Going independent With siaa

[BSEA]

hello all!

I am selling my Farmers agency of 10 years and going independent. Can’t say anything bad about farmers really, but The commission cuts and office requirements don’t make sense for me to stay. I found an agency that is giving me access to the siaa network. I wont have any upfront fees, monthly fees etc., just a commission split of 75/25. one note I will be doing this part time, thus is the reason I figure not to go with direct appointments as most of the carriers want an office/min premiums. My question is... will going with siaa with a commission split the best opportunity for me for going independent part time? I’m new to the independent ways and looking for others opinions on going part time from home and seeing if that’s one of the best opportunities I probably have. It seems even with the commission split I will still make the same or more than Farmers, with no office/production requirements.

 

[AZDave]

I can't speak for SIAA, but from what I have heard all is dependent on that Master Agency. Maybe check the satisfaction level with some other agents that are under them.

The 75 seems fair, but the 25: are you doing any servicing at all? If yes, that seems quite low.

Working this business part time from your home not only limits direct access to Carriers, but to groups/aggregators/networks. Also, if you need of have your own LexisNexis node, it can be quite a challenge or impossible to getting one from a residential location.

Make sure you understand who owns your policies and future exit costs. There are many happy SIAA Agents out there, and many that wish for better. Maybe visit a couple Big I shops in your area to see about being a producer with your terms. $ may be the same and overhead may be better? Just a thought.

Good Luck to you! You will not miss Farmers!

Dave

 

[NCAgent828]

I joined SIAA myself and have been happy so far. They got me direct appointments I wouldn’t have had otherwise and have helped in some areas, not been willing to help in others. It all depends on the type of business you want to write. Commercial, personal, life? Without SIAA it may be tough getting direct appointments and certainly impossible from home.

Sounds like you are actually going to work for an agency that exists right? Honestly, this shouldn’t matter whether they are part of SIAA or not. Unless you were to purchase your book out of their agency later on. The. It matters. Lots of ways to do this. Only one you.