Typical GA

Jan 14, 2012

  1. AverageJoe
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    AverageJoe Super Genius

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    I was wondering, could anyone tell me the typical agreement an independent agent has with a general agent?

    (P&C only)

    whos book of business?
    who is agent of record?
    commission splits?
    renewal splits?
    length of term? (whats the average term?)

    Things like that, and anything else you would like to add. I think this is a very important thread for the people looking into a general agent to reach those markets that, otherwise, would be unreachable.
     
    Last edited: Jan 14, 2012
  2. AverageJoe
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    AverageJoe Super Genius

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    I was wondering, could anyone tell me the typical agreement an independent agent has with a general agent?

    (P&C only)

    whos book of business?
    who is agent of record?
    commission splits?
    renewal splits?
    length of term? (whats the average term?)

    Things like that, and anything else you would like to add. I think this is a very important thread for the people looking into a general agent to reach those markets that, otherwise, would be unreachable.
     
  3. arnguy
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    arnguy Guru

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    It depends on the terms of the contract that is negotiated.
     
    arnguy, Jan 14, 2012
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  4. AverageJoe
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    AverageJoe Super Genius

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    I understand that is why I am asking typical agreement, not specific.

    or for instance, what have you came across in your agreement?
     
  5. xrac
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    xrac Guru

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    I think every GA will have their own deal. Are you looking at creating your own?
     
    xrac, Jan 14, 2012
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  6. AverageJoe
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    AverageJoe Super Genius

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    No, I am looking for a general agent to go through.

    I received an agreement yesterday. I kind of like the terms, but that is more because I don't have enough experience to know if I should like the terms or not. I was wondering, generally speaking, what is the average that someone should expect for those questions in the Original post.

    Like what is your experience or knowledge or what is the usual agreement. for:

    usually.. whos book of business?
    usually.. who is agent of record on the policies?
    usually.. what are the commission splits on new policy?
    usually.. what are the commission splits on renewals?
     
  7. xrac
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    xrac Guru

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    Why the double post?
     
    xrac, Jan 14, 2012
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  8. Guest
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    Guest Guest

    you need to work under another agent for a while to learn all of this crap...you are doing too much at once....

    you will fail, as I have stated before, your mommy and daddy cant help you
     
    Guest, Jan 14, 2012
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  9. xrac
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    The best thing to do is tell us what the agreement being offered is and we will tell you whether we think it is fair.
     
    xrac, Jan 14, 2012
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  10. CaptiveGuy
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    From what I've seen from 3 national online GAs:

    The GA owns the business.
    The GA is the AOR and their name appears on the policy.
    Commission 10-15% on new.
    9-10% on renewals

    Depending on who you use, you can move your policies to a direct appointment with ease. I think Insurance Noodle has a non-compete or something now though you can't move the policies. I used Superior Access for 3 months and hated them.
     
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