Contractors Market Indiana Carriers

[RJT Consulting]

Stay away from Erie. They are very strong and competitive but they basically expect all of your business to go their direction. I can beat them every day of the week but with some work involved. I would look at Pekin Insurance (can be tough to get) or IMT. IMT has an artisian package specifically for contractors that I've written quite a bit of. My last quote was up against American Family. They were $3600 and IMT was $1500 for better coverage. I know IMT is handing out new contracts.

 

[1manshow]

Stay away from Erie. They are very strong and competitive but they basically expect all of your business to go their direction.

Pretty bold statement !! Spoken with the conviction of someone who can't get an Erie contract. Wonder why the average Erie agency sells for 3-4 times an annual commission or basically 50% more than the average IA?

Either way, Erie earns about 60% of our new business and I'll say that a bad experience with Erie is non existent or very rare. I can't say that for Travelers, Hartford, Safeco, Farmers or the others we represent.

 

[IndyGreg]

I will research IMT. Thanks RJT

I did interview with Erie back in 2000. They really wanted to be # carrier and me to only have 1 or 2 other carriers, such as Progressive. My outlook was they almost wanted me to be captive. They even had that pysch profile etc. like allstate.

Wanted me to work for another agent first to prove myself.

I did not take the contract on those terms. I may take a look at them again.

Pretty bold statement !! Spoken with the conviction of someone who can't get an Erie contract. Wonder why the average Erie agency sells for 3-4 times an annual commission or basically 50% more than the average IA?

Either way, Erie earns about 60% of our new business and I'll say that a bad experience with Erie is non existent or very rare. I can't say that for Travelers, Hartford, Safeco, Farmers or the others we represent.

 

[1manshow]

Where is the comparison here ? Of course IMT is hungry....


IMT

Rating: A (Excellent)
Affiliation Code: g (Group)
Financial Size Category: VIII ($100 Million to $250 Million)
Outlook: Stable
Action: Affirmed
Effective Date: July 29, 2009



Erie Insurance


Rating: A+ (Superior)
Affiliation Code: p (Pooled)
Financial Size Category: XV ($2 Billion or greater)
Outlook: Stable
Action: Affirmed
Effective Date: June 17, 2009

 

[RJT Consulting]

Actually, we were offered an Erie contract after several lengthy meetings including with the VP of Sales once he was finally in this area. We had even planned on going to corporate however once we sat down and truly looked at what was expected out of you we walked away.

I have taken many Erie accounts since and it really has not be overly difficult. Don't get me wrong, they are a solid company and I have only heard good things about them from their customers. However, I will not allow a carrier to basically make me captive when I am clearly an independent agent especially when I have access to products that not only competes but beats them the majority of the time.

It's nothing against Erie, there are simply better options in my opinion.

Bob

Pretty bold statement !! Spoken with the conviction of someone who can't get an Erie contract. Wonder why the average Erie agency sells for 3-4 times an annual commission or basically 50% more than the average IA?

Either way, Erie earns about 60% of our new business and I'll say that a bad experience with Erie is non existent or very rare. I can't say that for Travelers, Hartford, Safeco, Farmers or the others we represent.

 

[1manshow]

Fair enough, guess I'm just a loyal agent since they've made it so easy to do business with them. Biggest complaint I hear from other IA's is having to roll business when rates/programs are dramatically increased, etc. Erie's never done that to Pa agents or any other state that I'm aware of. They make it easy for me to keep my persistency in the 94%+range and nothing builds loyalty better than positive cash flow

Hope you do well in whatever direction you decide to go.

 

[IndyGreg]

IMT is not yet in Indiana.

Greg

Stay away from Erie. They are very strong and competitive but they basically expect all of your business to go their direction. I can beat them every day of the week but with some work involved. I would look at Pekin Insurance (can be tough to get) or IMT. IMT has an artisian package specifically for contractors that I've written quite a bit of. My last quote was up against American Family. They were $3600 and IMT was $1500 for better coverage. I know IMT is handing out new contracts.