Considering opening my own agency

Double Agent · 05-19-2007, 10:39 AM

Hi All! I'm new to the forum and have ALOT of questions. First, about me. I've been licensed in the State of Oklahoma for 10 years as a P&C agent. I've worked for an independent agency and am now the Personal Lines Supervisor. I've trained many a new employee. I think the time is coming for me to venture out on my own. I'm at that point in my life where working for the other guy is no longer rewarding or satisfying. Question is HOW? I have a good working relationship with several company reps. I don't think getting appointed will be a problem. I don't have a L&H license nor do I think I want one as I have never sold L&H. My expertise is in Home, Auto and Dwelling Fire. How does one start their own agency in Oklahoma? What are the licensing requirements? I know I must have E&O insurance. I am also a travel agent and operate a travel agency from my home so I already have all the necessary equipment to run an insurance agency from my home. There's not all that much difference between the two occupations. Can this be done? Can a travel agency and an insurance agency operate side by side. If it can be done, I'm willing to open a store front later on once my book of business gets built up. Is any of this possible and where do I start? My Progressive rep told me that I should consider buying an existing agency near my town. Problem with that is they don't exactly advertise in the classifieds. Suggestions and advice are warmly welcome! Tell me your thoughts on the subject.

senior-advisor-indiana · 05-19-2007, 10:51 PM

I have heard Oak Tree Financial will hepl out in purchasing and selling agencies. I don't have a clue how they work or if it is a good idea but it might be worth a shot. Thats all the iinput I can give on this subject as I am a L&H agent. I would love to start an agency in the senior market but I don't know how.

Double Agent · 05-20-2007, 01:10 PM

Thank you very much Senior-advisor-Indiana. Maybe someone will offer some insite to my quandry as I'm sure I'm not the only person to face this. Everyone had to start somewhere. Come guys, open up. Is there someone out there from Oklahoma who has started from scratch? or maybe purchased a small agency? How did you find it? I'm just at a total loss here. Our isurance comissioner's website is of no help whatsoever. Looking forward to hearing from you all.

retread · 05-20-2007, 06:05 PM

Originally Posted by Double Agent

...... Come guys, open up. Is there someone out there from Oklahoma who has started from scratch? or maybe purchased a small agency? How did you find it? I'm just at a total loss here. Our isurance comissioner's website is of no help whatsoever. Looking forward to hearing from you all.

Waiting for someone to hand the info to you isn't going to work. The information you need is on this board, but hidden in numerous posts. I spent several months wading through many inane comments only to find a jewel hidden here and there. I hate to have to say it, but that's the only way you are going to find what you are looking for.

al3 · 05-20-2007, 07:04 PM

Originally Posted by retread

Waiting for someone to hand the info to you isn't going to work. The information you need is on this board, but hidden in numerous posts. I spent several months wading through many inane comments only to find a jewel hidden here and there. I hate to have to say it, but that's the only way you are going to find what you are looking for.

What was the jewel (for you)? For me it was John P's post on B2B and "the math."

Al

retread · 05-20-2007, 08:07 PM

Yes, that one and many like it. But you have to look hard. There is a lot of fluff you have to wade through first before you stumble on them.

salpro22 · 05-20-2007, 09:27 PM

Originally Posted by al3

What was the jewel (for you)? For me it was John P's post on B2B and "the math."

Al

Hmmm, what do you mean by the math? Telemarketing, lead volume, etc.????

al3 · 05-20-2007, 11:37 PM

Originally Posted by salpro22

Hmmm, what do you mean by the math? Telemarketing, lead volume, etc.????

Exactly.

The 'jewel' that I would like to 'leave' for others is that the success of people on this forum is not an indication that doing what they do will be successful for you. I'm convinced that selling health insurance in my part CA is more difficult than it is for John in his part of MD. I'm NOT the worst salesperson in the world. Having spoken with other agents in this area, they tell me that my experience is not 'unique.' This is just a hard market. This is a government town and it is hard to compete with CalPERS, STIRS, etc.

I'm looking at life, LTC, annuities, the senior market, etc. It's hard to make a buck on IFP and especally small group in Sacramento... well at least for me.

One thing that is not repeated enough on this board is that every geographical location is different for different products.

Al

***Melmunch3*** · 05-21-2007, 04:49 AM

You might want to give the people at www.agencies4sale.com a buzz. Most of the stuff they have listed is P&C and I have heard that there is a lot more that never gets listed.

Double Agent · 05-21-2007, 08:25 AM

Thank you for all your useful information. I'll give it some very serious thought and continue searching the forum as I have for about 2 months now. One of my Reps warned me against going with Brooke. Is anyone out there with Brooke Agency? What has been your experience?

Double Agent · 05-22-2007, 04:29 PM

Originally Posted by retread

Waiting for someone to hand the info to you isn't going to work. The information you need is on this board, but hidden in numerous posts. I spent several months wading through many inane comments only to find a jewel hidden here and there. I hate to have to say it, but that's the only way you are going to find what you are looking for.

I'm sorry you think I've been waiting for someone to hand me the information. I was under the strange assumption that asking questions is what this board was for. I appear to be wrong. Apparently I didn't even have to register to find the information I need. I only need to read each and every post in each and every board until I find what I need. Wow! Why didn't I think of that myself! I guess you can call this discussion closed as I'll be looking for my answers for the next 6 years. Thanks All!

Good luck in your carriers and may God richly bless you all.

Double Agent · 05-22-2007, 04:33 PM

Oh, I forgot, thank you Melmunch3. I have contacted Brooke Agency. I really appreciate your help.

salpro22 · 05-23-2007, 12:40 AM

Originally Posted by Double Agent

I'm sorry you think I've been waiting for someone to hand me the information. I was under the strange assumption that asking questions is what this board was for. I appear to be wrong. Apparently I didn't even have to register to find the information I need. I only need to read each and every post in each and every board until I find what I need. Wow! Why didn't I think of that myself! I guess you can call this discussion closed as I'll be looking for my answers for the next 6 years. Thanks All!

Good luck in your carriers and may God richly bless you all.

You are both correct. I joined this board back in September and it took me two months to read every post I found relevant, which at the time was every single one (i can't help that I like to read.) Could I have asked questions from the get-go? Yes, and I did ask and continue to do so. Did I waste some time reading information that wasn't relevant. No, because I have learned quite a bit about life insurance, medicare, and most recently a bit about P & C. If anyone takes the time to read all of the posts pertinent to their field, I guarantee they will be ahead of 95% of the majority of insurance agents.