, and TWFG also. It is hard to tell the best route. anybody else??

 

[SEEC P&C]

Re: Anyone with Experience with SIAA???

Do they allow you to get appointments with carriers they don't represent?

yes you can but they will want 10% of the business you place with them.

 

[jamesflou]

Re: Anyone with Experience with SIAA???

Looks like you are going from a captive to a captive. What are they offering you for the up front money. Why not go direct or get a broker and start a mail campaign with the money you would pay to them. Look at the board and you will see that there are contracts for 125%. I am sure that some of the big producers have a bigger contract than 125%. I am just average and have that. Seems after the amount of time you have been in the business you would have no problems being an independent.

 

[redsquash]

Re: Anyone with Experience with SIAA???

They give you 90% of the commission they get with the carriers, but yet you pay a guarentted min of $300 then a min of 10% a month, after the first 6 months. I thought it was to rich for my blood.

Check out Smart choice or TWFG. However, if you just want carriers and binding authority isn't imporatant, Insurance noodle seems to get the best reviews.

Good luck.
Jeff

SmartChoice is really smart choice. You dont pay a penny to start with, and you keep 100% of the commission after 50k in commissio. You can roll-over to any where - just cannot write on the carriers they appointed you with. I've also emailed SIAA just to see what they offer, but I'm more likely going with Smart Choice (Binding authority, no upfront fee, you own the business)

 

[buldog63]

Re: Anyone with Experience with SIAA???

Looks like you are going from a captive to a captive. What are they offering you for the up front money. Why not go direct or get a broker and start a mail campaign with the money you would pay to them. Look at the board and you will see that there are contracts for 125%. I am sure that some of the big producers have a bigger contract than 125%. I am just average and have that. Seems after the amount of time you have been in the business you would have no problems being an independent.

Thanks for your input! I could contract on my on for the life side but on the P & C side contracts can be hard to get unless you have an actual book to roll. I can't due to non compete.
I do have a favorable relationship with Foremost so could possibly work something out with them since they are now part of Farmers and Century21. Also Progressive who is getting into homeowners now I think.
Smart Choice, is the 30% of 50,000 comm just a one time deal or are you paying that every year?