Need binding authority ohio

[Daniel Makara]

Hello, I’ve been in the car industry for many years and have many strong connections as dealerships... I got my P&C license because I wanted to sell insurance as opposed to cars (the renewal factor in insurance makes it more lucrative to me as opposed to grinding new business bell to bell every day) ....

so I will have an opportunity to write many polices every day with people buying new cars but I cannot wait 24 hours to get a policy done.... I need to be able to get it done in less than 30 mins... I do not mind working for an agency that lets me build my own book, paying for a cluster or aggregator... or working for a MGA...


I have submitted a bunch of request forms to different clusters etc most either require a year in the business or no binding power... not sure how to reach local MGAs.... can anyone direct me at where to look or who to contact?!

 

[fed up]

Writing business in a dealership sounds like a homerun but you will find most people purchasing new have insurance and don't want an additional hard sell after surviving the warranty upsell and finance sell. People buying used without insurance buy and leave after they get off the lot

 

[Brokerlikeaboss]

Do you have any experience or training with insurance? Most of the low hanging fruit with dealership business is NSA. That business has poor pay history and is often monoline. The renewal rate is pretty low if you can make it to the first renewal. It’s not challenging to get directs w those carriers if that’s what you’re chasing. I’m in NE Ohio and work w a few dealerships and 80% plus of what we get referred is NSA.

If you’re chasing preferred business then you have to gather info on all autos in the HH and often times are quoting a property line in conjunction. Typically not a 30 min rush unless it’s after hours or weekends and they can’t get an auto added to take it off the lot.

Are you going to service these clients and will you have an office for those that are paying (many cash payors in NSA)?

 

[Daniel Makara]

I am in NE Ohio as well... north canton... I sold life for a year prior to my car dealership experience.. my friends and connections are mostly in used sub prime... we are constantly having people call for quotes and set up insurance policies online thru like progressive online site... I see about 80 new policies a month get started just from one dealership... of course many of them will lapse and just getting off the lot but I have many of them that have kept the insurance policies and because they have no agent they call us asking how to pay their insurance or with help with cards etc...

I also will chase other business, using the dealership just to begin my book and experience... I built my savings and life grinding in an independent car lot so Im confident I can learn to find new insurance prospects as well... once I find some mentors and connections in the area (speaking of ill buy you dinner sometime if we are close!)

I am very green in insurance... I do not mind working as an independent under an agency with something like a 50/50 split..or if it’s easier to find a cluster to grant binding authority . I do have a personal assistant to help me handle policies and phone calls, I have CRM software and such... .. just trying to get rolling within the next month..

 

[Daniel Makara]

Do you have any experience or training with insurance? Most of the low hanging fruit with dealership business is NSA. That business has poor pay history and is often monoline. The renewal rate is pretty low if you can make it to the first renewal. It’s not challenging to get directs w those carriers if that’s what you’re chasing. I’m in NE Ohio and work w a few dealerships and 80% plus of what we get referred is NSA.

If you’re chasing preferred business then you have to gather info on all autos in the HH and often times are quoting a property line in conjunction. Typically not a 30 min rush unless it’s after hours or weekends and they can’t get an auto added to take it off the lot.

Are you going to service these clients and will you have an office for those that are paying (many cash payors in NSA)?

made above reply please

 

[Brokerlikeaboss]

Sounds good. I’m in the Akron area.. send me a direct message w your contact info and we can discuss an arrangement

 

[Daniel Makara]

Sounds good. I’m in the Akron area.. send me a direct message w your contact info and we can discuss an arrangement

Sent you a message with my number. Text me anytime let’s get together sometime next week if your free