Billing & Commissions
How the Quoting Hub Works
What are the Real Rewards Programs?
The Real Rewards Programs provide our member agents with 3 additional ways to earn money on the business they place with us over and above the commissions paid. You are automatically eligible and do not need to enroll to receive the rewards from the Growth and Retention Achievement Club or the Sales Contests. Our Cash Card program is the only part which requires you to register. In the Cash Card program, a $10 reward is earned every time you bind a new account with Insurance Noodle. After you complete the registration, a debit card will be mailed after your first bind. The card will come preloaded with $10. Then with every subsequent new business bind, an additional $10 will be added to your card. Because this is an actual debit card issued by a bank, the registration form from the bank will ask for your SSN and birth date. Your information is going straight to the bank, not to us, and we will not have access to that information. The bank will send a debit card directly to you. All we do is send the bank the money for your new binds and they handle the rest.
Where can I use my Real Rewards Cash Card MasterCard®?
Anywhere MasterCard is accepted.
How long does it take for my membership to be activated?
It takes less than 10 minutes to complete the membership profile. Your membership will be activated immediately upon completion of your profile information.
What are the requirements for membership?
We require you to be properly licensed for property & casualty with your state department of insurance. We also require you to have E&O coverage with limits of at least $1M/$1M, written with a carrier that has an A.M. Best rating of A- or higher. E&O coverage must extend to 100% of P&C production. Requirements must be in place BEFORE enrollment.
E&O coverage needs to remain in force in order to maintain access to the system.
Do you offer E&O for Insurance Agents?
No. We currently do not have a platform carrier that offers E&O for insurance agents.
Do you have suggestions of where I can get E&O?
We suggest checking with your local PIA / Big I office or our wholesale partner, CRC|Crump Insurance Services: http://www.crumpins.com.
What should I do if I can't find my license?
You will need to provide your producer license number and expiration date for each state in which you want to produce business. Click here to get to your state's department of insurance. Most states show the status of licenses online and can provide replacement copies. State licenses need to remain in force in order for you to maintain access to the system.
Am I required to have an agency to sign up?
No. You can sign up as an individual using your SSN. You just need your individual license and E&O in your individual name. You do not need to have a business location.
What are your premium volume requirements?
We have no premium volume requirements.
Who owns the book of business?
You (the agent) own your book of business, both new and renewal, unless your agency contract specifies otherwise.
Is there a fee for membership?
There is a non-refundable $250 annual fee to access Insurance Noodle.
Does Insurance Noodle membership give me direct appointment with your carriers?
No. Insurance Noodle holds the direct appointment with the carriers and you sub-broker through Insurance Noodle to get access to the carriers.
What happens if I decide not to renew my membership?
You will still be able to log on to the website and continue to service any existing clients. You will not receive renewal commission on any business you have in force and you will be unable to submit new business until you renew your membership.
Billing & Commissions
How are commissions paid?
The carrier bills the client. The client pays the carrier. The carrier pays Insurance Noodle. Insurance Noodle pays you, the agent.
The speed at which commissions are paid depends on a number of factors, including how quickly your client pays the carrier. Insurance Noodle pays commissions to you the month after they are received from the carrier. Checks are usually mailed by the 15th of the month (with a detailed commission statement included). Direct deposit is currently unavailable.
Do you charge Broker Fees?
Insurance Noodle may from time to time charge program management and policy fees.
Can I charge a Broker Fee?
Charging a Broker Fee is between you and your client, and is contingent upon your state laws.
Do the carriers offer payment options for my client?
Yes. Before you purchase a policy for your client, you will be offered payment options for your client.
Do I collect premiums from my client?
Most policies placed by Insurance Noodle are direct-bill. Insurance Noodle carriers will send a bill directly to your client for any premium due (including down payment).
Are there special exceptions for collecting money from my client?
Some policies (mostly surplus lines placements) are placed on an agency-bill basis. In those cases, you will be made aware of the payment requirement, be presented with an invoice, and you will be required to collect and make payment to Insurance Noodle before binding can take effect.
How the Quoting Hub Works
How do I get a quote?
- Log in to Insurance Noodle.
- Select the type of client (personal or commercial).
- Select the classification from the dropdown menu options.
- Complete the short app to receive bindable quotes.
- Review proposals and present to your client.
- Return to your Insurance Noodle profile to request binding.
How do I check if you have coverage available for my client?
Prior to joining, you can call one of our membership specialists to discuss product availability in your area. Once you are a member, you can use our chat feature to chat live from the application with an Insurance Noodle product expert.
How long does it take to get a quote?
Where the online carrier system is able to provide one, a bindable quote can be provided in minutes. If underwriting holds and / or underwriting intervention is required, quotes may take 24 – 72 hours.
Will I get a quote from every carrier?
Each carrier has its own underwriting guidelines. Your client's profile generally will not fit all guidelines of every carrier. You will usually receive two to three quotes for each risk you submit.
How are claims handled?
Claims are handled by the carrier and all claims should be reported directly to the carrier by the insured. Your client's policy will have a number where they can contact the carrier directly.
How are service requests handled?
Endorsements, certificates, and loss runs can all be requested online or through our direct carrier service option. Auto ID cards are strictly requested via our website.
How are endorsements handled?
Insurance Noodle now provides you direct access to most carrier service centers for endorsement processing with our commercial lines carriers. Endorsements can also be requested through the Insurance Noodle website. Log in to Insurance Noodle, click on your client’s name, click on the policy, and click the Endorsement button.
Does our agency name appear on the policy?
No. Insurance Noodle holds the direct appointments with the carriers so Insurance Noodle is listed as the producer. If a client accidentally contacts Insurance Noodle directly, we provide them with the name and phone number of their agent to call.
Do I have binding authority?
No. Insurance Noodle has binding authority.
Do you BOR (broker of record) policies?
Yes. The following carriers allow BORs at renewal:
Commercial: CNA, Hartford, Travelers
Personal: Hartford, Safeco, Travelers
BORs must be submitted at least 30 days prior to renewal date. Once your membership is activated, you will have access to instructions on our website outlining how to submit BORs.
Can I roll a book of business from a carrier or another MGA?
Yes. Here are the steps to roll a book:
- Email or mail your request, on your agency's letter head, listing: the carrier, the reason for the roll, the loss ratio, the name of the MGA (if applicable), the type of business in the book, total premium, and a list of insureds and policy numbers.
- Once this information is received, Insurance Noodle management will review it.
- We will contact the carrier for its review.
- If the carrier approves, the book will be moved to Insurance Noodle on your behalf.