Independant Marketing Companies Verses Getting Appointed Yourself

Re: Independant Marketing Companies Verses Getting Appointed Your

What is the difference in going through an Independant Marketing Company (i.e insurance office) verses contaicting the carries difrectly and getting appointed individually?

A lot, especially for different lines. Do you mean P&C or L&H?

Assuming P&C it means the difference of being able to represent a company or not. In L&H it matters on the commissions you can get and the support that you can get.
 
Re: Independant Marketing Companies Verses Getting Appointed Your

Just L&H. Higher commissions going straight to the carrier? I had over 6 years in insurance business (captive agent) but it has been about 3 years since I was in the business, so I am not a complete newby...so, should i just go directly to carriers?
 
Re: Independant Marketing Companies Verses Getting Appointed Your

To get appointed with all of the carriers, it'll probably be a mixture of both. For example, some carriers in my state don't allow direct appointment, like my Blue Cross - I have to choose an agency.

Whether you go direct or through an agency:

1) Make sure you're getting "street level" commissions. Meaning, don't take a cut in commissions for going through an agency.

2) Get paid direct. It's not an issue when you're carrier direct but if you chose an agency make sure you're paid directly.

3) Releases. If you chose an agency make sure they'll offer a release upon request as long as you don't owe for advanced commissions.

Just my opinion but if you find an agency that gives you top comp, all carrier bonuses and you get paid direct, there are benefits you may get as opposed to appointing with 6 separate carriers. Support, training, higher comp based on your cumulative production, etc...
 
Re: Independant Marketing Companies Verses Getting Appointed Your

CJ pretty much covered it. I would also verify who "owns" the business should you leave the IMO. In other words, who has access to home office information and who owns the renewals.
 
Re: Independant Marketing Companies Verses Getting Appointed Your

I'll add that under no circumstances should you sign up with any agency until your questions are asked and backed up in writing. If you own the business - need to be in writing. If they honor release requests - in writing, etc...

I'd also make sure that you're contracting direct with the agency and not one of their general agents.

More than a few will promise the moon and email the appointment paperwork. However, filling out the appointment paperwork has nothing to do with the terms and conditions of that agency - and many simply do not have written terms.

So how do you separate good agencies from bad ones? Good agencies will tend to talk about their products, support and services in a very professional manner. Bad agencies will make it sound like a 2am infomercial about how rich you'll get and spout off stuff like "Our top agent made $15,685" last week.

Good agencies have a long list of carriers. Bad agencies tend to have a very narrow list - that list comprised of the carriers that offer them the largest overrides.
 
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Re: Independant Marketing Companies Verses Getting Appointed Your

Here's a real good one. Tell her Joel Gardberg sent you. Diana will tell you all you want to know about the agency.

Diana Smith
Marketing Director
3523 Palm Harbor Blvd
Palm Harbor, FL 34683
1.800.662.5080 ext. 243
Fax 727.498.5303
[email protected]
IYReferrals

download
 
Re: Independant Marketing Companies Verses Getting Appointed Your

Thinking I may just go directly to the carrier....any major negatives in starting to identify, weed out carries? I am in L&H. Thanks everyone. Terrific feedback!
 
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