Looking to Add Carriers for Auto Insurance

[BlockO]

I have taken over as owner of an agency that has been in business for 22 years. 98% of the business is auto, with only 2 carriers.
I would like to add more carriers, but sometimes feel overwhelmed in trying to research all those companies to find the ones best for my needs. was wondering if there is a one-stop resource that would help me evaluate so many companies to choose the right ones. any help would be greatly appreciated, as i only have 6 months experience myself.

 

[Carlos Gil]

Re: Looking to Add Carriers

Look at your rater or call your competition and find out who they are rating.

 

[bree4479]

Re: Looking to Add Carriers

Look at who the other independents in your area are using.

 

[1manshow]

I'd look at what companies other independants are representing and find companies they do not have. Research the state ins dept and see who is gaining the most market share or who has a good market share but is not represented in your area. I recently added two new carriers that had recently expanded into the state and got them to give me exclusive rights for the first eighteen months.

First thing we do with potential carriers is to have them run a hundred or so rate comparisons against our current clients to see if they're competitive.

 

[Sphynx]

Really?!
There are no resources to find carriers, other than asking your competition? C'mon really? No magazines ad's newsletters mailing lists webpages etc??

 

[BlockO]

Since I started this thread, I have applied for appointments from about a dozen carriers. I'm disappointed by the little response I've gotten back.

what's up with that? seems to me like carriers would want more agents. one company in particular called and said they were already saturated in my area. I looked it up and found only 2 agents in a 50 mile radius. do they consider that saturated or was that just a BS excuse?

when carriers evaluate agencies, what is it that they like/dislike about agencies that determines who they select?
and what carriers are not so selective?

one last question: even though I only carry 2 companies, with their rates, I'm closing about 80-90% of my quotes. so should I even be worried about adding more carriers?

 

[puppet]

Since I started this thread, I have applied for appointments from about a dozen carriers. I'm disappointed by the little response I've gotten back.

what's up with that? seems to me like carriers would want more agents. one company in particular called and said they were already saturated in my area. I looked it up and found only 2 agents in a 50 mile radius. do they consider that saturated or was that just a BS excuse?

when carriers evaluate agencies, what is it that they like/dislike about agencies that determines who they select?
and what carriers are not so selective?

one last question: even though I only carry 2 companies, with their rates, I'm closing about 80-90% of my quotes. so should I even be worried about adding more carriers?

What carriers do you have and what state are you in?

 

[BlockO]

progressive & PSI (omni) - Ohio

 

[puppet]

progressive & PSI (omni) - Ohio[/quote

I think you should have more carriers but if you're closing that much business than I guess you're fine for now. Honestly I'm not sure how you're doing it with 2 companies. Carriers are really picky these days, they usually want business up front. If you're having this much trouble getting contracts maybe you should think of a cluster like Siaa. I'm with them and I'm happy.

 

[Sphynx]

Gonna check with state ins dept tomorrow see if I can find out market share info... seems like a good idea but a longshot. Quit responding with, "check out the competition." GAH! killin me... first off why do I want to sell the same product my competition is selling secondly how does that help me find any new markets or companies that are a little more aggresively priced? There has to be some resources out there. Thanks all for your responses anyways