Brightway Insurance?

Discussion in 'Getting Started Selling Insurance' started by jamesbrian1, Aug 7, 2017.

  1. jamesbrian1
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    jamesbrian1 New Member

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    Hi all,
    I am curious if anyone has also spoken to Brightway Insurance or has experience with them and can share thoughts on the business model (franchise versus independent agent) and process? I am looking to get into the business and transition from my current job, and really like what I've heard from them thus far in the process.
     
  2. BillyWagner1
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    BillyWagner1 New Member

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    I am a multi-unit Brightway Agency Owner and I am very happy all around with my success and partnership with Brightway. My growth and overall success would not have been possible without the support I receive from them. I was recently featured on a Webinar, “A Day in the Life of a Brightway Agent that gives a ton of good info. I know what it’s like to go through a due diligence process and I am happy to assist.
     
  3. Mattjm24
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    Mattjm24 New Member

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    I am currently in the process of deciding between independent franchises and I actually spoke to a Brightway agent today, so I can share with you what I learned. The franchise fee is $60K. They take 15% of the commission on new business and 45% on renewals (yikes). They take 25% on rewrites.

    One of the biggest advantages to Brightway is they have call centers that do much of the service for you so you can focus on selling. I will say, however, that the agent I spoke to expressed to me that we wished they did a little more of the service portion than they currently do, so clearly they don't do everything. I don't know how many policies he has in force but his staff consists of 2 salespeople and one service person.

    You do not have direct appointments with most of the insurers - Brightway does. Then they give you a check after taking out their commission. I asked him to estimate the average commission the carriers pay (before Brightway takes their cut). He estimated 15% for auto and 12% for HO.

    When you sell the book of business, Brightway must approve the buyer. You can expect to get 1.5 - 2 times yearly commissions for it. If you ever intend to buy a book, you may have a problem. You'll want to pay a lower multiple than the seller will likely want because you will be splitting the commission 45/55 with Brightway.

    The other franchises that I have looked at allow me to get direct appointments, have a FAR lower franchise fee, and take only 5-7% of monthly commissions on new business and renewals. They do, however, leave the service to me. For 38-40% more commission, that's worth it to me.
     
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