How to Kick SIAA to the Curb??

[HealthGuy]

SIAA awhile ago was the forum P and C cluster darling. I never understood why...I took one look at their lopsided contract and decided to never sign it.

 

[marindependent]

SIAA awhile ago was the forum P and C cluster darling. I never understood why...I took one look at their lopsided contract and decided to never sign it.

Interesting Interesting Interesting

 

[TwoLabs]

$70k a year???!

 

[shawnmwalker]

I like SIAA, I have some good friends leading some great regional groups.....

If I were to join a group.... I would want to know I could do business where my business plan takes me. If I am in CO and grew up in CA. I would want to know I could do business in and or turn on producers in CA, UT, AZ, WY, NV, NM. I would not want to join a group that limited me to one state or region because of what territory the master agency owned.

IF that is what we are taking about here.

 

[indienoise]

I like SIAA, I have some good friends leading some great regional groups.....

If I were to join a group.... I would want to know I could do business where my business plan takes me. If I am in CO and grew up in CA. I would want to know I could do business in and or turn on producers in CA, UT, AZ, WY, NV, NM. I would not want to join a group that limited me to one state or region because of what territory the master agency owned.

IF that is what we are taking about here.

I even understand a group saying, yeah maybe we don't need to get you appointments in multiple states if you're not REALLY marketing there. OR even saying, you're in upstate NY we don't want you writing in the city.
But limiting geographic territory otherwise...well, maybe this is not the right group. I agree they should be able to let you grow naturally. If they don't want to help that happen...see ya.

 

[cottonland]

I even understand a group saying, yeah maybe we don't need to get you appointments in multiple states if you're not REALLY marketing there. OR even saying, you're in upstate NY we don't want you writing in the city. But limiting geographic territory otherwise...well, maybe this is not the right group. I agree they should be able to let you grow naturally. If they don't want to help that happen...see ya.

Isn't that contrary to the core philosophy of being "independent"?

 

[FLInsa]

OP, with all due respect, as an insurance agent whose responsibility includes reading at times complex insurance policies on behalf of their clients to determine adequate coverage and advice you are asking a key contractual question of your SIAA contract on the internet? Don't mean to be harsh at all but really? It is all spelled out there.

People, remember that 80% of the stuff you read on this forum is what people "think" and what their "opinion" is. Personally speaking I don't want to know what you "think" and what your "opinion" is if you have actually never done it. Instead I want to know what your experience has been, what have you accomplished, how did you accomplish it, and etc. In other words I want numbers, not feelings.

In four years with SIAA I couldn't be happier. I am sitting at a 2MM BOB in Florida and now I am starting to expand to Texas. I can surely say that had it not been in part due to SIAA, I wouldn't have accomplished what I have done so far.

I like SIAA, I have some good friends leading some great regional groups.....

If I were to join a group.... I would want to know I could do business where my business plan takes me. If I am in CO and grew up in CA. I would want to know I could do business in and or turn on producers in CA, UT, AZ, WY, NV, NM. I would not want to join a group that limited me to one state or region because of what territory the master agency owned.

IF that is what we are taking about here.

Shawn, I spoke with David Wilson last week and signed a NDA. I am looking to expand operations to Texas and waiting to hear from PGI as I evaluate all my options.

 

[Derrick]

^even if you did that, your buyout is based off the gross income of your agency. So you're still paying on the business with other carriers

I understand her feelings though as I pay about 70k per year to them.

Was it worth it? Obviously, paying $70K/yr means you made a ton off of them too. What would you have done differently?

 

[hesse]

What happens when you try to sell?

 

[Derrick]

Hindsight is 20/20. Who knows how quickly I would have grown on my own as I surely wouldn't have been able to procure/maintain all those appointments up front...thus slowing my growth & path overall. If I could go back in time I would have married a super rich old fat lady when I was out of college & divorced her after 3 years & walk w/ a fortune then operate a food truck & smoke weed all day.

That's what I figured. You could have just teamed up with a bunch of wholesalers and aggregates, but not having direct codes and having to wait on them to process a quote, and not having binding authority would have been an uphill battle. Going back, would you have considered this? Guess that's why businesses like SIAA aren't SO bad.

Can you tell us what happened when you left? Obviously, you're paying the $70K/yr for god knows how long. How about access to those carriers that were in SIAA? You can still write with them, just on your own producer codes now, right? They aren't restricting you?

If I could go back in time I would have joined the P&C side of insurance at the age of 18. Not have $30K in debt for a finance degree that I don't use. Like you said, hindsight is 20/20.

PS - I ask this because I am planning on opening my own agency soon, despite you being a jerk 99% of the time, I believe that 1% of the time you have useful input, particularly being that you have had experience in this specific scenario.