Aggregators

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jwwells1962
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Joined: Thu Feb 07, 2019 12:25 pm

Aggregators

Post by jwwells1962 » Thu Feb 07, 2019 12:37 pm

Has anyone worked with ASNOA ?
I would be greatly interested in your experience.

mightyquinn
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Posts: 59
Joined: Fri May 09, 2008 1:04 pm

Re: Aggregators

Post by mightyquinn » Fri Feb 08, 2019 12:47 pm

If they are like other aggregators who charge your for their services or to be a member, they are a rip off. We work with a couple of small wholesale shops that are highly efficient where the principals have strong long time relationships with some of the large wholesalers. We send our submissions to the small shop who by linking in with the larger wholesalers have the ability to access tons of markets.
We are always paid 10% or more commission because the small shops don't have to take a large cut of the commission because they do not need that type of margin and they transact a large volume very efficiently with state of the art proprietary technology.
Best part of doing this? No annual fee. No piecework fees. No reduced commissions to us. Very personal super service and as the retail agent, we are not held to huge volume requirements as many large wholesalers require. Find a shop in your area like the one with whom we work and you will be very surprised.
________________________________
"Free" ain't free

jwwells1962
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Posts: 2
Joined: Thu Feb 07, 2019 12:25 pm

Re: Aggregators

Post by jwwells1962 » Mon Feb 11, 2019 1:54 pm

If anyone has information to share, positive or negative on
SIAA or SmartChoice or ASNOA, I would be interested in hearing from you.
I have been captive my entire career, 15 years with one carrier and 15 with another.
Finally decided to set up my own shop.
Any steering suggestions would be appreciated.
Thanks in advance for your responses.

BADTROUT
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Posts: 23
Joined: Wed Mar 13, 2019 10:32 pm

Re: Aggregators

Post by BADTROUT » Thu Mar 14, 2019 5:16 pm

jwwells1962 wrote:
Mon Feb 11, 2019 1:54 pm
If anyone has information to share, positive or negative on
SIAA or SmartChoice or ASNOA, I would be interested in hearing from you.
I have been captive my entire career, 15 years with one carrier and 15 with another.
Finally decided to set up my own shop.
Any steering suggestions would be appreciated.
Thanks in advance for your responses.
First off, I think its a wise move you are making by considering independence! I think the contracts will tell you all that you need to know. Having built an aggregator myself, I can tell you I have dissected many of the aforementioned contracts and many other than the ones you mentioned. The devil is in the details.

1. What happens if you decide to leave? Look for that in the contract... if you do, do they charge you a fee? Is there a non-compete? Are you held in any way hostage to the contract, unable to contact your clients, or contract with carriers even after you have parted ways?

2. Bonus... Almost all carriers have some sort of profitability bonus they offer their top agencies... do you get a piece of that? If so, how much and when?

3. Do you get dedicated relationships with the carrier and direct underwriting access, or do you have to submit literally everything?

4. Do you have the option to obtain your own E&O, or are you lumped into a huge group policy where you dont have many options for your coverage?

5. Commission... Many ag's will get overrides from their carriers... do you get a share of that or are you on a flat commission schedule?

6. Training, do they have leadership that can offer guidance for you and your agency when needed... not forced.

7. Do you get to use your own agency name, or are you just a branch?

I could go on an on because in some of the contracts I have read I have seen:

$60K startup fee (unreasonable)
15 year contracts (the average U.S. marriage lasts 8.2 years)
2 year restrictions for contacting/soliciting clients (I'm sorry good neighbor I can't help you for 15 more months)
up to 7 year restrictions on direct contracts with carriers (why not 6 years? Seriously, what's one more year going to do?)

Get a contract from them all, take each point through the contract, and I would bet you find flaws in all of them, but you will get an idea of who is the best fit for you... and one more thing, contact the President of each one... not the marketing guy, and see who has time to talk to you. If they don't have time for you, call me.
Uwe Philip Kirch
President/CEO Rocky Mountain West Insurance
President/CEO Horizon Agency Systems
Horizon can help you start or grow your independent insurance agency
https://horizonagency.systems

pageltd
Insurance Journal Addict
Posts: 115
Joined: Wed Jan 25, 2012 7:05 pm

Re: Aggregators

Post by pageltd » Fri Mar 15, 2019 6:50 am

Whatever you do, insist on direct underwriter access.
George Page
www.pageins.com

BADTROUT
Insurance Journal Enthusiast
Posts: 23
Joined: Wed Mar 13, 2019 10:32 pm

Re: Aggregators

Post by BADTROUT » Fri Mar 15, 2019 5:00 pm

Absolutely!
Uwe Philip Kirch
President/CEO Rocky Mountain West Insurance
President/CEO Horizon Agency Systems
Horizon can help you start or grow your independent insurance agency
https://horizonagency.systems

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