Ok, I know the Noodle people read this...so here goes.
Last fall I thought I'd give Noodle a try. What I have to say is there marketing material is very close to being misleading. They present themselves as having a good selection of companies and their appetite guide looks good BUT......why do I see this so often: Based on the information you have provided, we cannot satisfy your request for insurance at this time?
I'm not quoting roofers or high risk stuff. I'm requesting insurance for small painters, mom and pop pizza places, small hair stylists, etc. I would say I get one quote out of every 4 submitted and then it is usually a high quote.
My opinion is that it was a waste of $200 but not next year. There is a very good brokerage close to me that is $600 a year but at least they have the markets. Before plopping down your money with these folks get very State specific.
Iroquois is a little more pricey - $150/month, but they've got the markets and you deal directly with the carriers versus going through a middleman. They also share in profit sharing which the others don't. And your dec pages have your agency name on them, and you can talk to the underwriter at the company and the local company field rep and so on.
Example 1:
If you submit to Noodle or AgentSecure, they normally will glance at your submission and if it does not fit the program, they'll simply decline. I know an U/W that works for AgentSecure that receives over 30 apps a day. She simply does not have the time to educate and correspond in order to write ONE account. The advantage for you is that your clients aren't charged policy, broker, inspection fees. Just annual or monthy usuage fee.
Example 2:
If you submit to E & S facility (like ours), we carefully review your submission and if we're missing info, we'll send you request for add'l info to confirm. We normally don't send cold declination letters without verifying info. Disadvantage for you is that we charge hefty fees for additional attention we put in. Not annual fee.
As for the small painters, mom and pop pizza places, small hair stylists, etc..... You might want to double check the underwriting info and program guidelines before submitting. For example, if the pizza parlor has delivery exposure and the gudeline says it's prohibited, then you might receive a declination. If the painter has been in business for 12 years w/ no prior, you might receive a declination. If the hair stylist also does ear peircing, you might receive a declination. The reasons can go on and on and on depending on each program.
I'm not assuming your submissions are crappy, but there are many times I sent 15 consecutive declinations out to a single agent because their submissions look like it went thru Vietnam not because of the class description. I have my list of favorite agents and the agents have their list of their favorite U/W's.
Again, always check the guidelines, talk to your U/W as often as you can, and remember not to skip questions on the apps. Simple omission of info such as "Year Business Started" really can chap an U/W's hide.
There is some bad info in the previous comments about AgentSecure.
First, upon choosing class, city, state and region, AgentSecure electronically responds with which carriers have an appetite for that risk and the significant UW issues that apply to class, city, state and region. That really helps with deciding whether to prcoeed with submitting the risk. In addition, you know up front which carriers are going to quote it.
Second, when an account is declined, the quote window you get back provides carrier specific details on what the decline reason is. Those decline reasons come directly from the carriers underwriting system. I have found that if I have an issue with a risk, calling the underwriter that has been assigned to my agency does the trick. The service changed dramatically once I started interacting with her.
One other thing was also noted in a previous post from ewguva about how many quotes you will receive from AgentSecure and it really has made a difference. They do not choose which carriers to quote. You get a quote from all carriers that have an appetite for the risk.
Have you seen the commission rates they are paying? 15% on new BOP, Commercial Auto and Umbrellas. Average is about 12% for renewals. These rates are far above what the others wholesalers are paying ot a new agent. This program does $100 per month but if you do more than $10K a year with them it more than pays for itself. Plus they now have personal lines with Safeco, Hartford, Met and Encompass.
Pm if you are interested in purchasing leads for, auto, homeowners, health, life, dental insurance leads. I have been selling them to netquote but I want to branch out.
I hear Superior Access is giving away direct appointments with Hartford, Safeco and One Beacon for free with no monthly charge. Has anyone heard about this?
I hear Superior Access is giving away direct appointments with Hartford, Safeco
not in your wildest dreams
NO one can give away a direct appointment to :Hartford, Safeco, Travelers, NationWide-Allied, Zurich, Or any other larger carrier
I most cases you need a minium of 300,000 to 500,000 written annual premium with each. I have been there done it. You guys find a cluster and join.
Its better to ask forgiveness then permission
(just do it)
What is the advantage of a cluster over one of these online wholesalers?
The clusters have no technology and take forever to just quote a piece of business?
What is the advantage of a cluster over one of these online wholesalers?
The clusters have no technology and take forever to just quote a piece of business?[/list]
What is the advantage you say? 100% commission, 90% bounces with most clusters. 100% ownership of your book. And the best a, direct appointment. I quote directly with the carrier and underwriter. I can quote anything under 50,000 in premium in minunts. BOP or PKG. I don't think new agents understand what a direct appointment entails. I can go to another cluster with those appointments. Lets say the new cluster wants NationWide-Allied and i have it. I am now the golden child for that cluster. [/code][/quote]
Its better to ask forgiveness then permission
(just do it)
The reason I ask is that I can get retail commissions from at least one of the online wholesalers (AgentSecure - 15% BOP, Comm Auto and Umbrella New and about 12% Renewal), I own my book, and I can get real time quotes from multiple carriers at the same time.
Their fast quote process allows me to answer roughly 20 questions and get indications from up to 6 carriers. That way I don't have to waste time with a risk that I can't write anyway.
As for the Allied/Nationwide comment, if you are "sharing" your Allied appointment with other members of the cluster, doesn't that other member take some type of a haircut on commission?
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