New Brokerage, New Questions. Wholesalers?

[pandcbroker]

Well, I still do not understand how SIAA works and they are very difficult to contact and take quite awhile to return my calls. I think I am dealing with the Master Agency here. The problem is, I want to be the Master Agency.

Superior Access is all over the net. From what I hear and read, it takes up to 7 days to issue a homeowners policy, as you do not have binding authority. Even auto can take 2-3 days. Thats just WAY too long and you will lose a lot of business.

TWFG has a great support staff, and after calling all over the country, everyone is happy. I have yet to talk to anyone with negatives, nor has any search online provided anything negative. They admit openly that they have had issues and just hired a new COO to deal with the support side to agents. Its a $5k buy in, with $200 a month to software and E&O fees. After that its an 80/20 split, new business and renewals. That part, I do not like and am trying to negotiate. I feel one is fair, the 5k buy in and a small split or no 5k buy in and the 80/20 split. The best part is the carriers. They have TONS of carriers. Personal lines. Commercial,Health, Financials and so on. It seems to me, out of the three I was able to find (let me know if there are others!) between Superior Access, SIAA and TWFG, TWFG is by far the most professional.


What is Insurance Noodle?

 

[Gulliver]

You are probably already on the right track. My experience talking to the agents is similar to yours. The master agency with SIAA is the key and you are getting long delays. TWFG is hard to beat. If you are close enough to Florida you could see if Great Florida has any Alabama options. They are similar to TWFG but Florida is in their name and it stays with you. I have worked in about 12 states visiting independent P and C agencies and TWFG ranks at or near the top. The seven day comment about Superior is legit but they have their place. I think your needs are beyond Superior Access.

One other thought. You could look into Iroquois. They are for established agents so they could be another option for you.. They are for established agents who need some extra contracts.
Iroquois Group-www.iroquoisgroup.com . I think they do 80/20 and allow movement to 90/10 if you get big enough with them. I just don't hear them to be as pro active as TWFG and they have a different purpose. Again each territory has different people as your conduit to the organization and that is what makes it a great experience or a bad one.

You are doing a great job researching. Keep throwing out questions and we will keep trying to help.

Gulliver

 

[pandcbroker]

Gulliver,

Thanks a lot for the comments and I actually contacted Iroquois yesterday from doing more searching. I want to make absolutely sure that this is a career move and am exploring all options. I was not aware of Great Florida and I am located about 45 minutes from the state line, so I will look into that Monday.

Its frustrating as it appears there are just no options for people to get homeowners here. Sure, auto insurance is a dime a dozen but finding a main line X wind policy is very tough, as it much be for most coastal cities. My intent is to have at least 5 carriers X wind. If I can do that, with extensive marketing, I can capture a very large book here very quickly and get a second office open in the northern part of Alabama, focusing on non wind/hail homeowners and so forth. I want to be able to retire no later than 55 and only have to work if I want to.

Again, thanks for the words and I will keep you posted.

Also, see my next thread regarding advertising!

 

[Gulliver]

Universal is pretty well received in FL. I'm not sure if they are in AL. I heard good things about them around Venice and Port Charlotte FL.

 

[NuSurance]

RE: Universal - UPCI - Great in Florida and are making a big move into 5 states - It looks like they are buying or going to buy a part of ICAT - Which makes sense --- since they have alot of Coast Exposure - FL AL SC and HI #5 ?

They do have a couple Quirky underwriting rule but if you read them no problem

Kazor

 

[pandcbroker]

Wow thats good info!

 

[pandcbroker]

Well, I did it. I started my Indy agency about 5 months ago, and my phones are ringing off the hook. I am set to hire a new producer and an office staff member. I am upgrading my phones to duel lines with music feature. I have expanded into aircraft insurance, workers comp and full commercial lines, with focus on home/auto. If you are willing to work hard, long hours to establish yourself, Indy is the absolute way to go. Thanks for all the help and advice from the forum!

 

[bluestar1]

Congrats! I'm happy it worked out for you! Would you mind sharing information about which master agency if any did you join? Would you be able to PM me (I can't yet-not enough posts)
THANKS!

 

[stephani1020]

Yes, me too. I am currently looking into TWFG and one other....can you let me know how things have worked out, etc?

My concern is I am in the upper midwest and I am not sure how the regional carriers would fit into the equation.