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Frequently Asked Questions - Carrier FAQ's

We are often called an “Agency Network,” one of the largest of its kind, but we are quite different from our competitors.  We are not an MGA.  In the most general terms, we are a licensed agency with a large network of sub-producers/Members.

We have developed a better way for carriers to distribute their products through independent agencies.  Our system is cost-effective, low-risk, and produces excellent results.  We give our carriers high quality, low loss ratio business with a geographic spread of risk.

By contracting with Iroquois, our carriers gain access to a ready-made, pre-qualified, highly profitable distribution system.  With one contract, our carriers can pick their agents in the territories where they need additional representation, and they can choose not to work with particular Iroquois members that aren't a good strategic fit.  Iroquois even provides ongoing field marketing support.

Absolutely not! Our mission is to match our carriers with the right agents - agents who will produce profitable long-term business. It’s not in anyone’s best interest to force relationships that will be unsuccessful. Carriers have veto authority over any member agencies we might propose.

Making agency appointments can be risky business. Choose wrong and the results will haunt you for years. Iroquois’ mission is to create successful agent/company relationships. We help our carriers choose the right agents and we provide field support to help ensure their success.

Yes! Iroquois has Managing Partners and Regional Managers covering each of the 41 states in which we do business. Their mission is to create more productive and profitable, long-term relationships between our agency members and insurance company partners. No other Network brings our level of marketing and management expertise into the field.

In some cases, yes, but most carriers use Iroquois to supplement their field marketing.  For the best results, it is important that our Members develop a positive relationship with our carriers.  Iroquois does not want to get in the way of that relationship, choosing instead to just support it.

We do our best to be pro-active so those problems don’t develop. If there is a problem, we deal with it swiftly, either through rehabilitation or termination. We can’t let a problem agent jeopardize the relationship for all of the Iroquois Members who are doing a good job.

We have been exceeding our carrier expectations for over 38 years. We have earned and maintained “preferred” contracts with the vast majority of our carriers. Most importantly, we make a profit for our carriers.

We stomp out “adverse selection.” Our contract enables us to attract high-quality agents and we work with them to get quality business and give them profit sharing opportunities with as little as $50,000 in premium. Bonus and Contingency accounts for a significant percentage of our revenue, so we take loss ratios very seriously!

We work frequently with rural and suburban agencies with less than $6,000,000 of premium, though some Iroquois Member Agents have more than $60,000,000 in premium. Regardless of their size, all of our Members must demonstrate integrity, professionalism, profitability, competence, and commitment to the Iroquois concept.

We have more than 2,200 Member Agents in 41 states.

Not at all. Remember our carriers choose the Iroquois Members they want to do business with. We have excellent agencies in Iroquois. There is no need to lower standards or to put an Iroquois Member next door to an existing agent. If anything, the market penetration that Iroquois provides often enhances a carrier’s franchise value.

The carrier is given a profile, narrative, E&O Dec page, and licensing information along with our recommendation. If the carrier decides to appoint, a sub-producer code is ordered along with supplies. A joint visit is scheduled to provide training. The Member begins writing business on direct bill. Commissions are sent to our accounting office in Allegany, N.Y. for distribution to the Members. We monitor results.

Everything is done on “direct bill.”  There is no account current.
 

No, Iroquois is the contract holder. Our Members are set up under sub-codes.

This varies by region but nationally we have a fairly equal split between personal and commercial lines. 
 

Commissions are sent to our accounting office in Allegany, N.Y. for distribution. Iroquois retains a small percentage of the commission, typically 10% to 30%, and passes the net commission to the Member agent on a weekly basis.

Again, all compensation goes to Allegany,N.Y. for distribution. Our Members receive a percentage of bonuses, overrides, and contingencies based on their positive growth and acceptable loss ratio, with as little as $50,000 in premium with a given carrier.

We need to do some joint analysis to make sure we have a good fit. To support a new carrier relationship, we need to be able to give the carrier a minimum of $1 million premium within a reasonable period of time. If we agree that goal is achievable, then we can move very quickly to get the relationship off to a strong start.

Evaluating networks

Joining a network of insurance agencies is a critical decision that deserves careful thought and honest answers to key questions. We have identified nine aspects that every agency should consider before signing on with a network of insurance agencies. Click on the photo for more information.