Hello Group. I am a newer agent based in Missouri. I come from the real estate world but have "worked" with insurance in varying capacities over the years. Earlier this year, I decided to go sit for my P&C, Life, Accident and Health license exams and passed. Once I was licensed, I became a producer with a local captive agent. Knowing my end goal was to be an agent/agency owner to compliment my real estate business, I quickly realized the captive life is not for me.
So, I have obtained my agency license, applied for some appointments that shouldn't be a problem to get and contracted with Smart Choice to get access to preferred markets. Everything seems to be going great but there are some questions I now have going independent that did not come up as a captive producer. I'm leaning on the experienced independent insurance vets on the forum to fill in some of the blanks for me:
1.) When a carrier is agency billed, does that simply means I am responsible for premium collections? Or, does it mean that the agency is responsible to the carrier for all premiums written regardless if the funds are collected from the policy holder?
2) At what point do you need to offer premium finance options? Who do you recommend?
3) How do you handle initial premium/down payments paid via credit card or ACH? Is there a solution that passes on "processing fees" to the payer and not the agency?
4) Is it ever too soon to use an agency management software? I will be using EZ Lynx rater and it seems seamless and logical to use their management system as well and it seems like a better game plan to start with a management system than try to add it later.
5) Does anyone have an operations manual they wish to share? I'm a true believer in systems for efficiency so I'm wanting to get some ideas on best practices for daily activities. I have a good foundation from my time in the captive agency, however I would like one or two more samples to reference.
6) When taking pictures for the underwriters, what are they looking for? A specific number of pictures? Interior? Etc.
7) My target is property owners (landlords, investors, multi-family dwellings), Homeowners w/ auto packages and small to med size businesses (primarily tradesmen, but other niches as well). Should I do my own telemarketing initially or should I plan/budget to have a part-time/contract telemarketer as soon as possible?
8) Aside from prospecting like a mad person, talking to everyone, and getting my agency/brand in front of as many of the people identified above, what words of wisdom or advice do you have for the first 30/60/90 days as a new independent agency owner?
Sorry for the long post. I look forward to hearing some input from you guys and gals!
So, I have obtained my agency license, applied for some appointments that shouldn't be a problem to get and contracted with Smart Choice to get access to preferred markets. Everything seems to be going great but there are some questions I now have going independent that did not come up as a captive producer. I'm leaning on the experienced independent insurance vets on the forum to fill in some of the blanks for me:
1.) When a carrier is agency billed, does that simply means I am responsible for premium collections? Or, does it mean that the agency is responsible to the carrier for all premiums written regardless if the funds are collected from the policy holder?
2) At what point do you need to offer premium finance options? Who do you recommend?
3) How do you handle initial premium/down payments paid via credit card or ACH? Is there a solution that passes on "processing fees" to the payer and not the agency?
4) Is it ever too soon to use an agency management software? I will be using EZ Lynx rater and it seems seamless and logical to use their management system as well and it seems like a better game plan to start with a management system than try to add it later.
5) Does anyone have an operations manual they wish to share? I'm a true believer in systems for efficiency so I'm wanting to get some ideas on best practices for daily activities. I have a good foundation from my time in the captive agency, however I would like one or two more samples to reference.
6) When taking pictures for the underwriters, what are they looking for? A specific number of pictures? Interior? Etc.
7) My target is property owners (landlords, investors, multi-family dwellings), Homeowners w/ auto packages and small to med size businesses (primarily tradesmen, but other niches as well). Should I do my own telemarketing initially or should I plan/budget to have a part-time/contract telemarketer as soon as possible?
8) Aside from prospecting like a mad person, talking to everyone, and getting my agency/brand in front of as many of the people identified above, what words of wisdom or advice do you have for the first 30/60/90 days as a new independent agency owner?
Sorry for the long post. I look forward to hearing some input from you guys and gals!
