Captive Agent possibly going independent Need some advice

Dec 23, 2007

  1. magent1
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    magent1 New Member

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    Hi everyone,
    I'm a captive agent in CA, opened my office a little over a year ago. It has been moderately successful, but after talking to a few agents and having some major issues with my current company, I am looking into opening an insurance brokerage. I have contacted a few of the big names that broker, but I still need help. How do i get contracted with more companies? What is the best way to get started? The more companies I can work with from the start, the more choices my clients will have. Any info from a broker or independent agent would be much appreciated.
     
    magent1, Dec 23, 2007
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  2. Guest
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    Guest Guest

    Surprising that no one answered and I just need the post.:D
     
    Guest, Feb 7, 2009
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  3. tagm3
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    tagm3 New Member

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    I'm kind of in the same boat as you. From what I've seen in similar threads, alot of the agents recommend calling brokers near you (but not close enough for direct competition) and asking them for contacts.

    That, or contracting through a GA.

    Good luck with your search!
     
    tagm3, Feb 10, 2009
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  4. California
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    California New Member

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    I just branched out on my own in January of this year. I have contracted with several of the health insurance companies such as; Aetna, United Healthcare, Mutual of Omaha, Anthem, Blue Shield, Health Net, and others. What county are you focusing on?
     
  5. Amber Scherloz
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    Amber Scherloz Super Genius

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    You can ask assistance or help from other experienced brokers. A mere word of mouth can help you start up and you can also make some research in your area.
     
  6. moeasadi
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    moeasadi Super Genius

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    If you do P&C send me an email or call me. I was a Farmers agent.Indy is not for everyone and same is true with being [email protected]
     
    moeasadi, Aug 26, 2009
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  7. Carlos Gil
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    Carlos Gil Super Genius

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  8. DHagy
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    DHagy New Member

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    When your looking to contract with multiple companies, one of the ways to streamline the process and save allot of time on the paperwork process is to use an MGA/IMO that utilizes a process called "Efficient Forms Processing!" You spend 30-40 minutes contracting with the first company and the system stores your answers and populates all your answers into the queue of the next company you contract with in the system. This continues for the balance of the companies you wish to contract with making them only a 5-10 process if that. The downside is there may be a small additional fee per carrier to license because the MGA/IMO has contract and administrative costs associated with being able to provide the service. But, the time the system will save you in filing out paperwork far out weights the additional minimal costs. We have offered this system to our contracting agents for a couple years now with many very satisfied users. Feel free to call or email if you would like more information. Although the system significantly streamlines the contracting process, we only advice agents to contract with companies they plan on writing business with the following year. That is because many companies will terminate your contracts if you do not write business for a full year. Some will not give you a writing agent number until you have a piece of business to submit.
     
    Last edited: Aug 30, 2009
    DHagy, Aug 28, 2009
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  9. Insurance Phoenix
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    Insurance Phoenix Super Genius

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    I made this jump two and a half years ago. Make sure you have money to do marketing or know how you will generate leads. Also, make sure you can get contracts before leaving your captive position.
     
  10. PotentialFarmer
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    PotentialFarmer Super Genius

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    Good Luck, I'm working all this out myself. So far this site has helped a lot with some of my general questions and I hope it keeps doing so!!!
     
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