Question About Wholesale Insurance Companies?

[kgamarketing]

So ive been doing P&C in NJ for about 2 years and average 50+ policies written a month. I was looking into starting my own agency through Smartchoice or Iroquois and wanted some veteran input. Im 24, im making about 70k+ a year doing what I do and have full benefits,401k,etc. Any guidance would be helpful as I realized it may be a challenged getting appointed without a wholesaler. Thanks and yes, I have searched and read the forums.

 

[nyc2phi]

So ive been doing P&C in NJ for about 2 years and average 50+ policies written a month. I was looking into starting my own agency through Smartchoice or Iroquois and wanted some veteran input. Im 24, im making about 70k+ a year doing what I do and have full benefits,401k,etc. Any guidance would be helpful as I realized it may be a challenged getting appointed without a wholesaler. Thanks and yes, I have searched and read the forums.

Are you currently captive or indy? Selling mostly personal or commercial ? What part or NJ North or South?

 

[kgamarketing]

Are you currently captive or indy? Selling mostly personal or commercial ? What part or NJ North or South?

Captive for NJ - third party for NY/PA as we dont directly write insurance under our own company. I write Personal lines also.

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Are you currently captive or indy? Selling mostly personal or commercial ? What part or NJ North or South?

Also, in the Freehold,NJ area.

 

[insurance1822]

I was in your same position at the same age. If you generate your sales on your own...go Indy and open your an agency.

 

[kgamarketing]

I was in your same position at the same age. If you generate your sales on your own...go Indy and open your an agency.

How hard is it to get appointed breaking away captive though with no book?

 

[nyc2phi]

NJ is tough for personal lines man. It's a no fault state and most Indies don't compete well compared to GEICO and Liberty Mutual who basically control most of the state.

Nationwide is opening markets in NJ I hear which would be semi captive but could be a good play since other states they compete well both commercial and personal and also have an open architecture with access to other carriers.

Just a suggestion. I left the captive world and went with a semi captive route and it worked well.

 

[kgamarketing]

NJ is tough for personal lines man. It's a no fault state and most Indies don't compete well compared to GEICO and Liberty Mutual who basically control most of the state. Nationwide is opening markets in NJ I hear which would be semi captive but could be a good play since other states they compete well both commercial and personal and also have an open architecture with access to other carriers. Just a suggestion. I left the captive world and went with a semi captive route and it worked well.

Do you operate your own agency or work for someone if i may ask ?

 

[nyc2phi]

Do you operate your own agency or work for someone if i may ask ?

I have my own agency. Two years in.

 

[kgamarketing]

I have my own agency. Two years in.

How long did it take you to actually start being profitable? I'm sorry for all these questions but I'm just trying to get as much info as possible to make the right move.

 

[insurance1822]

Read through my post history. You absolutely can get appointments entirely on your own with a solid business plan & documentation supporting your experience. Downside is you won't be able to feed a handful of carriers on your own. SIAA was great for me but it's only as good as your MA. Id look at smaller groups that are maybe 5-10 agencies if that. If you're generating that business on your own then you'll be making bank in very short order. If you're buying leads or paying telemarketers then you gotta start running numbers. I started my Indy at age 26 or 27 and I'm now 30 and I consider myself very well off already. I do around $65,000 of personal lines premium per month. If u write that kind of business your own everything will take care of itself

That being said I have no experience in the NJ market.