How to Contract With Insurance Companies

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Contracting with insurance companies means you've made the decision to be in the insurance business. Find out how to contract with insurance companies with help from the managing partner at an insurance organization in this free video clip.

Part of the Video Series: Business Insurance & Finance
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Video Transcript

Hi, my name is Mitchell Smith, managing partner of Universal Insurance Services and Universal Partners. Today, we're going to discuss how to contract with insurance companies. Contact with insurance companies means you've really made the decision to be in the insurance business. To do that, that means you've already attained your licensing. If you haven't, obviously, you have to take study courses, and taking an exam and make sure you pass, and get a sponsor. You really have to have a sponsor of some kind before an insurance company will do business with you. You can't, typically, just simply have a license, call an insurance company and say, "Hey, I want to do business now." They're, typically, going to want you to have some sort of experience, or be affiliated with someone else they trust. Insurance companies, believe me, get lots of insight into people doing business with them, and they get calls all the time. So, make sure you have some sort of relationships with either the carriers themselves, or with other people, such as brokers, that you can affiliate with that company. Once you're contracted through that individual and you grow some business with that carrier, at some future point you can't pull off and do it on your own. But, that's really the best way to get accomplished. Thanks for watching today's discussion on how to contract with insurance companies.

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