SIAA Vs SmartChoice Vs Insurance Noodle

[gavros777]

What's a good master agency to sign up with for P&C and
why is better to sign up with a master agency than going to each
insurance carrier like progressive etc and sign up with them?
I'm new in this field, i'm going to be independent and i would appreciate your advice.

 

[xrac]

My understanding is that it is hard to obtain individual appointments with P&C companies unless one has an established book of business and experience. The advantage of the GAs you named is that is not the case.

 

[gavros777]

My understanding is that it is hard to obtain individual appointments with P&C companies unless one has an established book of business and experience. The advantage of the GA's you named is that is not the case.

thanks for the reply what master agency you recommend?

 

[xrac]

thanks for the reply what master agency you recommend?

I am not in P&C so I do not have any experience with any of them.

 

[CLee]

I posted a reply yesterday but it's never shown up, so if they both show up sorry for repeating myself...
I use Smart Choice, and have used Agent Secure, I'm not familiar with the other 2, but here's my opinion on the 2 I have used. I like Smart Choice because I own my book of business, and the dec pages list me as the agent of record. I signed up with Smart Choice when I opened my agency 2 years ago because I was a start up agency and I couldn't get appointed with some of the big companies (Travelers and Met Life in particular) because they require a book of business and have production requirements for agencies they appoint directly. With Smart Choice I don't have to worry about the production requirements. What I don't like (but it's not that big a deal I guess) is that the carriers I have with Smart Choice send my commissions to Smart Choice, and I get paid for them all on 1 statement, Smart Choice keeps a percentage. Once I get to $50k with them I get 100% of the commission. I also like the fact that I can get direct appointments outside of Smart Choice. I also get good support from their marketing rep, he comes by fairly frequently and tells me when they add new companies and lets me know what the carrier appetite is, etc.

I tried Agent Secure for some commercial business, with them you have to pay $50 per month for access to the carriers ($25 for commercial and $25 for P&C) it was pretty easy to use but I am not listed as agent of record on the policies, in fact my name is no where on them, I have no binding authority, and I do not own that business. I think Agent Secure is ok if you have absolutely no way else to write the business, but I dropped them when I got directly appointed with a couple of other commercial brokerages.

I also joined the Big I and use them for some commercial, especially bonds.

Hope this helps, maybe this post will show up!
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gavros777, you are most welcome, I tried to reply to your pm but since I've not posted 20 times I can't reply to it.

Smart Choice didn't have a startup fee when I joined, they have a 70/30 commission split 70% to you 30% to them until you reach 50k then you keep 100%. At least that's what it is in NC I don't know if FL is different or not.

I got my E&O from the Big I, Smart Choice also has a group E&O policy they were both about the same $$ but the Smart Choice one has stipulations on how much business you can place with carriers outside of your Smart Choice contracts so I went with the Big I policy.

Hope this helps!

 

[gavros777]

I posted a reply yesterday but it's never shown up, so if they both show up sorry for repeating myself...
I use Smart Choice, and have used Agent Secure, I'm not familiar with the other 2, but here's my opinion on the 2 I have used. I like Smart Choice because I own my book of business, and the dec pages list me as the agent of record. I signed up with Smart Choice when I opened my agency 2 years ago because I was a start up agency and I couldn't get appointed with some of the big companies (Travelers and Met Life in particular) because they require a book of business and have production requirements for agencies they appoint directly. With Smart Choice I don't have to worry about the production requirements. What I don't like (but it's not that big a deal I guess) is that the carriers I have with Smart Choice send my commissions to Smart Choice, and I get paid for them all on 1 statement, Smart Choice keeps a percentage. Once I get to $50k with them I get 100% of the commission. I also like the fact that I can get direct appointments outside of Smart Choice. I also get good support from their marketing rep, he comes by fairly frequently and tells me when they add new companies and lets me know what the carrier appetite is, etc.

I tried Agent Secure for some commercial business, with them you have to pay $50 per month for access to the carriers ($25 for commercial and $25 for P&C) it was pretty easy to use but I am not listed as agent of record on the policies, in fact my name is no where on them, I have no binding authority, and I do not own that business. I think Agent Secure is ok if you have absolutely no way else to write the business, but I dropped them when I got directly appointed with a couple of other commercial brokerages.

I also joined the Big I and use them for some commercial, especially bonds.

Hope this helps, maybe this post will show up!
- - - - - - - - - - - - - - - - - -
gavros777, you are most welcome, I tried to reply to your pm but since I've not posted 20 times I can't reply to it.

Smart Choice didn't have a startup fee when I joined, they have a 70/30 commission split 70% to you 30% to them until you reach 50k then you keep 100%. At least that's what it is in NC I don't know if FL is different or not.

I got my E&O from the Big I, Smart Choice also has a group E&O policy they were both about the same $$ but the Smart Choice one has stipulations on how much business you can place with carriers outside of your Smart Choice contracts so I went with the Big I policy.

Hope this helps!

Thanks a lot can you give me a link to Big I website, it looks a good choice to start with.

 

[CLee]

gavros777 - I still can't reply to your private messages - The Big "I" is the Independent Insurance Agents and Brokers of America (IIABA) it is an organization for independent insurance agents. One of the benefits of being a member is that you get access to commercial carriers, you don't get a seperate appointment with each one but you are listed as agent of record and get 100% of whatever the commission is. Each state has it's own branch and when you join your state organization you also get membership to the IIABA. The web site is iiaba dot net (won't let me post a link) you can go there and find the link to your state's branch. Smart choice actually gets you direct appointments with the carriers but all the commissions get paid to Smart Choice, they keep their cut and send you 1 check per month for all the carriers you have with them.

 

[CLee]

You'll have to call and get quotes for the E&O and ask them what carriers they have because it will be different in your state than it is in mine. Sorry. Maybe you can find someone in FL that knows what carriers Smart Choice has there?

 

[kman]

Those 3 are all good. If you don't have a book you may need insurance noodle until your book gets to at least $100,000 per carrier and then try getting appointments on your own with those carriers. Reason is that Insurance Noodle, I believe, owns those policies and don't offer you a profit and growth bonus. SIAA and Smart choice will but they cost money to join but don't have high commitments with any carrier, which is great in a hard market environment

 

[Jalex]

Bump on this post. It's been a year. Any new thoughts?