New Brokerage, New Questions. Wholesalers?

[pandcbroker]

Hello,

I am writing this from the Mobile, Al. area. I am and have been an Independent Broker for years now, and have recently looked at an opportunity with a few captives here.

The contracts they are offer EXTREMELY limiting and am considering other options.

My question.........Superior Access, twfg.net, and SIAA.

I contacted all of these today. Like many things, all have ups and downs. For example, TWFG charges a $5000 startup fee. Superior Access, which it appears has access to the same carriers, charges $100 a month. SIAA has not contacted me yet.

I would appreciate any discussion regarding these companies, weighing in on the pluses and minuses of both. I realize these have been discussed before, as I have used the search feature and have read a few articles. However, if you would take the time to discuss what you know, it would be greatly appreciated.

My goal is to get an office space with a receptionist/producer, stock the office and do some hard core marketing.

 

[Gulliver]

SIAA and TWFG are both good organizations. There are tons of TWFG agencies in TX that would probably give you some good input on their experiences. I would do a search in TX on the web and find some of them. I know there are at least 50 agencies in TX affiliated with TWFG. I have personally met agency owners who have worked or do work with SIAA and also TWFG. You would be wise to research both groups and make decisions based on what you want from these groups.

I do not know who the SIAA master agency is in your area so that would make a difference on the quality of your experience with SIAA. I think they charge somehting similar to what TWFG does so wait and see when they contact you. You would once again need to do some research. I think either would be a better choice than Superior Access and about any other option out there. Superior Access doesn't give you enough control of your relationships with carriers.


Good Luck,

Gulliver

 

[pandcbroker]

Thanks for your response. When you say Superior doesnt give you enough control of your relationships, what do you mean exactly?

Are there other national wholesalers available that you know of? These are the three I was able to find. From what I understand, Superior and TWFG use the same rating software. What does TWFG offer you for that $5000? I dont mind paying for the best options, but there needs to be a reason its so much more.

 

[Cali_jake]

Do I have to be an establised insurance broker to join of the these master agencies?
I am just starting out on the P&C side, but have been selling life for a few years now. What would be the best way to start an agency?

Any information is very appreciated.
Thank you

 

[pandcbroker]

Cali_Jake,

Master agencies will directly appoint just about anyone with a P&C license and E&O insurance.

Please start your own thread regarding this. Kindly stay on topic regarding this post.

 

[Cali_jake]

Thank you very much

 

[Gulliver]

Thanks for asking. I didn't realize Superior is using the same software as TWFG. I thought most of the the quotes you get from them had to be submitted and then you were held hostage waiting for their service department to get to it. I personally do not have enough information to comment aggressively on Superior. That is why I focused on TWFG and SIAA. Again both of these groups have exhibited great feedback from agents I have come across using them. I would once again suggest finding one of the long term agents in TX with TWFG to question them about their experience. As far as the 5 grand. I think you get a better share of commissions from TWFG than you would with Superior. Also look into your ownership of the business with Superior.

The key is ask lots of questions to those who are actually providing the services.

Gulliver

 

[pandcbroker]

I will certainly call around and speak to various TWFG agents. As I understand, the way it works, TWFG gives you 80/20 split on all commissions. Superior has arranged for you to receive full commissions, they get overrides. For example, on home, Safeco pays 15/15. I think they arranged an extra 1-2% commission that they keep, so you still get full commission.

 

[pandcbroker]

TWFG it is. Wonderful operation. I did the research too, called lots and lots of agents all over. All very happy.

 

[rocketboy]

So please tell us what made you go with TWFG?

What was the price?
contract split?
How many direct appointments will you get?

I am in the same situation and am probably going to start with superior access and then work to get direct appointments soon after.