Software Engineer with Insurance Experience

[ErnestoG]

Hi everyone,

I'm new here, I have my 2-20 and 2-15 in Florida, I used to be in the industry many years ago but have been working as a software engineer since I graduated. I've been interested in starting my own agency with a marketing software idea I have however in Florida the home insurance market is terrible and from what I've been advised is not worth pursuing my idea unless I can get appointed with loggerhead which seems to be next to impossible without an existing agency. I'm considering if maybe the best course of action is to look into other States. I'm considering Texas but I have no idea what the home insurance market looks like there. If anyone has any advice on how I can best go about getting a clear picture of what things look like there I would greatly appreciate it.

All the best,
Ernesto

 

[scagnt83]

Hi everyone,

I'm new here, I have my 2-20 and 2-15 in Florida, I used to be in the industry many years ago but have been working as a software engineer since I graduated. I've been interested in starting my own agency with a marketing software idea I have however in Florida the home insurance market is terrible and from what I've been advised is not worth pursuing my idea unless I can get appointed with loggerhead which seems to be next to impossible without an existing agency. I'm considering if maybe the best course of action is to look into other States. I'm considering Texas but I have no idea what the home insurance market looks like there. If anyone has any advice on how I can best go about getting a clear picture of what things look like there I would greatly appreciate it.

All the best,
Ernesto

Find a landlocked state with no tornados and no forest fires and no floods.

 

[Tahoe Ray]

Hi everyone,

I'm new here, I have my 2-20 and 2-15 in Florida, I used to be in the industry many years ago but have been working as a software engineer since I graduated. I've been interested in starting my own agency with a marketing software idea I have however in Florida the home insurance market is terrible and from what I've been advised is not worth pursuing my idea unless I can get appointed with loggerhead which seems to be next to impossible without an existing agency. I'm considering if maybe the best course of action is to look into other States. I'm considering Texas but I have no idea what the home insurance market looks like there. If anyone has any advice on how I can best go about getting a clear picture of what things look like there I would greatly appreciate it.

All the best,
Ernesto

In what world does a software engineer want to become an insurance agent?

That's like a surgeon deciding to become a family physician.

I write a lot of software engineers for disability coverage. A lot of them make over 500k/yr.

Guess how many insurance agents make that much?

Spoiler: very few.

Build your idea and sell it to a carrier/agency for 10m.

 

[DonP]

In what world does a software engineer want to become an insurance agent?

That's like a surgeon deciding to become a family physician.

I write a lot of software engineers for disability coverage. A lot of them make over 500k/yr.

Guess how many insurance agents make that much?

Spoiler: very few.

Build your idea and sell it to a carrier/agency for 10m.

To net $500k a yr before taxes most agents will need gross commissions of $700 k min . To do that type revenue requires additional staff especially on the p@c side and in the first few yrs a massive ad and lead budget . In heavy residual ins like p@c and Medicare as the yrs go on your net will be larger and larger . Very few life agents net $500 k . I’d say 98% of the ones that do are with Northwestern , mass mutual , Guardian , etc . They work the high end mkts and many do disability policys which have great renewals . Your best chance to net $500 k in ins is to recruit . Obviously duplication in #’s is powerful.

 

[ErnestoG]

In what world does a software engineer want to become an insurance agent?

That's like a surgeon deciding to become a family physician.

I write a lot of software engineers for disability coverage. A lot of them make over 500k/yr.

Guess how many insurance agents make that much?

Spoiler: very few.

Build your idea and sell it to a carrier/agency for 10m.

Really? I always figured most agents were making 50k per month. At least the agent I worked under made far more than that as profit after expenses every month.

 

[Tahoe Ray]

Really? I always figured most agents were making 50k per month. At least the agent I worked under made far more than that as profit after expenses every month.

Lol...no.

The average agent is lucky to clear 100k.

Most also lie about what they make.

Making 600k in insurance puts you at the top of the table for MDRT:

Member Requirements

The minimum qualifications are the top 10% of all agents.

Most insurance agents make very little money.

 

[ErnestoG]

Lol...no.

The average agent is lucky to clear 100k.

Most also lie about what they make.

Making 600k in insurance puts you at the top of the table for MDRT:

Member Requirements

The minimum qualifications are the top 10% of all agents.

Most insurance agents make very little money.

Wow! Well, thank you for the input, I will be selling my software then

 

[scagnt83]

Lol...no.

The average agent is lucky to clear 100k.

Most also lie about what they make.

Making 600k in insurance puts you at the top of the table for MDRT:

Member Requirements

The minimum qualifications are the top 10% of all agents.

Most insurance agents make very little money.

But the regional Primerica manager drives a lambo to the conference... are you telling me its a rental?