New Insurance Agency Set Up

[22ndin]

Hello
I am a new agent setting up my own insurance agency in Illinois. We will primarily focus on P&C. I was wondering if someone could let me know what would be the best wholesaler to set up with? Since probably most carriers will not want to set up with me since I am new, i have to go through someone.

Any suggestions?

Thanks in advance.

 

[EugeneM]

If you can get a broker to mentor you that would be ideal. I have a client who is a Health Broker breaking into commercial - he is pushing apps through a commercial broker who is acting like a wholesaler until he can get that volume himself for direct appointments.

The splits are not that great because the experienced broker has to do all the service and quoting work and my client is retaining ultimate ownership of the accounts. You situation will be different because you can take a more active role in helping close the accounts then us. So it really depends on how much of the work you are able or willing to do.

You will find that closing mid to large size accounts might require a little more help. Most wholesalers will not do that especially if the first few attempts dont close and quick.

An established P&C agent that can run apps and who will help you meet and close new business is very valuable. Prospects can smell a new agent a mile away. Having that experience accompany you to a new business meeting is worth every % u lose in commission.