The open-brokerage model is best described as a triangular relationship with the client at the top and the producer and carrier each having their own direct relationship with the client. Producers in an open-brokerage model, present their client, the insured, directly to the carrier. (Credit: Blue Planet Studio/Stock.adobe.com)
Entering a specialty market can be intimidating. Not only will a producer have to demonstrate expertise in a new niche to business owners seeking insurance coverage, but they'll also likely have to meet carrier requirements and complete a fair amount of paperwork to get appointed or win the right to sell that carrier's coverage.
While it is more common for producers to obtain appointments with carriers that outline what they can and cannot do, including binding coverage, collecting premium and more, alternatives are available. An open-brokerage model can provide producers of all sizes a number of benefits including greater flexibility and broader access to resources.
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