Bolt Access / Book Ownership

[celiothrkn]

I’ve been Life & Health licensed as an independent for the last 4 years, and now that I’ve secured my P&C license, I am looking for an aggregator/cluster (the P&C equivalent to a FMO/IMO in the L&H world).

So far, I’ve spoken with a handful of aggregators/clusters, and I am leaning towards Bolt Access (fka Superior Access) due to their lack of an upfront fee.

Their website states that you own 100% of your own book. But when I talked to one of their recruiters, they state that all new business is written under the Bolt code. You do not have your own sub code. In my mind, that can get quite messy should I want to leave Bolt in the future, despite the recruiter’s assurances that I will not have to pay any buy-out fees or penalty to move the business later on.

What has your experience with Bolt been? Especially curious to hear from agents who’ve used Bolt and tried to move their book later on, as well as any other pitfalls I should be considering.

If everything that Bolt states is taken at face value, the only disadvantage is that you cannot quote and bind policies immediately. It’s a minimum of 4 hours turnaround, which for me personally, is not an issue.

 

[Tim Henderson]

I work as a recruiter for an SIAA master agency in SC. I have a member that was with Bolt / Superior and decided to leave. They we under the impression that they owned their book but when it came time to move the policies, the only way they could do so was, AOR each individual policy. They had written business with 8 different carriers.

If you have not spoken to your local SIAA Master Agency yet. Here is a link for you to reach out. Good luck!!

[EXTERNAL LINK] - Contact | National Independent Insurance Agency Alliance | SIAA

 

[marindependent]

I belive it is indeed an individual "AOR" of "each individual policy" since there is no agency code of your own.

However, just because your contract says that now... does not mean that is will be the way they will view it as such when you go to leave. Just my two cents.

As far as a "4 hours turnaround" that is a best case scenario.

Not specifically speaking of BOLT here - but I think some of these aggregators are fine if you are using them as an Accessory Option, when you have the main meat and potatoes yourself with your own direct code. Make sure you turn over every stone and every option out there.

 

[ModernInsurance]

Not having binding authority (i.e. waiting 4 hours minimum) is a HUGE disadvantage and a non-starter for me. Just you wait and see.