Prospective Independent Broker

Aug 13, 2008

  1. aspapi
    Offline

    aspapi New Member

    Posts:
    3
    Likes Received:
    0
    Good Morning Everyone,

    I am a new Illinois Producer with all lines of insurance looking to go out on my own.

    I would like to start off with P & C and I need some help with approaching carriers to broker insurance for them, what is the procedure and is there a list of carriers in Illinois who would consider a new producer as a broker.

    I am not looking to sign up for an agency contract at this time as I intend to remain Independent.

    Also, what are the most affordable and user friendly Agency Management Software out there?

    If there is a start-up checklist somewhere in the forum, I would appreciate a link to it.

    Thanks.
     
    Last edited: Aug 13, 2008
    aspapi, Aug 13, 2008
    #1
  2. wsands
    Offline

    wsands New Member

    Posts:
    17
    Likes Received:
    0
    What is the difference between an insurance agent and an insurance broker? As best i can tell if you are an independent agent, does that not make you a broker?
     
    wsands, Aug 13, 2008
    #2
  3. aspapi
    Offline

    aspapi New Member

    Posts:
    3
    Likes Received:
    0
    As I understand it, an Insurance Agent is a Producer who represents one carrier as a Captive Agent and sells the insurance company's products and may not represent another at the same time depending on the company e.g. State Farm, All State or American Family.

    A Broker on the other hand is a Producer who does not have an agency contract with any one particular carrier but may be appointed by many to submit business. e.g. AON, Marsh USA, Willis of Illinois etc. Also the Broker represents the client first.

    There is a thread addressing the distinction titled "Independent vs Broker". Do a search. I can't post links at this time.
     
    Last edited: Aug 13, 2008
    aspapi, Aug 13, 2008
    #3
  4. OHInsAGNT
    Offline

    OHInsAGNT Super Genius

    Posts:
    117
    Likes Received:
    2
    If you have never done insurance before, get a short term contract with an agency and split ownership of your business. It will be worth it. If not, whose going to answer your questions? Without big production, you'll never get a quality wholesaler to help you out. You are right to go independent, just make through an agency at first. With what they'll have to do for you while you learn, the split is worth it.
     
  5. BrentC
    Offline

    BrentC New Member

    Posts:
    6
    Likes Received:
    0
    I've been a loan consultant with a "captive" mortgage bank for last 5 years. The qualifying box keeps getting smaller and smaller and the banks goals remain high. I've been able to produce but I'm getting burned out. I've had an interest in insurance for a long time and I am thinking this might be a great time to make a move.

    Over the past couple of weeks I've been interviewing at a Captive Insurance Agency for P&C and Life. I have no training in insurance sales but in mortgage I've always been able to originate my own leads to hit high goals and I've always worked on 100% commission.

    I'd like to be an independent insurance agent for a lot of the same reasons why I would rather be an independent loan consultant. Ability to broker, less corporate structure, higher commission etc.

    I could probably benefit from setting up a short term contract with an agency like OHInsAGNT had mentioned. However, when I do break out on my own how would the transition work?

    1. Can the business that I wrote with the agency be assigned over to my agency? assuming that the agency knew that this was my plan from the start.

    2. If I cannot get my clients assigned over how would the wholesaler know that I had a database? If this is the case how would they determine if they would appoint me to write business through them?


    If initially I ran my own 1 person P&C and Life agency out of my home office, what kind of expenses would I have to pay for? It doesn't seem like it would be very expensive.


    Sorry if these are stupid Qs but I'm a newbie and any info would be greatly appreciated.

    Thanks.
     
    BrentC, Aug 17, 2008
    #5
  6. termchoice
    Offline

    termchoice New Member

    Posts:
    8
    Likes Received:
    0
    spam
     
  7. Guest
    Offline

    Guest Guest

    Read the forum rules. No spamming.:policeman:
     
    Guest, Aug 18, 2008
    #7
  8. OHInsAGNT
    Offline

    OHInsAGNT Super Genius

    Posts:
    117
    Likes Received:
    2

    Yes, and nothing spells official and opportunity to me like a company recruiting me with an @aol.com e-mail address. At least get a domain name. It costs $30 a year for several e-mail accounts!
     
  9. aogaviation
    Offline

    aogaviation New Member

    Posts:
    2
    Likes Received:
    0
    im in the same situation as the first poster......in illinois as well. hope some people can answer the questions from the first post. i could use the help to.
     
Loading...