FAQs
Your Questions Answered
SBMP Insurance Group: Providing Trusted Insurance Solutions and Expert Guidance.
Deciding to join an agency network requires discernment. All situations and agencies are unique and SBMP desires mutually beneficial relationships with its members. Discover answers to frequently asked questions about joining SBMP Insurance Group below.
And if you have a question not addressed here, please Contact Us. We’re dedicated to addressing your inquiries promptly and ensuring you have the information you need to make informed decisions. Your peace of mind is our priority.
SBMP is owned by its member agencies. When an agency joins the group, it makes a one-time purchase of stock in SBMP. All agencies hold the same amount of stock, even if it were to purchase another member agency.
SBMP is run by a nine-member Board of Directors who govern the organization. The Board of Directors meets physically five times a year and by conference call on an as-needed basis. A four-member Executive team serves as the conduit between SBMP and carriers, vendors and regulatory entities. All members of the BOD and Executive team are agents. Finally, an Executive Director serves as the administrative arm of the organization.
SBMP does not take any cut of agency commission.
SBMP does not take any cut from agency bonus contingencies.
SBMP functions on monthly membership dues. Each agency pays the same amount in member dues. Dues amounts are set by the Board of Directors.
With SBMP, you keep all of your existing agency codes. You don’t have to worry about new codes and passwords. All we do is align your existing agency codes with SBMP’s.
Unlike many groups, if you have existing agency contracts, you are allowed to keep those contracts unless for some reason the carrier objects to this arrangement. Therefore, the ownership of the contract is retained in the agency.
When SBMP partners with a new carrier, it is ultimately up to the agency ownership as to whether they will appoint with the carrier. SBMP does not dictate which carriers you have and which carriers you use.
SBMP encourages carrier partners to continue agency-level relationships with existing territory representatives. SBMP does typically have a group level rep and we work at both levels to maintain good relationships and to solve problems when necessary.
Through its membership agreement, SBMP asks for first right of refusal. Once that obligation is met, the agency owner is free to sell as they wish. The sale of an agency does not guarantee automatic admittance to SMBP, nor does it mean automatic termination. Each situation is handled on its own merits.
We are not a pay-to-play provider of market access. While we are able to provide certain markets for agencies that join, agencies that are considered for SBMP membership are typically rounded out regarding market appointments.