FAQ: Frequently Asked Questions

• What is MarketScout?
• Who owns MarketScout?
• Is MarketScout independent?
• Where can I find help on how to view MarketScout.com?
• Does the retail agent pay anything to use MarketScout?
• Can MarketScout help me brand an industry or coverage?
• What must I do to be an approved retail user of MarketScout?
• What is a Market Specialist?
• How can I become a Market Specialist?
• Do I need a contract in order to bind business?
• What regulations must be adhered to by the Market Specialist?
• As a retail agent, do I need company appointments to use the markets outlined by Market Specialists?
• What commission rate do retail agents receive when using MarketScout?
• How are your "Best of Class" insurance companies tribunalized?
• Can I be posted for an industry or coverage class that is not listed in the MarketScout Search Engine?
• Can a Market Specialist assign sublicensees?
• How can I be sure the Market Specialist will not pursue my clients?
• Does MarketScout hold Property & Casualty Licenses?

What is MarketScout?

MarketScout is the property and casualty industry's first online insurance portal designed to assist retail insurance agents in locating insurance markets, researching data, and providing technical expertise in specific industries or coverage classes.

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Who owns MarketScout?

MarketScout is a private company owned by individuals and corporations who are active in the insurance, e-commerce, technology and marketing industries.

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Is MarketScout independent?

Yes. MarketScout is a truly independent insurance portal. As evidenced by the broad array of insurers, MarketScout simply looks for the most qualified company in a particular coverage or industry class, thereby making available a true "Best of Class" venue.

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Where can I find help on how to view MarketScout.com?

If you are having difficulties viewing our site please consult the Site Help page for further instruction.

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Does the retail agent pay anything to use MarketScout?

No. Retail agents can access MarketScout directly without any cost or fee. CIC and CISR's qualify for exclusive programs.

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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.

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What must I do to be an approved retail user of MarketScout?

Complete the New User registration form, hold an active retail agent insurance license in the state where you place business, and carry a minimum of $1,000,000.00 in professional liability limit.

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What is a Market Specialist?

An Market Specialist is an individual who has undergone a rigorous application process (tribunalization), which resulted in securing a MarketScout posting. These individuals have specific technical and marketing expertise in their assigned industry or coverage class. They are proven winners and are capable of assisting a retail agent in winning new business and retaining renewals in a competitive environment.

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How can I become a Market Specialist?

Market Specialists must have a minimum of three year's experience in the requested industry or coverage class. A rigorous tribunalization process assures that our specialists are well qualified. In order to become a Market Specialist, an application can be sent to MarketScout electronically on the MarketScout web site. Simply click on Apply to Be a Market Specialist.

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Do I need a contract in order to bind business?

Yes. A standard Producer Agreement must be executed before any quotes are processed. We will send this agreement to you upon request of a quote.

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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.

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As a retail agent, do I need company appointments to use the markets outlined by Market Specialists?

Most insurance companies posted on MarketScout do not require an appointment.

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What commission rate do retail agents receive when using MarketScout?

Agents receive the same generous commissions as they would if they had a direct contract with the provider/carrier. Commissions will always vary according to coverage line.

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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.

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Can I be posted for an industry or coverage class that is not listed in the MarketScout Search Engine?

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.

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Can an Market Specialist assign sub-licenses?

Yes. MarketScout must 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.

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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 submitted through MarketScout.

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Does MarketScout hold Property & Casualty Licenses?

Yes, MarketScout has various licenses in 49 states. Our California non-residents license number is OB42019.

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