Ready To Go Indy - Exploring Options in Delaware

Feb 4, 2016

  1. ModernInsurance
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    ModernInsurance Super Genius

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    I've concluded that I really can't work for someone else - especially when I know that I'm doing the heavy lifting without reaping the reward.

    Interested in exploring options to go indy. Had been writing personal lines with Allstate, before going to a commercial brokerage. I have a P&C and Life/Health license in DE. Can also get my MD P&C license reinstated.

    Planning to run as lean an operation as possible. Also would like plenty of access to carriers, with binding authority. Fees are important as well.

    I've got a meeting with an MGA for SIAA on Saturday. Figure it's a good starting point.
     
  2. nyc2phi
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    nyc2phi Guru

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    How far are you from PA or MD.

    DE kind of sucks for insurance in the P&C role. I would try to operate as your home state in one of those two other states if you can because you'll have more luck getting carriers. I'm in the Philadelphia area.
     
    nyc2phi, Feb 4, 2016
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  3. ModernInsurance
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    nyc2phi - I live in Wilmington, so pretty close to PA. Unfortunately, my resident state is listed as DE from having sold personal lines for the past year.

    I've been working on getting my Ohio non-resident P&C license (I grew up there and have a lot of contacts still), and that has turned out to be an absolute nightmare because of the resident status in DE.
     
  4. nyc2phi
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    Just open an office in PA or MD. It would be easy to change your residents state then.

    DE is basically a giant coast and it makes getting an appointment with a carrier much harder. Kennett Square or West Chester are more attractive options compared to Wilmington in a carriers eye.
     
    nyc2phi, Feb 4, 2016
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  5. Beachguy
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    I own an agency in PA. With a second Delaware office. We pay %50 New and renewal and profit sharing (when we get it)

    Message me I think it will make sense. I started from scratch. It's not easy
     
  6. ModernInsurance
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    For those who have been following this thread:

    Thanks for the advice/input and reaching out via PM with opportunities.

    My time line to launch is 1-3 months, so I have not made a decision yet and will gladly entertain further opportunities and advice.

    Met with an MGA for SIAA and have spoken with Premier Group. While not done deliberating, my advice to anyone who's considering going indy - the devil is in the details. Review contracts carefully, consider access to the number of carriers and their competitiveness in your markets, and understand ALL startup costs, monthly fees, splits and exit strategies.

    ----------

    Can anyone help me get in touch with Iroquois? Emailed yesterday and the corporate number is useless...
     
  7. nyc2phi
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    I spoke with Iroquios a while back and didn't really like what they had to say. Territory rep in my area was kind of rude.

    Have you thought about going direct with anyone? Nationwide has a broker type option now. Progressive and Foremost will give you a contract. Mass Mutual will give you Liberty Mutual if you sell a small amount of Mass products.
     
    nyc2phi, Feb 10, 2016
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  8. PhilL
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    I am familiar with the Iroquois program in PA, MD & DE. The Regional Manager to contact is Allen Kramer at [email protected]
    He is very helpful. Not sure to whom you spoke but Allen has always been helpful.

    "Going Indy", You might want to contact Allen.
     
    PhilL, Feb 11, 2016
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  9. ModernInsurance
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    PhiL - I was finally able to track someone down and that someone was indeed Allen Kramer. I'll be speaking with him on Monday.

    nyc2phi - I do in fact need to get the ball rolling with direct appointment inquiries. My timeline is about 2-3 months out, but nothing wrong with being proactive as I'm sure the process may take a while.

    First things first, I need to finish registering my business & getting all of my ducks in a row.
     
  10. PhilL
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    Modern Insurance, You can contact me thru my website if you want some advice about getting started. I'll be glad to give you some thoughts that might be helpful to you.
     
    PhilL, Feb 12, 2016
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