Does Anyone Have Experience with Agentco

brockosborne

New Member
I am looking to learn more about Agentco. I contacted Agentco and heard back from them immediately, and what they had to say sounds good, as does what I have read on their web site. But I tend to be a sceptic and am hoping to hear from people that have worked with them. I have been working for a captive agent for a couple of years now and gained experience. He recently told me he will be retiring in the next year or so it seems like now is the time for me to start planning my next move. Any knowledge of Agentco would be helpful...

Thanks
 
Interesting. I'm also looking at leaving a captive agency, and from what I've seen from clusters, aggregators, wholesalers, and MGA's, this place's pitch just looks too good to be true.

Probably the only way to know for sure is to read whatever contract they have you sign. I'll probably be looking to talk to them in the near future as well, as my situation is very close to yours (couple years experience with a semi-captive company going independent), but my market is mainly nonstandard, which I can get appointments for, and I just need a couple of standard/preferred carriers to round things out. Looks like this place's caveat is they don't want to load you up with appointments, so barring other issues, it could be a godsend for me. Might not be the deal for you though. Their website does say you can walk away ONCE YOUR BOOK HAS GROWN TO A QUALIFYING LEVEL, which could be any ridiculous number, I guess. Something to find out. Of course, when something sounds too good to be true, there's always the likelihood it is. Their website could always claim one thing, and their contract spell out another. Not to mention it looks like one of those advertorial-type BS websites. Hmm. Best of luck to you.
 
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Any updates? I have to get past a couple business hurdles the next few weeks, but I too will be calling AgentCo. I'd appreciate it if you shared your findings. I will.
 
I just went through months of analytically trying to pick out a cluster/MGA and did talk to Agentco. Long story short, the best contract I came across was with Insurance Pro Agencies. They have been great to work with so far.
 
My husband and I wanted to meet with them face to face as we also felt it was too good to be true. Turns out that since we are going to be a "scratch agency" that they would require us to sell for 4 years under their agency at a commission split that was quoted at 50/50 and then 60/40 before we would even be able to sell under our own agency name. Then there was the $600 fee that they "waived" since we drove 5 hours to meet them personally that they usually charge a scratch agency. That amount was never mentioned in any previous conversation that we had phone or email. The book does have to meet certain requirements and then a buyout percentage. They were super nice however, once we got home and the rainbows faded and the unicorns ran off we started to see things a little more clearly and do not feel it is the right fit for us as a start up IMO.
 
Where to start.

If it sounds too good to be true it is. If it is true:
it wont last
it is a new group who has not figured out the profit margin,
or it is a group that will fail at providing you one of the four prongs: Training and support, Carrier Alignment, transparency, or an industry leading contract. (Most fail at the training and support piece.)

Too many agencies think they can play the aggregator game and they try and they fail, and the agents that join them are upset.

Here is a good exercise. Write down all the things a well established agency needs to do and track on a daily basis. (Conversion ratio, deposits, lead sources, Employees, comp, the right comp, the trash can, leads, their best closers/ sales people, admin, the state regs in the state(s) they do business, the carriers products, commission levels, accounting, and on and on and on. NOW DO the same thing for but for an aggregator! The List multiplies by 2000.


Groups range from Good, Better, Best. Groups should deliver on four things. (Listed above) Of the four things most agents look solely at the contract and make mistakes. They do that because the contract is quantitative. New agents disregard the other three because they are qualitative and harder to define. Don't be that agent. Take your time and define those prongs.

If I had a 2 carat diamond ring on my wife's finger and one of the four prongs was loose or got knocked off I would fix it in fear that she was going to lose the Diamond. Don't settle for establishing your small business with 3 of the four deliverables.

My wife does not have two carats let a lone one. We got married young. I have since offered to upgrade the little rock I got her, but she is sentimental and I love her for it.
 
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I just went through months of analytically trying to pick out a cluster/MGA and did talk to Agentco. Long story short, the best contract I came across was with Insurance Pro Agencies. They have been great to work with so far.
What do you like about Insurance Pro Agencies? Do they provide lots of leads? Exclusive leads? Do they have 110% commission street level contract?
 
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