brightway insurance brokerage in florida

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mcg
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brightway insurance brokerage in florida

Post by mcg »

does anyone know anything about brightway insurance brokerage in florida, good bad? i am looking at possibly becoming an agent thanks
roput69
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Re: brightway insurance brokerage in florida

Post by roput69 »

If you are seeking to become an agent send me an email tgoodrum@globalrec.com
mark4insurance
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Re: brightway insurance brokerage in florida

Post by mark4insurance »

I looked into it and decided to go another route. They tell you that they take care of all the servicing and take 45% of your gross. However, you still have to pay for rent, utilities, insurance, etc. I think you are better off with alternative avenues. Having someone seveice for you is a potential benefit ( more time spent selling), but at what cost?
MIG1
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Re: brightway insurance brokerage in florida

Post by MIG1 »

If you believe that strong, successful businesses are built on solid foundations, then Brightway is certainly worth checking into. In the recent months and years various cheap alternatives have sprung up promising independent agents access to markets. And certainly access to markets is an important piece of the puzzle. However, Brightway is the only Brand Name Insurance Retailer that not only provides access to markets (currently over 110 top rated National and Regional Carriers), but actually does ALL of the ongoing servicing of an agent's book of business. They provide their agents with the best tools and agency managment system in the business. Unlike other agency models that tend to reach a certain size and then stagnate, Brightway as a company, and its agents continue to grow. Without the burdon of managing their own back room operation, Brightay Agency Owners are able to build scalable sales organizations that focus on building relationships with customers and cementing their place in their local communities. At the end of the day, Brightway Agents focus on customer relationships, increasing multliline percentages, and reaping the benefits of renewal retention rates that would make other direct writers envious.

According to INC Magazine, in 2008 Brightway Insurance ranked as the fastest growing privately held P&C agency in the country. Even more impressive though is the track record and success rate of its agents. Individual Brightway Agents have succeeded, and continued to grow their own sales operations. This dedication to their agency owners is one of the pieces that sets Brightway apart.
mhutch69
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Re: brightway insurance brokerage in florida

Post by mhutch69 »

MIG1 obviously works for Brightway.

Any "servicing" does not cost 45%. You might as well be a captive with those revenue reductions.

All these "aggregators" sound like BROOKE which actually means BROKE.

Ask any of these prior Brooke producers who allowed their GROSS revenues to be paid to a third party in return for empty promises and the results were theft.

Simple, if Brightway does not own an internal underwriting vehicle, eventually, it will not succeed nor provide anything justifying 45% of gross.

I have my commissions paid to ME. I will decide how to spend them. thank you very much.
MIG1
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Re: brightway insurance brokerage in florida

Post by MIG1 »

Wow Mhutch69, sounds like someone may be feeling a little heat from the competition. Clearly, many traditional agents see Brightway as a threat to their way of doing business. However, for cusomers, carriers, and Brightway agents and associates, the verdict is in. Brightway does provide more value than other options. In addition, it is incorrect to assume that Brightway agents pay 45% of the same commissions that a traditional agent pays. In some cases, due to enhanced commissions, Brightway agency owners actually receive more net commissions than a traditional agent right down the road. It is certainly possible to value independence over profitabilty or quality. It is simply incorrect through to assume that a one horse poney is going to be able to provide more value to consumers than a Brightway agent, empowered by rich support lines. If you feel that the price to the best quality is too high, this is acceptable. There are certainly other options that are cheaper - just not better.
mhutch69
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Re: brightway insurance brokerage in florida

Post by mhutch69 »

MIG1, why not buy an AD? It is obvious you are continuing to justify the high cost of Brightway's service.

For the record, I have NEVER even HEARD of Brightway? Have they made it out of Florida yet?

NOR am I feeling any competition from whatever it is. I have most every market available as any Brightway operation and probably many more that will NOT deal with any kind of franchise.

Your services are typically for producers who need their hand held in order to get an office producing. What else does Brightway do other than suck off producer's work? I assume they provide some GREAT accounting services, right?

That way, they can net out the commissions to the producer and attempt to justify their existence.

There are a couple aggregators, clusters, or whatever you want to call this operation. If there is ANY wording of franchise in the agreements, most companies have a termination clause unless otherwise agreed.

So, you "may" pay a higher commission due to combined volume and the net to the agency "might" be the same but I am confident it is NOT more. Brightway sounds like it is trying the be a mini captive.

Without owning their own carrier, it will most likely fail.

Whatever? good luck.
bosox04
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Re: brightway insurance brokerage in florida

Post by bosox04 »

I could not agree more with the agent who feels that retaining his commission is critical to his firm's financial future. I have been a Brightway agent for more than a year now and I fully support holding on to as much of my commission as possible. On the other hand, I have been able to sign up over 1200 clients and three commissioned producers in this year's time. How? Access to a huge number of markets through Brightway and the ability to concentrate on new business and client development has been the key. You see, I don't need to spend alot of my time been dealing with carrier relations/ issues, renewals, policy servicing, automation or staffing issues. My producers love what they can do and how they can do it. It takes them little time in the market place to develop the reputation for the place to go for just about any personal or small commercial opprtunity that they are presented with. They are always "in the game."

There's certainly a cost that accompanies our advantages in the maretplace. With that said, I have been in the industry for over 30 years and I can confidently state that that way we are treated by the Brightway organization and the opportunities that we are provided, far outweigh our investment. It's hard not to see this approach, especially in Florida, as the wave of the industry's future.
pita3333
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Re: brightway insurance brokerage in florida

Post by pita3333 »

Bosox04...you just joined in time to comment on this topic...but do not disclose who you really are and post a highly complementary statement about the subject...there are some who will wonder if you are an employee of Brightway.

I have to take issue with you on at least one set of comments:

"see, I don't need to spend alot of my time been dealing with carrier relations/ issues,
renewals, policy servicing, automation or staffing issues."

So if I take this statement at face value...you abdacate all authority for YOUR account to a third party? I mean come on...do you really let them handle the renewal? Policy Servicing? Do you not have an automation system to track your accounts, write letters/memos to your account, invoice and track commissions? I could go on but I think I have made my point.

Even with an aggregator you still have these duties that you WANT to keep in your own hands. By giving up too much commission to them you are tying your wallet and ability to adequately fund these activities. True that as an producer for another agency you would give back a similar amount of comm...but for that give back you are really funding those activities (and more) that I have listed above.

Lets get back to reality ... this is a GREAT deal for Brightway....not for the true independent agent who needs market access.
Michael Trouillon
Greater Los Angeles area

Consultant/Trainer agency automation system

Industry since 82

Past: Compliance Mgr master pol pgm, Ops Mgr, Marketing Mgr, Account Mgr
MIG1
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Re: brightway insurance brokerage in florida

Post by MIG1 »

Pita3333, you make exactly the right point. In a normal agency it is the agency owner's responsibility to make sure that customers renewals, change requests, billing questions, renewal underwriting memos, mortgagee changes, etc. are processed correctly. Like a direct writer, Brightway owns the business and Brightway agency owners are contractually tied to ongoing revenues (just like a direct writer). Therefore, Brightway is in no way a third party. All mail, and commission statements are sent to Brightway's central office where all ongoing service functions are completed. Once a Brightway agent writes a piece of business, Brightway's centrilized service center takes over providing comprehensive service support for all 110 + carriers. All 45+ offices are paperless and operate using Applied's TAM environment. Each office's phone system is linked into the main service center so customers who call in can be warm conferenced in to a live specialist. Of course there is certainly more under the hood than meets the eye. But if you step back and think about the process, this model does add efficiency in a way that fundamentally changes the way an agency can grow. take a look at brightway.com.
NYagent301
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Re: brightway insurance brokerage in florida

Post by NYagent301 »

Brightway owns the business - that's the problem!
OmniSure
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Re: brightway insurance brokerage in florida

Post by OmniSure »

Hey Bat Man... Riddle Me This: What is the difference between the NATIONWIDE Insurance Agency "SATALITE" where the SOLE NATIONWIDE AGENT controls the business, but hires STAFF/CSR's/"PRODUCERS" to write and service business for him/her, you know, with the promise of "being your own Nationwide Agent in the future, after you prove yourself and build a big book of business for ME the NW agent... I think it was previously called THE MILLER INSURANCE GROUP "MIG" or is it "MIG1"...and, well you know... Brightway?
beyert1
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Re: brightway insurance brokerage in florida

Post by beyert1 »

I was one of those Nationwide sat offices. I worked hard and long hours, paid my bills, built up a nice book all to have it taken away from me. Why? Because the main agent was losing clients. So, instead of them paying me my set portion of my commission they just took the whole book and cut me out of it all. I have been reading this post with interest and all I have been thinking about each time I read it is, BROKE, I mean BROOKE, and my past situation.

I will tell you, going with a company like this when you are new can be a good thing. Most companies will not appoint you unless you have the experience. This is a way for you to get the experience and learn the business but, in the end you get screwed. You get a nice little book going, enough money to pay the bills and then BAM!!! they come in and take it all away from you.

If you have the experience and the contacts go Independent don't let anyone but the client be your boss. With luck and having a good reputation I am slowly building my book back up from many of my prior clients. They are calling me, I am not allowed to contact them due to contract restraints, and are wanting to switch. Not only due to higher premiums but also because the service is just not the same which they had in my agency.

I have had to make numerous cuts too, the number of phone lines, staff, a smaller office and eating at times. I know in the end though it will all come to a point where I am back to where I was before. It is a struggle but it is worth it.

I have read some of the responses from the folks at Brightway. I am sure they monitor this to see when their name shows up and to put the kibosh on any responses and make them go their way. However, like I said before, they can be good for the person just starting out but don't let them box you in, sounds like the Nationwide logo on that part of the comment, so you won't be able to take what you have learned and move forward. Also, they only want you to sell. Anyone can sell but it takes a great deal of training and experience to know how to service the client and make them happy. Make sure you learn how to do this.

O.K., I have spoken my peace on this.
MIG1
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Re: brightway insurance brokerage in florida

Post by MIG1 »

So sorry to hear of your past troubles with an unscrupulous agent. If I were in your shoes I would probably have the same concerns. Certainly, the Brooke fiasco did nothing but create a huge wake of troubles for customers, carriers, and agents. Many innocent people were hurt, and this should serve as a lesson for all of us. However, it is also not fair to paint with a wide brush. All companies are not created equal. In Brightway's case, Nationwide/Allied is one of the 110+ companies that are represented. However, Brightway is not a part of Nationwide, and in fact has its own unique business model.

Some of us do participate in online forums, mostly to make sure that correct information is being put forward. Does it seem like an advertisement? Perhaps. But if there weren't good things being generated, there wouldn't be much to advertise. It is not like Brightway poped up yesterday. The company has been operating for over 5 years and has continued to double or more than double in each of those five years. Even more telling is the fact that not only has NO agent been left "high and dry", existing agents are continuing to add additional producers. To Brightway, this is a sign that Brightway agents feel optimistic about their future.

Make no mistake, building a Brightway agency is not for everyone. Brightway is in no way a "bucket shop", or a platform for an indpendent agent who simply wants access to markets. Brightway agencies operate in a consistent way that reduces E&O exposure, improves the customer experience, and effiency. All Brightway agents and their associates go through comprehensive training, and actively participate in making the company better. I would think that most people would agree that these all good things. Sometimes when people are uncomfortable with a message they try to shoot the messenger.

At their best, blogs like this allow the free sharing of ideas. At their worst, they stimulate name calling, or mudd throwing. To the degree that participation helps stimulate the honest free flow of ideas, I look forward to sharing.
beyert1
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Re: brightway insurance brokerage in florida

Post by beyert1 »

MIGI1 - Don't get me wrong here I am not comparing Brightway to Nationwide at all. Since I am not in Florida I am not totally aware of the serious situation there in regards to insurance. I am sure Brightway is a path for agents who are unable to obtain the necessary appointments to write business in the State. I am looking at it from a point of view which may not be positive but it is not negative either. As I stated in my previous comment, this is a good way for new agents to get experience. But as the agent builds experience and the ability to do things they were unable to do before they lose the ability to move forward with their business; the are hooked and are unable to move forward unless they have approval.

When an agent is in this position even though they "run" their office they are actually under the guidance and supervision of Brightway. If they want to do something different with their advertising they can't because it does not meet the criteria of the "employer". You might as well just set them up in an office run by Brightway and have them as sales people not as "independent" contractors.

Personally, when I began in my agreement with Nationwide it was not directly with Nationwide but with an agent. At the time it was a good thing. As time went on it all changed and went in a way which was not positive for the satellite office. Even though we were the agent, manager, lease holder and everything I was still not only tied to Nationwide, which is a good company by the way no negativity towards them in any way, I was tied to an agent who was one of those which wanted to tell us how to sell and deal with clients but did not want to do it themselves. When we needed to speak with them it was difficult because they felt we should be able to handle anything on our own even though I was paying them 30% of MY EARNED commissions. Now, what did I get for that 30%, not a damn thing. No support, no paid for extras, nothing. They just put the money in their pocket and off they went.

Now, would I say a situation like Brightway is going to leave a bad taste in my mouth, yes it does. Why because it does remind me of the situation I was in and also with the agents I knew who lost their shirts, families and much more because of Brooke. I don't want you to think you are one of the kool-aid drinking members of the party but you should see things in a different light. I have seen how your situation can be positive in the Florida market but it may not be for agents in other states who can obtain the appointments.

Hope you can see my point of view on this.

I would suggest though, if you are going to reply to these type situations, notate yourself as a rep from Brightway. This way we know and don't have to make so many assumptions.
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