Mike
New Member
I have been doing research and am favorably impressed with the SmartChoice system. Can anyone share any information on their impressions of the SmartChoice insurance system?
Information Gathering
- Thread starter Mike
- Start date
I give it a thumbs sorta up.
mark4insurance
New Member
- 10
Be wary of Smart Choice adn Iroquois Group and the like. They sound very good and as long as you stay with them they are probably not a bad deal. Problem comes if you ever want to break loose and go on your own you are facing a 2 year period that you cannot use any of the carriers you signed up with them to use. How are you going to stay in business if you have to rewrite all that business with presumabley less attractive carriers. This also includes if they decide not to renew their agreement with you.
Any comments about WIAA (Western Insurance Agents Association).
I have spoken to the E and 0 department and she is by far the most helpful (except for Steve A.) that I have spoken too.
They don't have as many markets as Superior Access but how is sub agent service, turn around and general professionalism?
Thanks in advance for your reply...
I have spoken to the E and 0 department and she is by far the most helpful (except for Steve A.) that I have spoken too.
They don't have as many markets as Superior Access but how is sub agent service, turn around and general professionalism?
Thanks in advance for your reply...
mark4insurance
New Member
- 10
You commented about Superior Access. Have you used them and if so what has been your experience. It seems they have good company coverage and give a little higher commissions than other similiar companies.
SmartChoice looks like the best between them and Iroquois. At least you can buy your way out of the contract on pretty favorable terms and not have to worry about a noncompete.
anteater
Expert
- 30
I've also been doing research between Smart Choice and Superior Access. As a newly licensed agent with no prior industry experience, it seems that those are my only options if I want to be an independent agent. Smart Choice sounds good in theory, but they would take 30% of my commission which would be a huge setback when I'm just starting out and that 30% could be the difference between success and failure. They do stress highly that each year that I make over 50K gross commission, they'll give me 100% of my commission on anything beyond that. But take a hard look at the numbers, essentially they will take up to $15K of my commission every year just for the privilege of my doing business with them!
Also, be sure to ask them how many carriers they would appoint you with. Due to my lack of experience, they would only appoint me with one standard carrier to start with. That would make it tough for me to be competitive.
All things considered I am leaning towards Superior Access. They charge nominal fees and give me 100% of my commission. I'd have access to all of their carriers right away. And I could get a direct appointment with one of their carriers anytime, no crippling waiting period required.
Also, be sure to ask them how many carriers they would appoint you with. Due to my lack of experience, they would only appoint me with one standard carrier to start with. That would make it tough for me to be competitive.
All things considered I am leaning towards Superior Access. They charge nominal fees and give me 100% of my commission. I'd have access to all of their carriers right away. And I could get a direct appointment with one of their carriers anytime, no crippling waiting period required.
Wow so many decisions to make. I am so confused on who to go with. I would think it would be smart choice or iriqouis, because of direct access and binding authority. Now I hear negative things about them as well.
Superior access sounds good, but you name isn't on the policies and no binding authority is somewhat scary.
Superior access sounds good, but you name isn't on the policies and no binding authority is somewhat scary.
Just remember, Iroquois comes with a wedding band, and the divorce can be very expensive....
15% cut isn't too bad for a new agent....... someone who's chances of failure are quite high. Prove yourself in the business and you'll have no problem attracting a carrier who will contract you directly. Our deal with Smartchoice was that we only wanted Travelers, we already had three or four of their other carriers and we wanted to keep our options open for a direct appt. with one of their other carriers so we did not license with that carrier through smartchoice. We found them to be very flexible with the contract terms.
15% cut isn't too bad for a new agent....... someone who's chances of failure are quite high. Prove yourself in the business and you'll have no problem attracting a carrier who will contract you directly. Our deal with Smartchoice was that we only wanted Travelers, we already had three or four of their other carriers and we wanted to keep our options open for a direct appt. with one of their other carriers so we did not license with that carrier through smartchoice. We found them to be very flexible with the contract terms.
