Absolutely! But understand there are minimum premium requirements. For the carriers to devote their underwriting resources to you, they expect you to devote premium to them.
Here are some questions to ask of yourself when considering getting a direct appointment with a carrier:
- Do you have the knowledge to sell the products the carrier offers?
- Do you have producers to tackle the market?
- Do you have the premium volume?
- What is your loss ratio?
- Have you had a contract terminated by an insurance carrier?
If any of these questions cause you concern, then they will be of concern to the carriers as well.
When choosing an aggregator, you should consider:
- What carriers are offered? Do these carriers fill your needs for the products you sell?
- What is the commission structure?
- When do profit bonuses and revenue sharing begin and at what level?
- What are the fees for start-up, monthly, and exiting?
- What other support services are provided?
- What is the experience of the management team?
First Choice has the structure in place to provide you with revenue opportunity that can’t be beat. When speaking with us, you will hear the word “revenue” mentioned repeatedly. That’s our focus, getting additional revenue to our members.
First Choice has the experience, knowledge, and leverage to help agents build a commercial lines profit and revenue center.
Insurance aggregators are made up of insurance agent members. Typically, these members join an aggregator to get access to insurance carriers they might not be able to get on their own. The aggregator combines the premium written by each member to obtain growth bonuses and profit sharing from the carriers they are appointed with.
As an example, let’s say an exclusive insurance agent has the permission to write business with other carriers. Where do they start? Do they contact each carrier individually? Do they have the premium volume to satisfy the requirements of the carrier? Using an aggregator alleviates these challenges.
In addition, aggregators can provide additional resources for training, producer hiring, product discounts, and assistance in market placement.
Ultimately an aggregator provides the benefit of a group versus going at it on your own.