Easy to get direct appointment with Penn Mutual?

Apr 17, 2019

  1. SParker
    Offline

    SParker Expert

    Posts:
    62
    Likes Received:
    7
    State:
    New York
    Has anyone had experience getting direct appointment with Penn Mutual?

    I read it somewhere that we can contact the rep at our local agency that writes Penn policies and get direct appointment through them.

    How lengthy is the process? What do I need to provide in order to get direct appointment?

    Can you be rejected and usually under what circumstances will they deny direct appointment for independent agents?

    THANKS!
     
    SParker, Apr 17, 2019
    #1
  2. pfg1
    Offline

    pfg1 Guru

    Posts:
    1,519
    Likes Received:
    303
    State:
    Virginia
    For Penn, most everyone is contracted direct. Some folks come through an agency/imo/fmo but that is uncommon and a very small percentage. Yes, just contact your regional rep.
    They do a pretty thorough contracting process, background check, etc. It takes about 1-2 weeks typically to get contracted. If you have any questionable stuff on your record (personal, financial, or business) they may not like it. Your rep should be able to provide you more detailed info on that. Penn is a great company to work with, imo.
     
    pfg1, Apr 17, 2019
    #2
  3. SParker
    Offline

    SParker Expert

    Posts:
    62
    Likes Received:
    7
    State:
    New York
    Thanks PFG1.

    When getting direct appointment with Penn, do I need to worry about having to meet quota or maintain certain business volume? I am new to this, doing this part time only and not sure if I have a sustainable stream of business long run.

    Also, getting appointed directly with Penn means I do not need to worry about release policy with the regional office with whom I submit my policy, am I correct? Penn will pay my commissions directly.

    Lastly, I will need to get my own E&O insurance in order to get direct appointment?
     
    SParker, Apr 17, 2019
    #3
  4. pfg1
    Offline

    pfg1 Guru

    Posts:
    1,519
    Likes Received:
    303
    State:
    Virginia
    No quotas. You are independent, not captive. Like most of the big carriers, if you submit any business you stay on the books as an active agent. Some companies will terminate your contract if you don't do any business in two years, some won't. I think Penn gives out more of a forever type appointment. They definitely don't take everyone like many carriers do.

    No worries, Penn will pay you directly. (note: imo you should always get paid directly from whoever you do business with)

    So I'm not following you on the regional office. What regional office?

    IMO, you should always have your own E&O.
     
    pfg1, Apr 17, 2019
    #4
  5. SParker
    Offline

    SParker Expert

    Posts:
    62
    Likes Received:
    7
    State:
    New York
    THANK YOU so much, very very helpful. Never mind what I said about regional office.

    Best,
     
    SParker, Apr 17, 2019
    #5
Loading...