What is the MarketScout exchange?
The MarketScout exchange is the total delivery system, from the retail agent to and through the "Best of Class" specialist who can offer expert advice and placement of policies. It is the conduit through which the independent agent and broker can sell and service virtually all classes of business using the support provided by the MarketScout exchange.
How do I qualify to become a market specialist?
If you have unique, specific knowledge and experience in a specialty area and you are willing to work exclusively via retail agents/brokers, you may qualify as a market specialist
to apply (specialist application)
Note: MarketScout specialists cannot sell directly to the buyer.
What is a MarketScout specialist?
A major benefit in using the MarketScout Exchange is the Industry or Coverage Specialist, a seasoned and experienced insurance industry professional, who has dedicated him or herself to serving a specific industry or coverage class. The role of a Specialist is to assist users who need support in a specific industry or coverage class.
All MarketScout Specialists have unique agreements with insurance companies that specialize in their market segments. Some insurance companies have established a Specialist in their organizations to serve the MarketScout Exchange while others have designated Managing General Agents or Specialty Brokers. All Specialists must meet the high standards set by MarketScout. All Specialists have signed agreements with MarketScout to serve as a consulting resource and marketing expert for users of the MarketScout Exchange.
What makes the MarketScout exchange work?
MarketScout is an insurance exchange through which the agent and broker can easily find and explore specific insurance products and market segments online. It is an Internet-interactive marketing innovation based on e-commerce technology that provides an online conduit between the independent agent/broker and MarketScout's "Best of Class" Industry and Coverage Specialists.
The agent and broker can confidently compete for new business in a virtually limitless number of business classifications. The speed of the MarketScout Exchange provides quick and easy connectivity between the agent, the broker and the "Best of Class" MarketScout approved specialists.
Who can use the MarketScout exchange?
The MarketScout Exchange is available to all agent/brokers who sign a producer agreement, carry a valid insurance license and provide evidence of professional liability insurance at a limit of $1,000,000. There are no premium quotas or special requirements. The possibilities and opportunities are limited only by your desire to complete the registration form.
Does the retail agent pay anything to use MarketScout?
No, Retail agents can access MarketScout directly without any cost or fee. Retail commissions are paid to the agents who place business via the MarketScout Exchange. CIC's and CISR's qualify for exclusive programs.
Can MarketScout help me brand an industry or coverage?
Yes, The MarketScout concept is to "brand" insurance companies and their designees as "Best of Class" experts in a particular industry or coverage class.
Do I need a contract in order to bind business?
MarketScout or its partner Specialists have the contracts with the insurance companies. When you sign up as a MarketScout agent, you gain access to all of these markets. You will enjoy one access point for access to hundreds of markets at retail commission rates.
What regulations must be adhered to by the market specialist?
Our specialists are required to respond to all inquiries made during normal business hours (Monday through Friday, 8:00 A.M. - 5:00 P.M.) within 48 hours.
As a retail agent, do I need company appointments to use the markets outlined by market specialists?
In almost all instances, your MarketScout appointment provides you with full access to the companies listed on the MarketScout exchange.
What commission rate do retail agents receive when using MarketScout?
In most cases traditional retail commission rates apply.
How are your "Best of Class" insurance companies and MGA's tribunalized?
The insurer and/or their designated Market Specialist must complete a comprehensive questionnaire, which includes information on their professional liability coverage, prior loss experience, general experience in the industry, reputation, work ethic and past experience. After compiling this data, all applicants agree to a financial and personal background search.
Can I be posted for an industry or coverage class that is not listed in the MarketScout exchange?
MarketScout will consider any new industry or coverage class as long as there is enough critical mass to justify developing a marketing plan and web site.
Can the Market Specialist pursue my clients?
Contractual arrangements between MarketScout and the Market Specialist prohibit the Market Specialist from pursuing any retail client's business that is bound through MarketScout.
Can a Market Specialist assign sub-licensees?
MarketScout must pre-approve an assignee and they will be required to meet all of the terms and conditions enforced between MarketScout and the Market Specialist. The Market Specialist will be responsible for all activities of the designee.
Does MarketScout hold Property & Casualty Licenses?
Yes, MarketScout has various licenses in 49 states. Our California non-residents license number is OB42019.
What is iPeople?
ipeople is a network of insurance professionals sharing ideas and information. Users can locate other professionals based upon their specialty expertise (specialist in energy insurance of epli for instance),geographic location, prior employers, alma mater or by dozens of other search criteria. Users may also form groups to share information. Example: Former employees of Travelers or chicken farm insurance in Arkansas.