SIAA, Smart Choice or Iroquois Group

davekng8

New Member
13
My father has an established business in Health & Life and my brother and I are going to work with him. He wants to get into the P&C industry and right now we are trying to research the pros and cons with going with the larger carriers including SIAA, Smart Choice and Iroquouis Group in order to compete.

My question is signing a contract with one of these large groups worth it?

Does anyone have any good/negative experiences with any of these groups?

Is there another way to build a P&C book of business?

Can a 3 agent agency like ours reach the bonuses down the road without the help of these large groups? I dont want to have SIAA taking bonuses that we could have reached with the 3 of us selling.
 
You likely won't be able to get appointments with the major carriers directly until you have several years in business and/or have a large book. The only way to get access to most carriers when you're starting out is either by joining an agency with established appointments, buying an existing book with appointments, or using one of the companies you mentioned.

I chose to join an existing agency so I don't have first hand knowledge of these companies. I did notice on the Iroquois website that you are not allowed to seek a direct appointment with any of the Iroquois carriers for two years after terminating your agreement with them. I'm not sure if that is standard with the other two companies but that would hinder your ability to free yourself from the Iroquios group down the road if/when you were big enough to get a direct appointment.

Hopefully others have had experience directly and can comment on which provides a better opportunity.
 
The Big I Association in several states has a program that lets you write P&C through their markets, then once you hit a certain volume you are given a direct company appointment. It is a way to help new agents get on their feet. I copied this from the Big I website:

<LI style="mso-list: l2 level1 lfo7; tab-stops: list .5in" class=MsoNormal>Big "I" Eagle Agency: IIABA's advocacy agency provides easy access to top rated companies for personal lines business with low volume commitments to help smaller agencies and those with less experience to grow their book. Agents are rewarded with company appointments and leave the Eagle ‘nest' upon reaching $300,000 in personal lines business with a carrier. Eagle Agency operates in 14 states.
 
The Big I Association in several states has a program that lets you write P&C through their markets, then once you hit a certain volume you are given a direct company appointment. It is a way to help new agents get on their feet. I copied this from the Big I website:

<LI style="mso-list: l2 level1 lfo7; tab-stops: list .5in" class=MsoNormal>Big "I" Eagle Agency: IIABA's advocacy agency provides easy access to top rated companies for personal lines business with low volume commitments to help smaller agencies and those with less experience to grow their book. Agents are rewarded with company appointments and leave the Eagle ‘nest' upon reaching $300,000 in personal lines business with a carrier. Eagle Agency operates in 14 states.


Do you have any experience with Eagle Agency? I like the idea of getting direct appointments. I will definitely research them.
 
The Eagle Agency takes a 66% cut of the commission. You need to be a member of your local IIABA, I pay $330 here in AZ for the annual membership. Prices vary depending on size and location. You get access to the Big I markets by being an IIABA member.
 
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The Eagle Agency takes a 66% cut of the commission. You need to be a member of your local IIABA, I pay $330 here in AZ for the annual membership. Prices vary depending on size and location. You get access to the Big I markets by being an IIABA member.


66%? That is crazy!
 
I'm a start up agency also working out of my home, I joined SIAA a year ago, I could not be happier. They delivered on all promises regarding appointments. The bonuses are there for the taking, check them out because when they say we are in this together they mean it.
 
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