Our proprietary valuation process is simple and straightforward. The process includes 5 major milestones necessary to complete the transaction from start to finish. Each milestone is outlined below and our representatives will guide you through each step.
Step 1: Gather necessary commission documentation
In order to begin the valuation process we need the following documentation on your block of business:
Prior months commission statements
Insurance company general agent agreement
Product commission schedules
Copy of your agent license
The information can be provided electronically or mailed to our offices. Once we receive the information we can proceed to Milestone #2.
Step 2: Provide a customized valuation
Our actuarial team will use the information provided and calculate a value of your block of business. The valuation process takes into account multiple variables in determing the maximum value of your block of business. This includes the type of products, ratings of the insurance carriers, age of the book of business, and historical persistency on similar types of products.
Step 3: Acceptance of the offer and completion of required paperwork
Upon completion of the valuation process, one of our transaction representatives will provide you with a customized offer including all the necessary contracts and assignment forms necessary to formalize the purchase. Upon acceptance of our offer and execution of the necessary contracts the process moves to Milestone #4.
Step 4: Process the assignment of commissions with insurance carriers
The completed assignment forms will be forwarded to the appropriate insurance carriers to process the assignment of commissions. We have worked with over a 100 different insurance carriers and each one has a unique assignment process. This step can take anywhere between 1-4 weeks to complete depending upon the carrier. Once the assignment has been processed and executed by the carrier we will proceed to Milestone #5 – Closing.
Step 5: Transaction closing
Once the assignment of commissions has been completed the transaction will be closed within 2 business days.
Click Here to get started or give us a call at 1-800-560-2872 (Do not forget to ask us about our referral program).
