Current Business Owner, New Producer, Looking to go IA...

Apr 26, 2019

  1. Everman
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    Everman New Member

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    Hello,

    I've been in the technology consulting business for over 20 years. I've also extensive experience in insurance including having written an underwriting system for an MGA. This past year I decided to acquire my P&C license and now I am looking to get rolling as a producer.

    Quite honestly, there are a number of directions that I can go in, including creating new software products for other areas of the insurance marketplace.

    Not having experience in the agent space, I am looking to get started. I'm not looking to be captive and would prefer to own my book, which I expect that I can develop very quickly through my existing business connections. Also, I may seek to specialize in Cyber, an area I know very well.

    I was wondering if folks had any thoughts on what I might do?

    I'm located in Connecticut.

    - E
     
    Everman, Apr 26, 2019
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  2. producer1
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    producer1 New Member

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    Hello E - like to chat with you about this, but not on this forum. PM me with best way to reach you.
     
  3. BADTROUT
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    BADTROUT Guru

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    I would be happy to discuss your options with you (on or off the forum). We don't operate in CT so I could give you unbiased counsel. Let me know if you are interested and we'll go from there!
     
    BADTROUT, Apr 26, 2019
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  4. Todd King
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    Todd King IMO/FMO Owner

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    Everman, you get this sometimes on the Forum. Those who will not share in public usually have more to hide than you bargain for. Tread lightly!
     
  5. Markthebroker
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    Markthebroker Guru

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    But Todd, he must be a nice guy! Look! His avatar is a dog sleeping with a stuffed animal!
     
  6. Everman
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    Everman New Member

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    Mark/Todd,

    Thanks for the tip. I did speak with BADTROUT and he was a great resource. It is nice when you encounter people who are simply looking to be helpful. I believe he is such a guy.

    I remain in a bit of a quandary. Trying to navigate which path to take. I have a business so can easily license a business entity and a SLL is reasonable as well. That means I could jump into a specialized market, I believe. Still, I'd like access to more traditional options without losing control of my book or signing a carrier non-compete (barring me from access to carriers for a period of time). I don't mind sharing some percentage points, if in exchange, I get support.

    From there, it should be mutual value that maintains the relationship. I'm particularly interested in gaining access to traditional PL/CL carriers who are actually competitive in CT. Otherwise, what's the point?

    Some people suggest working with another IIA, but it they're doing what I'm considering, I'd be tapping into even less of a commission.

    Does my understanding of this make sense or am I missing something?

    Thanks,

    - E
     
    Everman, Jun 4, 2019
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  7. BADTROUT
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    BADTROUT Guru

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    Wow, first off, thank you! I appreciate the acknowledgement even though I expect none, it's nice.

    Now to your quandary, having talked to you I understand where you are coming from and what you are saying.

    To focus on one or several niche markets you are correct you can likely find brokers to support that with little to no restriction or resistance by way of non solicit etc. On standard markets with your larger national offerings that arent considered program or E&S it a lot more difficult to find access to carriers, therefore protecting that business means you'll see more non solicit contractual language. Happy as always to take a call and talk better than I type.

    Again, thanks!
     
  8. Markthebroker
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    Markthebroker Guru

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    Haha. The guy with an avatar of a manipulative child murdering drug kingpin responds with a generous donation of his time, while the guy with a dog snuggling with a stuffed animal avatar gives you a suspicious invitation to chat offline.

    Life can be funny.
     
  9. Todd King
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    Todd King IMO/FMO Owner

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    Heisenberg didn't murder children! Did he? I don't recall seeing anything like that.
     
  10. Markthebroker
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    Markthebroker Guru

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    Yeah, good point. He just poisoned one: Brock. And the kid on the dirt bike was killed under his supervision.

    To be fair, if you are manufacturing large quantities of meth, you've probably directly or indirectly killed some children along the way.

    Bottom line, you're right. Todd. You win this round! :daydream:
     
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