I got my insurance license & signed on with a company I thought would be good because they supposedly support my own personal goals; i.e. active in the community, customers first.
Unfortunately, I'm finding that my community activities are only valued if they're producing immediate leads, I'm being treated as an employee instead of a contractor & the company's P&C rates are so un-competitive in my market that there is no way I'm going to be able to sell enough of them to make quotas.
Now, it's not my selling, because I'm doing very well with two other companies in health, LTC, etc. So, should I bail and how does one go about getting out of the contract?
I'm no attorney but "getting out of the contract" sounds like you signed some type of captive agreement. In my experience unless you've been getting paid a salary your agreement and/or non-compete won't hold up for a second in court.
------------------------------------ Brad Aden 360 Financial Group, LLC
314-821-0582 Direct www.360fgllc.com
Yes, it's Farmers, and I have a small enough P&C book of business with them that I won't mind walking away. The few I managed to be competitive enough to sell on were from their internet leads; terrible credit scores & driving records, which seems to be the only ones they are competitive with here.
They wanted me to sell all of my family & friends, but I wasn't keen on that business plan. I haven't what they call "careered" yet, so I'm on a "reserve" agreement.
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Originally Posted by gmveesaert
Yes, it's Farmers, and I have a small enough P&C book of business with them that I won't mind walking away. The few I managed to be competitive enough to sell on were from their internet leads; terrible credit scores & driving records, which seems to be the only ones they are competitive with here.
They wanted me to sell all of my family & friends, but I wasn't keen on that business plan. I haven't what they call "careered" yet, so I'm on a "reserve" agreement.
So, is Farmers a thread killer around here? I read a bunch of stuff over on Insurance Journals wherein it would seem a lot of people are IAs and still can sell Farmers products... in fact more Farmers products than I can sell as a captive.
Last edited by gmveesaert : 07-22-2009 at 10:58 AM.
Reason: Posts merged
I haven't saw your contract so I cannot speculate on what is entailed if you walk away. I don't think it is too difficult based upon what I have read and the people I have talked to. I would post this question under something about Farmers and see what response you get. Personally I think you can probably just walk. The sooner you leave Farmers the better off you will be.
As a reserve agent, you can pretty much tell your district manager that you have decided to go elsewhere. He/She will have you write a resignation letter. They should process a release without any issues.
As with all captive companies, a lot of agents leave early on. They tend to have a screening process to get them out the door before they start spending any real money or time with them.
As a reserve agent, you can pretty much tell your district manager that you have decided to go elsewhere. He/She will have you write a resignation letter. They should process a release without any issues.
As with all captive companies, a lot of agents leave early on. They tend to have a screening process to get them out the door before they start spending any real money or time with them.
Dan
I was hoping so. I purposely did not take much of anything offered once I realized their way of doing things didn't fit with what I'm trying to do. Don't want to burn bridges, I just don't want to be stuck with auto ins I can't sell. Liked their new NexGen Homeowners, but I couldn't find where the auto ins had the value to sell at such a premium.
I am also feeling the need to bail. I have been with Farmers since Feb. 2009 and I have turned career. As far as selling insurance I know I can...I have the background. I left working for a SF agent to try this on my own and pretty much have struggles from the beginning. (uncompetitive, no training). I have had more support and training from the SF agent that I left until this day he stays in contact with me.
He has offered me my job back and is willing if I still want to have my own agency to help me get one with SF.
My ego is the one that is stopping me right now. I feel that if I walk away I'm a quitter, a failure.
I am also feeling the need to bail. I have been with Farmers since Feb. 2009 and I have turned career. As far as selling insurance I know I can...I have the background. I left working for a SF agent to try this on my own and pretty much have struggles from the beginning. (uncompetitive, no training). I have had more support and training from the SF agent that I left until this day he stays in contact with me.
He has offered me my job back and is willing if I still want to have my own agency to help me get one with SF.
My ego is the one that is stopping me right now. I feel that if I walk away I'm a quitter, a failure.
I felt that way when I first started seriously considering leaving where I am at. Then I thought about all of the negatives, and realized I am glad I decided this early on. If I had 4 or 5 years with the company and good renewals, then it would be a different story.
Instead of feeling like a quitter, walk out with your head held high knowing that you are going to greener pastures. I honestly can not see myself where I am at for 10 years, and I believe this is probably how you feel with Farmer's as well. If there is no future there, why prolong it until there will be serious regret?
After 7 months with a Nationwide agency I bailed. The prices had been bad and I spent most of my time selling Travelers and Progressive. They only paid me minimal commission less than half of what Nationwide policies paid. I averaged 30k in premium sales monthly. Just selling home/auto. I look at it as a GREAT learning experience! I will b teaming up with another agent from Farm Bureau. We will b going Independent. I understand your delima. Why keep selling for a company you know you will not benefit from renewals in the long run. Sounds like you know you are ready to leave.
I was hoping so. I purposely did not take much of anything offered once I realized their way of doing things didn't fit with what I'm trying to do. Don't want to burn bridges, I just don't want to be stuck with auto ins I can't sell. Liked their new NexGen Homeowners, but I couldn't find where the auto ins had the value to sell at such a premium.
Yeah, I could sell the NextGen all day, but 8/15/09 the company pulled that product and stuck us with Protector Plus and I haven't sold a home policy since.
Feeling the Need to Bail
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