Captive to Indy ---> Lets hear the good, bad, ugly

[Matthew Labb]

What were the surprises? Both good and bad?

In what areas were you ill-prepared?

In what areas were you MOST prepared?

What do you not like about being independent?

What is the same? What is completely different?

What do you most like about being independent?

I'm a business development manager at an Indy network and we're putting together some content for captives to look over before they consider making the leap.

If they choose us as their partner, great, if not, maybe we've helped soften the landing when they do go indy.

Lets hear it all!

 

[AZDave]

It was 2008 that I went Indy and haven't looked back. That was a tough year for the consumer and fortunately many of my insured's were looking for a different solution than the AMFAM policy's I offered.

Especially Contractors. I targeted contractors for years while with AMFAM and got some, but could not compete for the rest. 22 years with that company.

The surprises: Contracted direct immediately with great regional carriers such as State Auto, Acuity, and Secura - Carriers that really want business and will do everything to help the agent with resources and education; Carriers that are not afraid of large accounts; Carriers that dont' require 'supporting life insurance' to be sold; Carriers that pay More in comm's. I wrote 52% of my old book that first year. The Bad - every new face that walked in my office was a process server; much worry about being sued. Even though I did all by the book and contract, many who switched at same time were in litigation, and lost their extended earnings. Risky Business at that time.

My regret - I didn't go Indy sooner.

Not prepared for Carrier appetites, interface, tricks and quirks. Just best to learn as you go anyway.

What I don't like: some carriers are very hot and cold with rate and technology. Having to roll a book is fun only the first time.

What I like most: #1: I chose a great group to be part of. Anyone looking for a Group, Cluster, Aggregator - buyer beware. #2: This Agency can be for sale in a minute. There is high demand for solid, profitable Agency's. Soon, maybe very soon. Or I retire in place and set the cruise control....