Ready to Make Money in NY

[NYinsurancesolutions]

Hi there everyone!

I came here to get a little advice since you guys all seem to know what's going on.

I recently finished my BA in business and heard you can make a lot of money in NY selling insurance. I've got about 10k in start-up cash, but I'm not sure where the best place to put it is.

So I ask you professionals out there...Where do I begin?

 

[nyc2phi]

What do u want to sell ? P&C, L&H, or both ?

 

[NYinsurancesolutions]

I was thinking property and casualty, but which do you think will make me more money?

 

[nyc2phi]

As a frequent poster (XRAC) on this site would say:

"P&C is like being a farmer. You work the land, fertilize the soil, plant your seed, continue to build up the soil, and you harvest the crop over and over again.

Life is like the hunter who goes out finds the quarry, kills it and eats it today and must do the same thing tomorrow.

Which are you good at?"

It will be tough to get appointed with any company especially in NY and especially with not experience.

I would recommend to start captive, learn the business, then go indep.

 

[BNTRS]

There's no more money to be made in insurance than any other industry. The trick is being good at what you do.

If you're jumping into insurance for the money, you're going to have a bad time.

 

[enterscope]

Selling products and services is generally all the same, only insurance is a product that nearly everyone has or needs at some point in time. Plus it's one of the biggest money making industries now backed by the gov. It seems to be a fairly stable market imo.

 

[CaptiveBroke(r)]

Just my opinion, if you have the time and funds to build a property and casualty business then I would consider that direction.

In NY, you may want to work with a P&C broker to start learning the business and having markets to place your business. See if you can work out an arrangement to keep the accounts if you decide to leave later on. This would probably be the least costly way to learn.

Then again, you can work captive with State Farm, Allstate or Nationwide. Be prepared to be put through a hiring process which includes having at least $50,000 in the bank (verifiable), a lengthy investigation process and then be subject to company quotas and expected results.

For the long haul if your an aggressive agent, this may not be too bad since earnings with the big 3 can be substantial....it can also be devastating if you don't meet your goals for a couple of years in a row and they start turning the screws on you.

In a nutshell, you can work independently as a life producer right away by working with the right IMO that won't be sticking phony leads down your throat and giving you low commissions.

On the P&C side, well, I think you will need to work with someone for at least 2 years to learn the business.

Good luck!