Super new agent here, please help

[Kate2002]

Brand new P&C agent here. I admitted that I got my license straight without doing the research to find out how insurance agents work/how much we can make.

Long story short, I got my license. Now how do I start selling? From my understanding, I need to work with an insurance broker(agency), and that agency is appointed by several carriers. So, I contacted an agency near me. They are contracted with Brightway, commissions are 8%-10% depending on the carrier. If I join this agency, my split will look like this:

80/20 new business

50/50 renewal

$550/per month (software and training from brightway).

Also, the agency will get a cut from my commission as well, maybe 10%( negotiable).


So let's say if I wrote a home owner policy of $1000 with 10% commission, the calculation would be: $1000x10%=$100

$100x80%= $80

$80x90%=$72

Does that sound right? Not to mention I have a monthly fee of $550??


I’m very confused, Please help me clear things up.

 

[Markthebroker]

There is a larger (statewide) issue to look at as well. Are you aware of what the condition of the p&c market is in Florida? It's perhaps the worst in the country, debatably tied with my state, California.

 

[Kate2002]

There is a larger (statewide) issue to look at as well. Are you aware of what the condition of the p&c market is in California? It's perhaps the worst in the country, debatably tied with my state, California.

I’m so new that I’m not aware of the market condition , I’m located at Florida not sure if we are any better than California

 

[Markthebroker]

I’m so new that I’m not aware of the market condition , I’m located at Florida not sure if we are any better than California

I am an established p&c commercial only independent agent in Ca, so I can't speak much to the Florida personal p&c market specifically. Hopefully other agents will chime in soon.

What I can tell you though, generally speaking, this is probably the worst time in our lifetimes to be starting a career in insurance. A GREAT time for someone like me that is established, but an absolute nightmare for you.

 

[rmhaire]

Long story short, I got my license. Now how do I start selling?

What part of FL?

 

[Kate2002]

What part of FL?

Orlando

 

[Lloyds of Lubbock]

I am a life guy and don't know P n C.
I lived in North Miami.
Our insurance went up constantly and coverage decreased.
I lived a block off the intercoastal where it was very shallow and the neighborhood never had a flood situation.
We have moved overseas but intended to keep the condo.
A real estate agent contacted me and asked if I would consider selling?
We came up with a number and in 3 days the condo was sold at full price.
I keep in touch with my neighbors and was told that the insurance for the the association coverage has gone up so much, they need to double monthly fees in order to cover.
There are a lot of elderly owners there and there is no way they can withstand the hit on their unit and the association dues.
Florida is not the place to go into this business.
Best of luck to you!

 

[fed up]

Your best bet is to become an employee of an agency and learn the business while getting paid. You will find out quickly what areas of Florida that you can't write but have a chance to make money selling your monoline business, selling new business, and learning the business. Agents for major carriers are always hiring.

 

[rmhaire]

Orlando

It's been over 50 years since I did p&C but I still keep up.

Since we know very little about you, most of our advice will be generic at best. The more we know the better we can help.

You pretty much put the cart before the horse but who wants to put ketchup back in the bottle.

Take Fed Up's advice. Talk to several of the larger agencies in Orlando. The good ones are always looking.
Don't pay $550 for software. You're not ready for that. A reputable agency will train you for free.
Consider getting your l&h license. Easier to generate a paycheck and quicker too. You're probably going to want to eat while you're learning p&c.
Start thinking about where you want to be 2 years from now and plan that way. It'll take at least that long to get a p&c agency up and running.

And good luck.

 

[Newby]

I would cut bait on P&C and go life and Health.