Options for New Agency?

Mar 7, 2016

  1. ballz187
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    ballz187 New Member

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    I am currently in the process of taking my classes to get licensed and am doing research on who I would be interested in partnering with. I have 4 income tax offices in 3 states (NY, NJ and CA) one of which is across the street from a DMV. I want to begin offering home/auto to my clients (about 10,000) immediately after tax season utilizing my existing staff. Also I need access to the best commercial lines so I can write the business for all of my personal and professional contacts (about 200 business owners and property owners). I made one phone call just to test the waters and can get BOR changed on 2 commercial properties in TX immediately (apartment complex and hotel once I get licensed, i have their existing policy in my inbox) that are on Travelers. I have been reading here and searching all over the web for wholesalers or aggregators that I can sign up with to write The Hartford, Travelers for businesses and also Need a variety for auto/home (progressive, narragaset bay etc).

    I contacted some networks and there seems to be synergy for certain regions. I am looking for somewhere I can write businesses and personal in NY,NJ, TX and CA. Everyone I contact is either west coast or east coast.

    It seems the ones I like the best want me to have an existing book of business or 3 years experience. What would you guys recommend for someone in my position, who should I reach out to to be able to hit the ground running?

    If you want to contact me directly you can PM me here

    Thanks

    Baldeep Chawla
     
  2. tpowell138
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    tpowell138 Expert

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    Hi Baldeep,

    On paper this is a great idea... Tax season is very busy and short then you have the rest of the year off practically. Just don't underestimate the job we do on a daily basis. I could never imagine doing your job to the best level of practice.
    I would recommend getting a season broker on your team part time. The state test don't really teach you how to read policies/forums or what coverages are best to have and when.

    However you can quickly learn it but its not going to be from the state test. I highly recommend a professional certification. The material they go over is everything and more you will need to eliminate a E&O claim. Look into a Certified Insurance Counselor CIC. They have 5 week online courses available now.

    Lastly I would recommend Professional Insurance Associates as your aggregator. They are lic. in 38 states. I have wrote business with them ini CA, NY and TX.. I can't think of a NJ policy off the top of my head but check with them I am sure they are lic in that state.
    Cheers,
     
  3. ballz187
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    ballz187 New Member

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    Thanks for the input, I have a seasoned broker I can lean on to help me he has 30 years experience I can pay him commission on deals he walks me through. Also I do not underestimate the work at all, the good thing is with my tax season I am not involved in the day to day at all. I can cross train my staff on the simple auto/home which will be the walk in traffic to the offices while I can focus on just building commercial business was the idea.

    Thanks I will look into Professional Insurance Associates
     
  4. nyc2phi
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    nyc2phi Guru

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    Those states are tough on personal lines business NY and NJ you'll spend a lot of time quoting just to find out you're losing to every GEICO and NJ Manufactures policy you come across. TX and CA I don't know much about but I hear a lot issues with property coverage in those states.

    BORing those big account sound like a great idea but are you prepared to service those accounts with little insurance experience? Certificates, endorsements, etc?

    It's doable especially with an existing customer base but there's a big learning curve in insurance so the more practice and education you get before you dive head in, the easier it will be.
     
    nyc2phi, Mar 8, 2016
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  5. hesse
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    hesse Guru

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    Are you ready to lose these clients on your tax side due to a dispute on a tiny claim?

    People will walk away from your tax business because of claim issues.
     
    hesse, Mar 8, 2016
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  6. ballz187
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    ballz187 New Member

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    That is not a concern as there is a retention rate I am comfortable with and always driving new business every year. The other side is the new insurance business can also be tax clients.
     
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