Pacific Crest Insurance? Anyone Heard of Them?

[indienoise]

After all, if the ring turns out to be the wrong fit for the diamond, it would be a shame if it couldn't escape the grasp of those prongs.

^^ Dude...that's an EPIC response.

Fwiw I'm not taking sides or putting anyone down. For some people, "independent captivity" works just fine. Matter of fact, there's an allstate agent in my town who just recently became the first PGI agent in the state, it appears. He also seems to be after a similar demographic as me, judging by his appointments. 1.3 million people in the area I service so there's plenty of room, especially since as I always say, captives and direct writers have 2/3 of the market here. I wish him the best.

I'm just glad I didn't join any group now that things are going like they are. Over the next few months if things continue as they have with the little preferred carrier who could, who gave me a shot, I don't think getting the additional appointments will be a huge challenge anymore.

 

[FrankandErnest]

Mr. Walker and "FL P&C"- VERY helpful. Really appreciate your words to the wise. Thanks Indienoise, the ring metaphor makes sense and I hear you re psble regrets in joining a group. For my sitch, not able to reinvent that wheel, would part with fair % for group's economies of scale, E&O, mkts, processes, training etc.

Man..There are so many alliances, MGAs, IMOs, FMOs. I researched some, finally responded to a few and sans ego, expected them to grab this ready- to- go qualified agent. To my surprise: crickets. Maybe they're trying to grow to fast, cant keep up with churn n' burn nationwide postings as pcbinsurance kindly observed & shared.

Agree or no > One of life's biggest lessons we've learned is to pick your partners carefully. Many agents just need to find a great fit. If this isn't the specific forum to ask, pls advise I'll search another thread, but allow me to throw it out there...

and I'll bet there are 1000 top shelf agents (and many orgs) too that would benefit from a top 3 opinion here. To all tuning in, if you have an opinion-could you pls show your top 1, 2 or 3 and a quick -why?

Now, I'm in No. Az, and there are geo considerations, natch, just want to feed my kids like all of us. Who are best-practices top 1-3 in those three product areas I'd mentioned prior- Life(incl IUL), LTC and fixed annuities. I've been captive and indie. Since I'm post-divorce cash-poor but experience/skill rich, I'd prefer a group. Sorry to run long. Thanks so much. Hope this'll help hundreds.

 

[shawnmwalker]

Frank and Ernst,

I have a great guy down in AZ if you are interested in chatting with him.

 

[RicFlairII]

Here is the key stickler- according to my attorney, which I have had him
review several of these aggregator type contracts.

Besides the obvious ownership of book and can sell to anyone, there is
a factor in all I have shown him that he says is a deal breaker.

He says the fine print states that the parties can end the contract at
any time at their discretion.

So if the agent got sick and was out of work for months with no production,
or wife got a transfer and the agent moved with her and started over, or
even if the two parties were just not getting along, the aggregator could
use this clause to cancel the contract.

That is why I haven't used one, even though at one point I was interested.

 

[FrankandErnest]

Re:IMO's FMOs Alliances etc

RicFlairII -
Great point and an important consideration. Thanks. I've built a few fine books of business in my life and had the rug pulled out.

Good to have attny review agreements. I would add the old funny but true adage about verbal representations made- "An oral agreement isn't worth the paper its not written on."

 

[indienoise]

It's a valid concern if you're dissecting the contract, sure. But is the same not also true for carrier contracts? Now, sure, losing a single carrier would (hopefully!) not spell the same doom to an agency owner as a cancelled cluster contract.

 

[insurance1822]

Re: IMO's FMOs Alliances etc

RicFlairII -
Great point and an important consideration. Thanks. I've built a few fine books of business in my life and had the rug pulled out.

Good to have attny review agreements. I would add the old funny but true adage about verbal representations made- "An oral agreement isn't worth the paper its not written on."

Can you elaborate on having rugs pulled out on books you've built?

 

[PhilL]

Both Premier Group Insurance and Pacific Crest have good programs.

 

[RicFlairII]

@RicFlairII --

That's a good point on the contracts. However, that applies to both captive and independent agents. There's plenty of stories of Major captive carriers spinning off their agents when they are at the pinnacle of their careers just because they have changed their risk appetite in the areas where they are doing business.

You should always read your contracts. And, since most of us are not lawyers, it may be a good idea to find one and make sure you fully understand what it is you are signing. Of course, to the point that "parties can end the contract at any time at their discretion", this serves both parties. It really is a relationship and often times you just don't know how well each will perform until you are two years or so down the road.

I will say that we have never released an agent summarily without cause. As such, over time, our contracts have changed and only terminate for cause. While we'd like to think that everyone is ethical in this business, there are those outliers, and, we do not do business with anyone that lies, cheats or steals.

Maybe not, but you could do it, which is the point that my attorney (and I)
object to.

"Terminate for cause" is the exact thing my atty pointed out- dollars to
donuts that your contract states something to the effect that if the agent
goes a period of time with no production, contract can be pulled.

So, as I stated earlier, if the agent got sick his contract could eventually
be pulled.

(Not singling you out, as all contracts I have seen are this way).

 

[FrankandErnest]

Re: IMO's FMOs Alliances etc

Can you elaborate on having rugs pulled out on books you've built?

To insurance1822

Sure: Ex 1: I built a book at a large regional brokerage firm (Indy) writing middle market commercial risks. One day they announce they've started a small business division and will need to stock it with the bottom 15% of everyone's book. Without compensation.
Ex 2: (captive) Liberty Mutual. Built a book. They hire a narcissist with an insurance degree as Sales Mgr. He goes on ride-alongs, talking only about himself to my key contacts, VP's, CFO's etc. After being pulled aside by a number of happy clients and told- "Don't bring that *** around anymore." I chat with him about it and he fires me.
Ex3: I'm selling LTC, Life with a (captive) Bankers Life: New Reg manager announces he's changed the business model to one where we're all to hire telemarketers using only leads provided us, (which he milked, worked with his brother and sis- in- law first, then copied and gave to multiple agents)appmts to be booked for us. Short term boost to his ofc #'s, complete disaster for most agents.
ex 3: I'm 2 years with AAA Life & Ann (captive). They hire a 1st time young mgr, I'm #3 on west coast, he makes life miserable for all, micro-mgs, creates impossible hoops, he terminates 15 agents over span of 3 mos.