Are all Brooke Insurance agents unethical...or inept? I work for a major healthcare provider. One of our vendors has their insurance through a Brooke agent. Because of contractual issues and requirements, we've requested they obtain client-specific (i.e. we're the client) excess insurance that we will be paying for.
We've requested a copy of the carrier quotation, but the agent refuses to provide it. In fact, he has put in writing "We do not provide...nor our customers access to any quotes nor company specific material that we use in business".
In this post-Spitzer insurance era, what insurance agent/broker in their right mind would refuse to provide a copy of a carrier quote to their own client/insured? Let alone have the huevos (balls ) to actually put that in writing?!!?
As a fomer "Brooke Insurance Agent", I would have to say no! Brooke Corporation/Brooke Capital/Brooke Agency Services/Aleritas aka all the same people, holds the Brooke Insurance Agent back from conducting business in your normal independent insurance agency capacity. I would not blame the "Brooke Agent", as they don't have full control of their business. As a Brooke Franchisee, I was unable to obtain a copy of my Errors & Omissions policy declaration page in which I was charged for. Whenever you see a Brooke Insurance Agent, please offer them your sympathy and support to try and help them get away! Brooke Corporation/Brooke Franchise has ruined the life of many,many people. Brooke Insurance Agent's /Franchisee's are lied to on a daily basis.
For the life of me I could not understand how a Brooke Insurance Franchise could ever prove profitable. The old coal mine spiritual "Sixteen Tons" comes to mind. "Just another day older and deeper in debt. Saint Peter don't ya call me cause I can't go...I owe my soul to the company store."
With the franchise fees alone, an agent is losing money as soon as he picks up the phone to sell that first account as a Brooke agent. I may have missed something in the translation of the deal, but, huh? Who are these people throwing down so much money for such a low potential return?
Do we have a successful Brooke Agency co-owner who is a member of this forum and can set me straight? Not that I am interested in jumping into that pan, but, if I am mistaken, I would appreciate an understanding of the workings of the deal. Dang it if that public school education ain't comin' back to mock me yet again!
OOPS. Did I misspell? NO! The franchisor is changing things further to MAKE SURE that the "franchisees" have NO chance in hell to break even. All historical advanced commissions are now paid as earned, I hear. Broke could not properly calculate the actual earned premium from what I have seen.
Now, every store that defaults, become company stores. I got news, EVERY store will eventually default as the business "model" does not make financial sense. I too ask for any successful Broke Agent to write in and talk about how wonderful paying a 15% franchise fee + all contingency commissions + all other fees they can make up at any time + the benefit of any cash flow as your commissions are held indefinitely for the cash flow benefits of Broke Corp.
Do the math: (any Broke Agent can correct me if I am wrong) 15% Franchise FEE
17% Average Debt Service Expense
32% OFF THE TOP.
How many retail personal lines auto agents net MORE than 32% of their gross income?
What does Broke provide for all this costs? Financing which include the BAP which is a joke. BAP = 100%+ of the actual commissions. Which means you are paying WAY too much for any acquisition.
Please, will a Broke Representative respond and explain HOW a retail franchisee is allegedly going to make any money?
I do NOT mean the joke of a salary which might be available.
When this house of cards falls, AND IT WILL, I will be there to take all the customers into an agency which has agents that are actually experienced at servicing insurance clients. We will pick them up for FREE. No BAP, Buyers Assistance Plan which helps us SOOOOOOOOOO much....????? HA HA HA HAHAHAHAHAHAHAHAHAHAHAHA
mhutch69 wrote:When this house of cards falls, AND IT WILL, I will be there to take all the customers into an agency which has agents that are actually experienced at servicing insurance clients. We will pick them up for FREE. No BAP, Buyers Assistance Plan which helps us SOOOOOOOOOO much....????? HA HA HA HAHAHAHAHAHAHAHAHAHAHAHA
Well, you didn't have to wait long. They have been taken over by a creditor, placed under supervision by a federal judge and now bankruptcy.
) to actually put that in writing?!!?