How to Make Top $$ As a Producer

[Scottyj]

I know everyone will razz you here for being captive and I would suggest you do everything in your power to get out to simply because captive contracts are boardering on illegal with a lot of the restrictions they place post employment however. Business insurance and Farmers is a good combo. I find farmers has a large appetite when compared to other captives like allstate and state farm. You should go after sand and gravel haulers, you should have access to that through farmers truck insurance exchange paper. You will do fine there however 9 times out of 10 you will get smoked by any Indy who has a regional with a program for this class. Retail, restaraunts. Remember us Indy agents have a larger market share on business insurance than you captive guys. We account for over 60%. Call call call. Walk in drop by. You will find you will do well on small commercial. Don't expect to write any middle market being with farmers though.

 

[ewilkins]

I know everyone will razz you here for being captive and I would suggest you do everything in your power to get out to simply because captive contracts are boardering on illegal with a lot of the restrictions they place post employment however.

Funny you mention getting out. I actually contacted several indy agencies this week and found one that is looking for producers. I'm going to give him a call today to find out the scoop. I just want to ensure that I can give competitive rates and quite honestly I'd like to open my own indy agency eventually. I'm thinking it will probably be best to learn from an indy agent.

Thanks!

 

[Scottyj]

That is good to hear. I suggest pairing with an agency that will help you be competitive. We write a bit in Oregon. Specifically my brother. He has been whipping the floor with competitors writing Financial Pacific, and Oregon Mutual for contractors classes out there.

The Wine industry is big there too. If you can manage to write a press or truckers who tansport the silica to bottle manufacturers you can do quite well off those premiums. My bro just wrote a wine press in Northern Cali where the entire package came in at $80k. Nothing like making a quick $12k in a days work ... haha

 

[ewilkins]

Hey Scottyj, good tips. I hadn't thought about the wine industry, but you are right! Looks like I'm going to go ahead and go to work for the indy agency. Probably won't start until January though.

 

[F350]

I figured the answer would be to get off facebook and internet forums.

 

[insurance1822]

1.) Leave Farmers
2.) LEAVE Farmers
3.) Get into the Indy world


--If you're good...the rest will come.


P.S. leave farmers.

 

[rudy323]

Hey Ewilkin
I just went Indie about 15 months ago after being a producer for an Allstate for about 1.5 years

Before you leave for the indie world, take as many webinars and classes about all facets of P&C you can through farmers

In the indie world you have to pay for educating yourself and I regret not taking advantage of all the freebies I could have learned while at a captive

 

[ewilkins]

Good advice on leaving Farmers and hey Rudy, thanks for that info. That isn't something I thought about and Farmers does have their university which, has been very helpful I might add.

 

[dblsurety]

I'm a little late here but my advice is to team up with one of the larger intermediaries who have a ton of resources for new producers. I worked with a top ten for several years and learned a ton about placing small start-ups to large Fortune 500 risks. However, you earn the most money when you become the house as opposed to the producer.

 

[VaDwayne]

Okay experienced producers...how do you do it? How do you make great money, especially in your first year? I'm just started out as a producer for Farmers. I want to take this far. Even the agent I work for told me it can take years to make enough money off of P&C to make a living. So what is the best way?

The initial training can be very expensive for a new agent not to mention the money lost by making mistakes over and over in the field.