Questions About Working with Wholesalers

[thecarguy]

I have a few questions about working with wholesalers such as insurance noodle. Since I am new in the business I need one that will work best for me. I have contacted insurance noodle and they seem to specialize mostly in commercial. I want to write some commercial as well but need good carriers for personal auto and home. I also read here on the forums that one requires 3 years experience which I do not have. I do not like insurance noodles quote time. I work in a franchise dealership now and long wait time for quotes will cost you business. Does anyone have experience with insurance noodle writing personal? Do you think I can be competitive with the carriers they offer and if not which wholesaler should I consider since I am new? Thanks for any help!
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Well I just received a reply from both superior access and smart choice. Unfortunately, smart choice does not do business in north carolina so they are out. Superior access says they have no previous experience requirement, just your license and e&o. I guess I could sign with both insurance noodle and superior so I would have carriers for both personal and commercial.

 

[apgroup]

check with agentco.com. I am a newbie and am trying to get established as well... the owner from agentco was very helpful and friendly on the phone.

 

[insurancejunkie1]

Smart Choice, according to their website, is based out of North Carolina, so not sure where you heard they didn't service North Carolina. You may want to check again. They have many of the major carriers, no minimum requirements, and no monthly fee.

 

[redsquash]

Have you considered AgentSecure?

What I like about agentsecure compared to SmartChoice is that you own the book of business you write. Smartchoice website says, there are amicable procedure (????????), which is a polite way to say, you dont own the book.

I'm also in North Carolina, and considering a MGA. Plz let me know your experience with Smartchoice or any other.

Agentsecure requires 3 years of commerical experience to write commerical policies, which I dont have.

 

[buldog63]

I have been looking into this as well. I think there were different options according to how you signed up with smartchoice but basically I got that there is a 70/30 split on commissions up to the first 50,000. Seemed like a lot but don't know. I am meeting a rep from SIAA next week so I will let you know.
I would be interested in hearing of any others that someone could reccommend.

 

[thecarguy]

Yes, smartchoice is based in NC. It was typo and I have received another email from them. I like smartchoice because you have binding authority and your name appears on the policy. I did not know that you do not own your own book of business. I really do like agent secure as well but also do not have the required 3 years experience. I feel like I am left with smartchoice, ins noodle and superior access. Superior access has been aggressive about meeting with me. I just really do not know what to do. I question myself if I can make it in this business or stick it out in the auto business long enough for it to pick up. I have talked to several agency owners and I know it takes a while to build your business. I feel the only way to be successful is to go with an mga that has known, competitive companies so I can write business.

 

[redsquash]

Carguy, Did SmartChoice people tell you that you will have the binding authority? I checked on their web-site, it doesn't say anywhere. I think binding authority is very important factor, especially if you want to do commercial.

I'm also looking into the available options. I liked SecureAgent way of business, but I dont meet their 3 years requirement for commerical. They are willing to sign the contract for Personal lines without experience. But I want to have personal and commercial at the same place.

SecureAgent, Superior Access and Noodle - noone gives binding authority - if SmartChoice does that - I will go with them.

Anyone here, who used (or is using) Smart Choice? How was your experience?

 

[IndyGreg]

I am currently using smartchoice. I do have binding authority.

I have been happy other than the check goes to them every month and they take 30% they are almost invisible

Closest thing to a direct contract I have found. Also no problem to contract direct as you grow.

Carguy, Did SmartChoice people tell you that you will have the binding authority? I checked on their web-site, it doesn't say anywhere. I think binding authority is very important factor, especially if you want to do commercial.

I'm also looking into the available options. I liked SecureAgent way of business, but I dont meet their 3 years requirement for commerical. They are willing to sign the contract for Personal lines without experience. But I want to have personal and commercial at the same place.

SecureAgent, Superior Access and Noodle - noone gives binding authority - if SmartChoice does that - I will go with them.

Anyone here, who used (or is using) Smart Choice? How was your experience?

 

[insurancejunkie1]

With Smart Choice you do have full binding and rating authority, and you own your book of business.

Plus once you reach $50,000 in gross commissions you get 100% of the commissions above that amount.

 

[txagt39]

I have a few questions about working with wholesalers such as insurance noodle. Since I am new in the business I need one that will work best for me. I have contacted insurance noodle and they seem to specialize mostly in commercial. I want to write some commercial as well but need good carriers for personal auto and home. I also read here on the forums that one requires 3 years experience which I do not have. I do not like insurance noodles quote time. I work in a franchise dealership now and long wait time for quotes will cost you business. Does anyone have experience with insurance noodle writing personal? Do you think I can be competitive with the carriers they offer and if not which wholesaler should I consider since I am new? Thanks for any help!
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Well I just received a reply from both superior access and smart choice. Unfortunately, smart choice does not do business in north carolina so they are out. Superior access says they have no previous experience requirement, just your license and e&o. I guess I could sign with both insurance noodle and superior so I would have carriers for both personal and commercial.

If you need a standard market and have no other option Superior Access may be fine. You have to do enough business to make it worth the $100 monthly fee. If you have access to standard carriers you won't have much need for SA, they offer a bunch of carriers with a very limited appetite. We have tried them numerous times only to find they do not have a market for most of what we have tried to place with them. It has been a total waste of money and time. Now if you are captive and trying to hide some outside business this may work well for you since your appointments don't show up on your TDI license lookup. Try it for yourself, they require a long term committment.