Smart Choice is a dumb choice

[Nezha]

Is there a better choice for an aggregator in Florida anyone would recommend?

I want the answer too.

 

[Allen Trent]

Their agencies are a joke also. They buy up bucket shops. Retention and loss ratio are pathetic. Don’t follow up on getting client files from selling agency. Extremely non compliant. Pay is awful. Staff is overwhelmed and overworked and underpaid. They screw selling agent.
They also use same FEIN but different names. Appointments with carriers are a disaster. Don’t know what they are doing.
Should find out who they screwed and file class action suit

But other those couple of minor items, everything else is good in your opinion?

 

[Jeremy rutz]

Hello I am not sure how it works maybe in other states but California at least with Smart Choice I have direct appointments with the companies. I have full control and they say that you retain ownership of clients if you leave. I am sorry they had this bad experience. I have been very happy with Smart Choice.

 

[Markthebroker]

But other those couple of minor items, everything else is good in your opinion?

You made me physically chuckle. You win the internet today.

 

[Matthew Labb]

Is there a better choice for an aggregator in Florida anyone would recommend?

Hey There... yes there are better options! Full disclosure, I am the business development manager for a network. We have a nice presence in FL, and none of the do not compete nonsense you'll see elsewhere. But the following advice will apply to any network...even if you don't contact us, use the following when you contact other networks.

I always tell our perspective agencies that binding authority may be the most important thing when it comes to finding a network. I hate to see people choose a network that isn't going to give them binding authority. Only one person's opinion, but its a horrible way to try and build a book. Period. A one off here and there? Sure. Anything else, too bulky.

Potential E&O claims, terrible client experience, wait times are but a few of the many reasons why building a business around brokered business is for the birds.

In any case...here's a list of questions you should ask any network you are considering joining.

These are all important questions, but I've bolded some that you should pay very close attention to.

Hope this helps some peeps!

1. Do you have a good carrier mix across the lines of business I want to use in my agency?
2. Are those carriers competitive in my region specifically?
3. Do you have any production requirements?
4. Do you provide an agency management system?
5. Do you provide a comparative rater(s)?
6. Do you have a non-compete or non-solicitation if I decide your network isn't for me? If so... why?
7. Do I need an office or may I work from home?
8. What if I am new to Insurance, is that ok in your network?
9. Do you have any exit fees?
10. Can I sell my agency at some point?
11. If I sell my agency, do you take a cut?
12. Will I quote, bind, and service my policyholders directly with the carrier on their sites, or submit through you.
13. How long is my contract for, and do I get ownership right away, or over time?
14. What are the startup fees and are you willing to work with me if I need to make payments?
15. What is the commission rate/split?
16. What is the criteria for participation in the contingency bonuses (if applicable)?
17. When there are overrides and incentive bonuses do we get any of those while in your network?
18. Do you have a cap on the commission split or do you take your split forever?
19. Do you offer training during the startup phase of my agency and mentorship throughout the relationship?
20. Are you open to me contacting some of your member agencies before I sign the contract?
21. Are you open to me contacting some of your carrier reps before I sign the contract?
22. May I have an attorney, or third-party consultant review my contract with me?
23. How much industry experience does your network leadership have?
24. Has anyone in your leadership had experience in running an independent agency?
25. Does anyone in your leadership have any carrier experience/background?
26. May I contract with other carriers outside of your network?
27. How long have you been in business and how many agencies do you have in your network?
28. Define ownership.
29. How does your agency network make money?

 

[Camilo Gonzalez]

Hey There... yes there are better options! Full disclosure, I am the business development manager for a network. We have a nice presence in FL, and none of the do not compete nonsense you'll see elsewhere. But the following advice will apply to any network...even if you don't contact us, use the following when you contact other networks.

I always tell our perspective agencies that binding authority may be the most important thing when it comes to finding a network. I hate to see people choose a network that isn't going to give them binding authority. Only one person's opinion, but its a horrible way to try and build a book. Period. A one off here and there? Sure. Anything else, too bulky.

Potential E&O claims, terrible client experience, wait times are but a few of the many reasons why building a business around brokered business is for the birds.

In any case...here's a list of questions you should ask any network you are considering joining.

These are all important questions, but I've bolded some that you should pay very close attention to.

Hope this helps some peeps!

1. Do you have a good carrier mix across the lines of business I want to use in my agency?
2. Are those carriers competitive in my region specifically?
3. Do you have any production requirements?
4. Do you provide an agency management system?
5. Do you provide a comparative rater(s)?
6. Do you have a non-compete or non-solicitation if I decide your network isn't for me? If so... why?
7. Do I need an office or may I work from home?
8. What if I am new to Insurance, is that ok in your network?
9. Do you have any exit fees?
10. Can I sell my agency at some point?
11. If I sell my agency, do you take a cut?
12. Will I quote, bind, and service my policyholders directly with the carrier on their sites, or submit through you.
13. How long is my contract for, and do I get ownership right away, or over time?
14. What are the startup fees and are you willing to work with me if I need to make payments?
15. What is the commission rate/split?
16. What is the criteria for participation in the contingency bonuses (if applicable)?
17. When there are overrides and incentive bonuses do we get any of those while in your network?
18. Do you have a cap on the commission split or do you take your split forever?
19. Do you offer training during the startup phase of my agency and mentorship throughout the relationship?
20. Are you open to me contacting some of your member agencies before I sign the contract?
21. Are you open to me contacting some of your carrier reps before I sign the contract?
22. May I have an attorney, or third-party consultant review my contract with me?
23. How much industry experience does your network leadership have?
24. Has anyone in your leadership had experience in running an independent agency?
25. Does anyone in your leadership have any carrier experience/background?
26. May I contract with other carriers outside of your network?
27. How long have you been in business and how many agencies do you have in your network?
28. Define ownership.
29. How does your agency network make money?

Who do you represent? I’m in the process of starting my agency and was looking at smart choice but I hate the inability to bind.

 

[Bill Billock]

I contracted with PGI about a year and a half ago. Overall it’s been a very pleasant experience for me….I sincerely no real regrets to speak of. They do or try their very best to do what they say they are gonna do. No regrets.

 

[Matthew Labb]

Who do you represent? I’m in the process of starting my agency and was looking at smart choice but I hate the inability to bind.

For me binding authority is the single most important thing when choosing a network. I say this from both personal experience on the retail agency side, and also having conversations with hundreds of agency owners around the country.

Smart Choice seems to work well for some, but I talk with alot of agency owners who are not satisfied, they usually cite lack of binding authority as the #1 pain point.

I work for Horizon Agency Systems based out of Colorado.

Check out our FAQ - this should give you a rough idea of what we're all about.

FAQ – Horizon Agency Systems

Also on the bottom of the FAQ is a list of 29 questions to ask any network before you sign.

Best of luck!