Going Independent Have Questions

Aug 20, 2016

  1. Warrior
    Offline

    Warrior Super Genius

    Posts:
    112
    Likes Received:
    49
    I am going independent. I have Smart Choice Agents contacting me to solicit their services. They say it is an 70/30 thing, I make 70% commissions until I sell to $250k in policies, then I go 100% commissions. There are no fees and my clients are 100% mine from the very first sale.
    They have a quoting system company called EZ Links.

    Has anyone heard of these companies and is this thr best way to go independent?
     
    Warrior, Aug 20, 2016
    #1
  2. indienoise
    Offline

    indienoise Guru

    Posts:
    977
    Likes Received:
    35
    State:
    South Carolina
    Depends on your long term goals. There are a lot of groups out there besides Smart Choice. Some people love them, others hate them. I've heard varying opinions on their level of support and service. The big deal breaker for me was their non compete.
    Just weigh your options and find out which group best serves your interests, goals, and time line.
     
  3. justins
    Offline

    justins New Member

    Posts:
    1
    Likes Received:
    0
    Look at it from a long term point of view.
    Some Groups offer tons of support while others are very active on the beginning phase, then you kind of never hear from them again.
    I would suggest you lay out pros and cons from at least 3 groups and go from there.
     
    justins, Aug 23, 2016
    #3
  4. Warrior
    Offline

    Warrior Super Genius

    Posts:
    112
    Likes Received:
    49

    Do you know the names of the other groups?
     
    Warrior, Aug 23, 2016
    #4
  5. indienoise
    Offline

    indienoise Guru

    Posts:
    977
    Likes Received:
    35
    State:
    South Carolina
    It will depend on your location. But this topic has been best to death. Go to agencyequity.com and find them, then search for threads about them here. Or just start searching for clusters here on the forum.
     
  6. Warrior
    Offline

    Warrior Super Genius

    Posts:
    112
    Likes Received:
    49
    Thank you. Also wondering about the best E&O Insurance company to go with.
     
    Warrior, Aug 23, 2016
    #6
  7. GoPokes
    Offline

    GoPokes Guru

    Posts:
    1,229
    Likes Received:
    165
    State:
    Oklahoma
    The new agent deal through NAPA looks like a fair price. Personally, I use calsurance with the foresters discount.
     
    GoPokes, Aug 24, 2016
    #7
  8. Lopezshow
    Offline

    Lopezshow Expert

    Posts:
    73
    Likes Received:
    0
    When I went independent I went with NAPA and they have worked well for me. They were also better priced than my captive E&O along with more lines of insurance covered for my dollar.
     
  9. indienoise
    Offline

    indienoise Guru

    Posts:
    977
    Likes Received:
    35
    State:
    South Carolina
    My e&o cost less than the top tier of the napa p&c plan, with less limitations, a higher aggregate, and a lower deductible. Shop around. See what big I can get you, and also talk to an agency who specializes in e&o.
    I don't know about the napa plan, but with e&o for less (which is what I started with just because it was cheap, but it covers almost nothing - my current policy is better by leaps and bounds), you can't add an AI. Which means you can't join a group. Not sure if the napa plan will allow it or not.
     
    Last edited: Aug 25, 2016
  10. shawnmwalker
    Offline

    shawnmwalker Guru

    Posts:
    919
    Likes Received:
    53
    Well you have a decision tree here. I'll lead you down one path, but it is biased.

    "Begin with the end in mind"- 7 habits of Highly effective people.

    Decision #1:

    What end of the Ins Spectrum do you want? if you answered P&C keep reading. If ''Other" wait for the others to respond

    Decision #2: Captive or Independent.

    Captive:
    Pro: They will teach you a lot but inevitably you will go Indy at some point in your career. Another Pro, they will subsidize your life for a time.
    Con: The District Manager will push too hard or force life on you or cut your commissions or change your contract, or, ext, ext. Your Captive will take rate increases and kill your production and you will have one price point while others dissect your book one policy at a time.

    Independent: :
    Pro: Control expenses. Get higher commission. Higher conversion. Higher retention. All of those factors equal more money.
    Con: Starting out. Getting knowledge. Your personality type could sink yourself.

    Decision #3:

    Once you decide Indy is for you, in the next week or 22 yrs from now. The question will be how to do it. Your options include:

    Buy an agency.
    Join a group.
    Become a producer for an agency.
    Get direct appointments.
    Get an agency that provides the back end service so you can hunt full time.

    You decide which one is best for you.


    Decision #4: What group should I join?

    There are a lot. Consider the following. NOT ALL GROUPS ARE CREATED EQUAL! They range from good, better and best.

    Any group claiming to be best of class should provide the following:
    1. Transparency
    2. Training and support
    3. Carrier Alignment
    4. and a great Contract
    Give me a call, shoot me am IM. Good luck and have fun with your choices.

    I have been in Insurance for 13+ years and the great thing in this industry is you can choose to never stop learning. Your learning curve is never ending. Meaning you will never get board.
     
Loading...