Input Needed from P&C Agents

Discussion in 'P&C Insurance Forum' started by JayOde, Jul 20, 2017.

  1. JayOde
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    JayOde Member

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    Hey Guys,

    I have an idea for a business model that I wanted to share with you for your input:

    The idea is to offer complimentary logo design/branding to any small/medium business for free.

    In exchange, they would agree to turn whatever insurance their kind of business needs/has to me.

    I would give that referral to a local agent, and we would share in any ongoing commissions/renewal revenue...however that needs to work in each state based on their rules&regs for sharing insurance commissions.

    What do you think? Stupid idea?...maybe it could work? Etc.

    Thanks for your help!

    Jay
     
  2. adjusterjack
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    adjusterjack Well-Known Member

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    I wouldn't say it's stupid or couldn't work. That's what people said to the Wright Brothers and their idea managed to get off the ground (pun in tended).

    Unfortunately, there are some serious hurdles to overcome.

    1 - You would have to be a licensed agent before you could be paid any money for your referral. Call it commissions, kickback, finders fee, whatever, I'm pretty sure a license would be required in every US state.

    2 - You would have no control over what any insurance company would charge for the insurance even if you were licensed and dealing direct with your own carriers. There isn't likely to be any agreement by the customer for this deal without having his insurance quoted first. Without that agreement up front, your potential customer could just take the quote to his own agent for comparison.

    3 - How much is your logo design worth? $100? $200? I'm guessing a logo design could be easily obtained at a reasonable cost just about anywhere without a business throwing it's insurance into the mix.
     
  3. JayOde
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    JayOde Member

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    Thanks so much for the input I appreciate it!
     
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