- 1,506
I thought John Kearns was telling us we should go to Brightway at some point?
Independent or Captive Agent
- Thread starter Cdcman
- Start date
- 1,506
It looks like Big rock is a spin off of another agg….So a slip of a slit....? Does not seem like a fit for many..... (in parenthesis are some of my high level thoughts)
This is from the website.....
Who owns my book of business?
As an associate agent-owner you have a 50% stake in the economic interest of the book of business you build from day one. (What does that mean, Do I own it or not?)
What are the startup costs?
None, if you are already licensed.
Do you offer training?
Yes. We will train you on our systems and proprietary practices. We will also send you through EZLynx University to get you a top to bottom look at your agency management/rating systems. Each carrier has invested millions of dollars into their own training programs. Once you start establishing relationships with carriers, in many cases we can arrange training at your office with a carrier marketing representative or through webinars to jump start your sales-only agency!
(So Training consitsts of taking Ezlynx training and watching recordings and waiting till you are large enough to warrant a reps visit? So, no internal trainer assigned to the agency.)
What will I need to get started?
Will need copies of your life, property and casualty insurance license(s).
(Sweep account? Agency license? Operations account?)
Will I need a errors and omissions policy?
No. As an exclusive associate agent you are covered under Big Rock Insurance's errors and omissions policy.
Will my name appear on the declarations pages and billing documents?
No. All business you place with carriers will either have the name of Big Rock Insurance or our in-house brokerage partner, Rocky Mountain West Insurance on the declarations pages and billing documents.
(So not my agency by any means at all and not directly contracted with own codes- Do I have binding authority?)
Do I have the right to will/transfer/sell my share of the economic interest of the book of business?
Yes. The person must meet all licensing requirements and become an associate agent-owner before transferring of the economic interest of the book of business.
Can I hire staff?
No. There is a maximum of 1 person per associate agent-owner contract. The only exception is if you are a married couple. Both parties must have active insurance license(s) to participate in the sale of insurance.
Who handles the customer service and claims?
One of the greatest benefits of teaming up with Big Rock Insurance is that we handle all of the customer service and claims, so you can focus on selling.
Are there sales requirements?
There are no sale requirements with Big Rock Insurance.
What states is Big Rock Insurance currently accepting associate agents?
We are currently accepting associate agents from Arizona, California, Georgia, Michigan, Nevada, New Mexico, North Carolina, South Carolina, and Texas.
This is from the website.....
Who owns my book of business?
As an associate agent-owner you have a 50% stake in the economic interest of the book of business you build from day one. (What does that mean, Do I own it or not?)
What are the startup costs?
None, if you are already licensed.
Do you offer training?
Yes. We will train you on our systems and proprietary practices. We will also send you through EZLynx University to get you a top to bottom look at your agency management/rating systems. Each carrier has invested millions of dollars into their own training programs. Once you start establishing relationships with carriers, in many cases we can arrange training at your office with a carrier marketing representative or through webinars to jump start your sales-only agency!
(So Training consitsts of taking Ezlynx training and watching recordings and waiting till you are large enough to warrant a reps visit? So, no internal trainer assigned to the agency.)
What will I need to get started?
Will need copies of your life, property and casualty insurance license(s).
(Sweep account? Agency license? Operations account?)
Will I need a errors and omissions policy?
No. As an exclusive associate agent you are covered under Big Rock Insurance's errors and omissions policy.
Will my name appear on the declarations pages and billing documents?
No. All business you place with carriers will either have the name of Big Rock Insurance or our in-house brokerage partner, Rocky Mountain West Insurance on the declarations pages and billing documents.
(So not my agency by any means at all and not directly contracted with own codes- Do I have binding authority?)
Do I have the right to will/transfer/sell my share of the economic interest of the book of business?
Yes. The person must meet all licensing requirements and become an associate agent-owner before transferring of the economic interest of the book of business.
Can I hire staff?
No. There is a maximum of 1 person per associate agent-owner contract. The only exception is if you are a married couple. Both parties must have active insurance license(s) to participate in the sale of insurance.
Who handles the customer service and claims?
One of the greatest benefits of teaming up with Big Rock Insurance is that we handle all of the customer service and claims, so you can focus on selling.
Are there sales requirements?
There are no sale requirements with Big Rock Insurance.
What states is Big Rock Insurance currently accepting associate agents?
We are currently accepting associate agents from Arizona, California, Georgia, Michigan, Nevada, New Mexico, North Carolina, South Carolina, and Texas.
- 1,506
John,
So it looks like you are a sub agency of Rocky mountain west (Trout is a great guy- I know him personally and he is wonderful). It looked like, on the surface you have lots of locations, but they all read your name.
So the slits and ownership are all contingent upon your other contract.
I got to say. I struggle with this, 100%. But Heaven bless you!
So it looks like you are a sub agency of Rocky mountain west (Trout is a great guy- I know him personally and he is wonderful). It looked like, on the surface you have lots of locations, but they all read your name.
So the slits and ownership are all contingent upon your other contract.
I got to say. I struggle with this, 100%. But Heaven bless you!
