Iroquios Network

[nyc2phi]

Anyone use Iroquios Network?

What are some of the things you like and don't like ? Exluding the 2 year wait for direct appointments with their carriers.

By far the best comm split I have seen any cluster offer.

 

[NCAgent]

Anyone use Iroquios Network?

What are some of the things you like and don't like ? Exluding the 2 year wait for direct appointments with their carriers.

By far the best comm split I have seen any cluster offer.

Iroquois HAS an escape clause on there, if you produce high enough. I liked that about them. They also don't count the appointments you BRING to them as non-compete. So if you have Safeco and roll Safeco to them for production and profit sharing, you aren't barred from taking Safeco back if you don't like it under their larger book. Maybe that is how NC is structured? Either way, it's a good thing for me because I don't like the 2 year wait most places have.

I felt they had the good "little boy" carriers in my state. Meaning that I still write mostly with Kemper, which they don't have, but they have the good ones that newer agencies want like MetLife, Safeco, and etc. So they were good at giving people a good foundation, just nothing super secret good like SIAA does here. They had nice commercial markets though.

Talk to the agent and see what requirements there are to be....Iroquois partner? I forgot the term but it is a separate contract you sign that allows you to take carriers after 1 year's notice (can still solicit during that time) from them. You need a certain book size though and a percentage of it has to belong to Iroquois.

 

[nyc2phi]

Great advice NC !

I am not sure if they offered this in NC but 70/30 starting out and based off the book size it keeps going up and once your at 1MM you are at 90/10. With profit sharing and bonus I don't see a major need to go through the hassle of going direct at that point.

SIAA has good carriers but they wanted a lot of unecessary thnigs for a new start up.

 

[VolAgent]

You might want to check out MSI. They just were bought by InsureZone, so I'm not exactly sure how everything changes. Commissions were the same or better than Iroquois and you weren't barred from getting the same carrier for two years after leaving. However, with MSI you have to buy your way out when you do leave.

 

[NCAgent]

Because of my operation we started at 80/20 with the fee cut in half down to 75. If you have a book, roll it to them and get a higher split and reduced fees. you can pull it out anyway if it doesn't work out...

 

[Philly]

We signed up with Iroquis Group last year and it has been OK. They said they usually start agencies out at 80/20 split.

 

[nyc2phi]

What don't you like Philly ?

 

[Philly]

They do have a pretty good commission split. I think one of the things is we only have one appt. with a commercial carrier and speaking with the rep. it doesn't look like we will have another carrier for a while. For personal line it has been pretty good.

 

[b61mack]

When i read the MSI DEAL I had to grab for an oxygen bottle, then i remembered i don't have one.lol. They have a minimum of 50k buy out!

 

[Tigerhoo]

When i read the MSI DEAL I had to grab for an oxygen bottle, then i remembered i don't have one.lol. They have a minimum of 50k buy out!

I think you read the contract wrong. While this is true of large agencies, it is not for smaller agencies bailing. It is the lesser of 50 k or 25% of agent earned commision for the previous 12 months.
- - - - - - - - - - - - - - - - - -

I think you read the contract wrong. While this is true of large agencies, it is not for smaller agencies bailing. It is the lesser of 50 k or 25% of agent earned commision for the previous 12 months.

For an agent navigating this on his or her own, it is either a front or back loaded contract, with the latter IMO, being the most beneficial to the new or captive agent.