Hi, I am currently working a major insurance carrier. I am an underwriting manager and thinking of branching out on my own by starting an agency. I make very good money now and am a bit worried about a drop off in income. I underwrite E&O insurance. Can anyone provide some advice to someone looking to start up. If i start with auto and homeowners etc do you think I will be able to cross sell the E&O and is cold calling the best way to start?
Thinking of Starting an Agency
- Thread starter cnome02
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- 561
Make sure you have plenty of capital when starting out scratch...especially for p&c...you will likely be in "the red" for at least a year and probably longer with start up costs and overhead.
What state are you in and what companies will you have...give us a little more...
What state are you in and what companies will you have...give us a little more...
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I would be starting the agency with a partner and we would start in NY/NJ. Eventually I would like to leave him in NY/NJ and head to CA. Also, I was hoping that during the first year I could get away with working from a home office to limit overhead. For the P&C I would use a wholesale broker to start. I have great wholesale relationships and the wholesaler I have in mind works for a large national company that is appointed everywhere
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Buzz, how did you find your P&C clients when you first started? That is my biggest concern, getting new business in the door. I am expert on E&O and D&O but I am not sure how I would go about getting the business, would you recommend buying a small book?
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Sorry BTFuzz, I called you Buzz by accident
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Buzz, how did you find your P&C clients when you first started? That is my biggest concern, getting new business in the door. I am expert on E&O and D&O but I am not sure how I would go about getting the business, would you recommend buying a small book?
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Sorry BTFuzz, I called you Buzz by accident
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- 561
buying a book would be the best if you find a good one...starting scratch is no picnic today with all of the competition especially for personal lines.
There are many different ways to market or prospect, but probably the most economical way is to buy a targeted list of prospects, scrub them against the DNC list and start calling. I did this stuff the first few years in business...haven't cold called in about 6-7 years now, but if you don't have the revenue this is your lowest cost avenue.
There are many different ways to market or prospect, but probably the most economical way is to buy a targeted list of prospects, scrub them against the DNC list and start calling. I did this stuff the first few years in business...haven't cold called in about 6-7 years now, but if you don't have the revenue this is your lowest cost avenue.
- 558
You may want to try while you are still a captive agent cold calling to see if that will work for you. You may also want to try working different types of leads as well to see if you can find something that will work for you while still captive. This way you will know if having something that will work if you decide to branch off on your own.
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why in the world would you want to start in NJ or where ever and then move to CA and start all over again? Its hard enough quitting a captive carrier and starting over with all of your COI's and marketing systems flowing, you want to cross the country and start over?
makes no sense...... why do all that hard work for nothing?
makes no sense...... why do all that hard work for nothing?
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