Slow Eddie
New Member
- 14
First of all a big thanks goes out to Dan aka djs. I wouldn't have gotten this far with out his help.
I'm looking to get into transportation insurance. I already have a small client base that I do administrative work for (maybe 10 or so clients), and now I'm hoping to start servicing their insurance needs. We also will be stepping up our marketing to attract new clients. Also, I am very familiar with the types of insurance my clients will need.
I'm scheduled to take my fire and casualty test at the end of this month, then I'll be ready to go. I'm well aware of the need for a broker bond, as well as E&O insurance (Got a quote for about $3k a year but I'm prepared to pay $4k).
What I'm hoping for, at least at first, it to be a glorified salesman of sorts. The way I would like the process to work is that I solicit the business, discuss client's needs, and then submit applications to carriers on behalf of my clients, weigh the pros and cons of each quote, and then place the business with whom ever we decide is the right fit.
Does that work flow sound about right?
I am not heavily concerned that I will not have binding authority since transportation insurance isn't something that is bought on a whim. In the future, the plan is to eventually have direct appointments and binding authority, but right now I don't have the book of business or the experience to land direct appointments. But what I do have going for me is computer skills, marketing talents, a good understanding of business, a day job to pay the bills, and a bilingual stay at home mom to help out.
To paraphrase, I'm asking how the process is going to work for me. Can I work through another broker? Is there an MGA experienced in transportation insurance that will work with me?
Any advice is appreciated.
Thanks.
Eddie
I'm looking to get into transportation insurance. I already have a small client base that I do administrative work for (maybe 10 or so clients), and now I'm hoping to start servicing their insurance needs. We also will be stepping up our marketing to attract new clients. Also, I am very familiar with the types of insurance my clients will need.
I'm scheduled to take my fire and casualty test at the end of this month, then I'll be ready to go. I'm well aware of the need for a broker bond, as well as E&O insurance (Got a quote for about $3k a year but I'm prepared to pay $4k).
What I'm hoping for, at least at first, it to be a glorified salesman of sorts. The way I would like the process to work is that I solicit the business, discuss client's needs, and then submit applications to carriers on behalf of my clients, weigh the pros and cons of each quote, and then place the business with whom ever we decide is the right fit.
Does that work flow sound about right?
I am not heavily concerned that I will not have binding authority since transportation insurance isn't something that is bought on a whim. In the future, the plan is to eventually have direct appointments and binding authority, but right now I don't have the book of business or the experience to land direct appointments. But what I do have going for me is computer skills, marketing talents, a good understanding of business, a day job to pay the bills, and a bilingual stay at home mom to help out.
To paraphrase, I'm asking how the process is going to work for me. Can I work through another broker? Is there an MGA experienced in transportation insurance that will work with me?
Any advice is appreciated.
Thanks.
Eddie