paulbennings wrote:Hi all,
I am hoping to get your opinion on the difficulty in getting carriers to work with a new GA. Is it difficult to get appointments? More so than a retail agent would have? I currently work in retail and getting appointments has been relatively easy. I am also curious about capital requirements and anything else a carrier may be looking for. We have a pretty solid business plan in the works.
Thanks in advance.
This is actually quite a difficult task, as GAs are a dime a dozen these days...so carriers are less apt to take new ones on.
Aside from the usual licensing and bonding, they are looking for a decent sized capital reserve (usually topping around 1MM). I had a premium finance company, which I feel was the only reason I got appointments.
What I would do if I was you, is spend some time researching in your area, find out what the need is, then go after that market. E.g. if there is crapp WC markets, go after that. This is easiest accomplished by just going out and interviewing agents.
That all being said, once you have an appointment or two under your belt, the rest come much easier. Also, do you have enough money to go to London for a few months? I might be able to dig up some contacts for you there. LMK.