Brightway Associate Agency

[shawnmwalker]

Am I missing something?

How much for the Franchise?

Why get 45% on renewal when you can get a carrier service center for 1% of the Commission?

85% on New? Why, when 90% can be found?

Brightway footprint out side of FL?

Ownership?
Pay out value at 1.5?


What am I missing?

 

[FL P&C Broker]

What am I missing?

Most of the cluster options in Florida are the franchise model unfortunately

 

[shawnmwalker]

SO how does a local SIAA stack up to a Brightway?

 

[FL P&C Broker]

SO how does a local SIAA stack up to a Brightway?

I haven't spoken to somebody in awhile that has tried to go the SIAA route, but last time I did they were only taking on new agents in certain parts of the state. I believe they are the only cluster with a decent footprint here. Everything else is franchise style...that I know of. My assumption is that we aren't appealing to cluster groups because our home owner carriers are all regional, specific to Florida.

SIAA lets you hang your own business name, etc. With Brightway, the Brightway name is on the door.

 

[pburb]

The difference is brand image and awareness. Brightway Insurance has over 160 agencies nationwide (consumer confidence) how many agencies do you have with your name on the door?

Its like pretending you can open up your own hamburger joint and do it better than McDonalds, Wendys, Burger King ... you get the point

In reading these threads i get the overall impression that people on here only look at commission/renewal splits ... they dont seem to understand the benefits of being a franchisee (ie: marketing, e&o, legal, underwriting, cust service)

 

[PhilL]

With any insurance agency network or franchise, make sure to carefully assess the terms for ownership of the business that you write. Read all of the fine-print. Be positive that you understand all the terms. Pay for a review by a law firm that specializes in insurance contracts or join your State's PIA and/or Independent Ins Agts group, as those in most States will provide a free contract review service for their member agencies.

 

[shawnmwalker]

I agree with Phil 100%

 

[shawnmwalker]

I thought John Kearns was telling us we should go to Brightway at some point?

 

[shawnmwalker]

It looks like Big rock os a spin off of another agg….So a slip of a slit....

This is from the website.....

Who owns my book of business?
As an associate agent-owner you have a 50% stake in the economic interest of the book of business you build from day one.

What are the startup costs?
None, if you are already licensed.

Do you offer training?
Yes. We will train you on our systems and proprietary practices. We will also send you through EZLynx University to get you a top to bottom look at your agency management/rating systems. Each carrier has invested millions of dollars into their own training programs. Once you start establishing relationships with carriers, in many cases we can arrange training at your office with a carrier marketing representative or through webinars to jump start your sales-only agency!

What will I need to get started?
Will need copies of your life, property and casualty insurance license(s).

Will I need a errors and omissions policy?
No. As an exclusive associate agent you are covered under Big Rock Insurance's errors and omissions policy.

Will my name appear on the declarations pages and billing documents?
No. All business you place with carriers will either have the name of Big Rock Insurance or our in-house brokerage partner, Rocky Mountain West Insurance on the declarations pages and billing documents.

Do I have the right to will/transfer/sell my share of the economic interest of the book of business?
Yes. The person must meet all licensing requirements and become an associate agent-owner before transferring of the economic interest of the book of business.

Can I hire staff?
No. There is a maximum of 1 person per associate agent-owner contract. The only exception is if you are a married couple. Both parties must have active insurance license(s) to participate in the sale of insurance.

Who handles the customer service and claims?
One of the greatest benefits of teaming up with Big Rock Insurance is that we handle all of the customer service and claims, so you can focus on selling.

Are there sales requirements?
There are no sale requirements with Big Rock Insurance.

What states is Big Rock Insurance currently accepting associate agents?
We are currently accepting associate agents from Arizona, California, Georgia, Michigan, Nevada, New Mexico, North Carolina, South Carolina, and Texas.​

 

[shawnmwalker]

Cool. I thought I was going crazy!