Insurance Agent Forum

[Sales]

A couple of quick questions for anyone familiar with Country Insurance & Financial base out of Bloomington, IL.

I'm considering a change from being a mortgage banker into insurance sales...it's a change I've considered for some time, but I'd like to make sure I have the best information possible before making the commitment.

I've been a loyal customer of the company for the better part of the last decade and in my current position as a mortgage banker, I always recommended them based upon my personal experiences.

My questions are this...

How would you rate their training?
What's a realistic income goal in the first 1-3 years?
They preach corporate support...do they deliver or are newbies thrown to the wolves? Over the years, I've had several different agents which does lead me to believe there may be high turnover...would you consider that accurate?
I currently have a fairly loyal database of referral partners (mostly realtors) and I'm of the opinion that it would hopefully give me a head start establishing myself in the business...any thoughts?
What are the production goals for new agents?

Any other insight you may have would be greatly appreciated.

FYI...my main focus would be on property/auto as this would be the most sensible transition from my current position. I'm a firm believer in prospecting, putting in full day and delivering on my word. What attracts me most to the residential side of the business is that I'm fairly adept at connecting with my clients, but I'd much rather do it in an environment where the relationship doesn't get muddied up by the constant intrusion of realtors and attorneys (no offense intended...just my experience). I would much rather listen to my clients, determine their needs and deliver...simple as that.

There's a ton of great information on this board & I'm trying to read it all, but I'm open to any suggestions you may have for a person contemplating the jump into insurance.

Thanks in advance..I'm eagerly awaiting your replies.

[tommyk]

The Country does provide you an income for the first 3 years. I believe it is $3k a month, plus your production.

[cobb_nero]

I worked for Country the past 5 years. Great place to start out as they will give you support and training.

Salary is 36K per year, however, if you miss benchmarks plan on losing at least $500 to $1,000 per month. Then take out all the leads and everything else you need to pay out of pocket. Commissions were around 7.5% on auto, 12% on home, but that may have changed. I was only paid on NB commissions, no renewals or trailers. There were no contingency bonuses either.

Very high turnover rate when I worked there. If you love corporate mentality and working in a large corporate environment then that is the place for you.

Working for a captive you are essentially building their business, not yours. Working independently is the way to go long term. I wish I had done captive for 2 years and went independent before I was married with kids, would have been much easier.

[healthagent]

Originally Posted by cobb_nero

I
Working for a captive you are essentially building their business, not yours. Working independently is the way to go long term. .

Wow...the single statement that sums it all up.

[moonlightandmargaritas]

Originally Posted by cobb_nero

Working for a captive you are essentially building their business, not yours. Working independently is the way to go long term.

In the P&C world, I know many State Farm and Allstate agents who earn a half million dollars a year (or more), and might disagree...

[alexkane03]

[cobb_nero]

Originally Posted by moonlightandmargaritas

In the P&C world, I know many State Farm and Allstate agents who earn a half million dollars a year (or more), and might disagree...

That's true at Country as well. However, after seeing some of those agents be pushed out because they weren't selling enough life or financial my eyes were opened. 2-3X the commission, contingency bonuses, business continuation, and the monkey off your back. Need I say more?

[StrategyMan]

The company's credit record isn't exactly stellar, and they have a reputation for high pressure sales. It isn't my cup of tea.