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LOL I'm not captive anymore I just don't know how to change my name.
Personal Lines Carriers, When Is Enough Enough ?
- Thread starter bobson
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At one point 2 years ago we had about 38 home carriers (only 47 in the state) and 15 auto, now we have about 30 home carriers and 16 auto. Its hard to keep them all happy. Several of the companies in Florida have gone insolvent over the last few years (i believe last year alone 6 went insolvent) so we lost a few that way. Also,we lost a few appointments recently because the market has changed, and most of the companies, in Florida, barely have enough money in surplus to even stay around, let alone, pay claims, so one big claim and they terminate the appointment because it rocks their loss ratio so hard. We had an $840,000 lightning claim with one of our carriers, we are anticipating them dropping us as it was one of their largest claims, in the companies history (only 6-7 years).
In regards to the home carriers in Florida, some of you may be wondering why we would even get appointed with a carrier barely surviving, and that's an easy answer, there are no more large carriers in the state writing new business so its write the homes wherever we can, or find another career (We do represent AAA, Chubb, and Firemans Fund, which are large carriers, but Chubb and Firemans Fund, write on a very limited basis).
In regards to the home carriers in Florida, some of you may be wondering why we would even get appointed with a carrier barely surviving, and that's an easy answer, there are no more large carriers in the state writing new business so its write the homes wherever we can, or find another career (We do represent AAA, Chubb, and Firemans Fund, which are large carriers, but Chubb and Firemans Fund, write on a very limited basis).
G
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It varies by area, but in the office I work in, for home, I would say $1300. For auto $2,000 annually. Our commissions are probably lower though. On the average we see about 13% ( although some of the home carriers only pay on the non-wind portion of the premium so it gets tricky then).
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Captive guy = IA. IA = captive guy. Huh?...
I joined this forum back when I was captive. There you have it sir. It's been a great move.
Number of carriers really depends on the size of your agency. Of course you want to give the best solution to the client, however you also want to be in the position to take advantage of incentives and bonuses from the carriers. If you overload with carriers, it will be tough to show growth with each carrier which in turn will jeopordize an opportunity for a growth bonuses and other incentives.
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Re: PErsonal Lines Carriers, when is Enough Enough?
I had a niche agency, I served a specific segment. I truly this is the best way to run an agency, I don't think being all things to all people makes a good agency.
I had a niche agency, I served a specific segment. I truly this is the best way to run an agency, I don't think being all things to all people makes a good agency.
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Re: PErsonal Lines Carriers, when is Enough Enough?
How's your retention? I have a hard time believing that it Is real good if you're not combining auto/home with the same company to maximize discounts...unless you're talking mainly about substandard stuff.
How's your retention? I have a hard time believing that it Is real good if you're not combining auto/home with the same company to maximize discounts...unless you're talking mainly about substandard stuff.
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Guest
Guest
AE, who cars what you think? You arent even a friggin agent anymore so stop preaching to other agents, I HATE when failed agents preach to me about how to do things right.
I retention is at 97%. Apparently Fuzz, you dont know how tings work as an IA, I have one company who is the bomb on homes, but generally the worst on auto.
on the IA side, the auto/home discount is rather small compared to Captive side, I know Farmers auto/home discount is like 18% or more, some of my carriers on the IA side are only 5%, so there isnt a huge difference.
Some companies dont offer auto, some dont offer home, so guess what, no discount!
It really isnt that complicated.
I always give my clients 3 options, so I let them decide, they also know i have over 40 companies and will find them the best deal, so they dont look, now its all about servicing the client.
I will be giving a training webinar next week, so if Agent Equity would like to attend, I will give you a good deal on it
I retention is at 97%. Apparently Fuzz, you dont know how tings work as an IA, I have one company who is the bomb on homes, but generally the worst on auto.
on the IA side, the auto/home discount is rather small compared to Captive side, I know Farmers auto/home discount is like 18% or more, some of my carriers on the IA side are only 5%, so there isnt a huge difference.
Some companies dont offer auto, some dont offer home, so guess what, no discount!
It really isnt that complicated.
I always give my clients 3 options, so I let them decide, they also know i have over 40 companies and will find them the best deal, so they dont look, now its all about servicing the client.
I will be giving a training webinar next week, so if Agent Equity would like to attend, I will give you a good deal on it
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