Diary of a New Agent .. I'd Like Your Advice.

[BladeRunner]

Hello everyone, and Happy New Year 2012!

I'm a new property, casualty, life insurance agent in the Midwest, USA and I'd appreciate some sincere advice on how you feel I'm progressing and some advice on where I should take my career.

Let me give you some background.

I have about 5 years of sales experience. I have no prior insurance sales experience or anything close for that matter. (i.e. mortgage broker, real estate, etc.)

I work for an agency that:
-Provides appointments with a few insurance companies.
-Owns my book of business.
-Pays all business overhead, agent has no cost to do business.
-Pays base salary for 1 more year while I build my book of business.
-Commissions structured by number of policies written, not commission dollars earned.

Progress thus far:

With an empty book of business, I managed in first few months to:
-Progress to writing 20-30 policies a month
-Maintain a monthly total premium of about $20K. A few months at $35K and $15K.
-Successfully built my book thus far on mostly cold calling.

I like insurance for the following reasons:
-Potential to make unlimited income and building a strong financial future.
-Insurance is recession proof as any sales career can be.
-I have a career I can take anywhere, to any agency, or go out on my own.

Where my thoughts are now:
-I think about working for myself somehow.
-I imagine running my business.
-Being a solo, independent agent sounds exciting.

I could work as a captive agent for, let's say, Farmers, State Farm, Allstate, and own my book of business and maybe even take over a book of business from a retired agent and have back office support and such. The drawback to that for me is, I'd be captive to that one company and their rates and their ability to stay in business and thus keep me in business.

How do you feel I've done so far?
What options are there to go independent?

I'm at a point in my life now where I'm wondering, what's next?

Well, I appreciate you taking the time to read this. maybe you can at least share your experiences, personal anecdotes, thoughts and encouragement, ideas are all welcome.

Thanks in advance for your help.

-BR

 

[Bertolinoins]

Anytime an agency uses anything other than commission dollars to track your goals and quotas... it is usually a very bad deal for the agents. It is an effort by the owner to take the focus off of real dollars.

What state are you in? Can you afford to work for a year without taking home any money?

 

[BladeRunner]

Can you afford to work for a year without taking home any money?

I wish I could. At this point I can't.

 

[Guest]

Good Lord, I dont come here to read a novel

 

[GeminiGroup]

BladeRunner

1) I doubt your "true" identity would be compromised by revealing the state you work in unless you're dealing with the population density of Alaska.
* Sometimes agents may have state-specific knowledge to help provide guidance, in their quest to help you....that was your objective, correct?

But you go ahead and keep your anonymity....

You said "the potential to make unlimited income really excites me."
that comes at a cost, and you must choose what you're willing to pay to get there.


You say
"On my days off (even sometimes at work) I think of how exciting it would be to work for myself somehow. Not having to deal with the BS from other coworkers, etc. etc."


Well you'd better wake up from that daydream and realize excitement comes at a cost, not that it can't be done but open your eyes.


You will still put in 12 hour days but now that BS from co-workers, clients, vendors, insurance companies and on-going bills are YOURS.

Don't think you'll LOVE every employee that you must hire and KEEP for your business to function, that's a pipe dream, don't get me wrong I'm happier being a boss but you seem to think you can wave a wand a get all these happy go-lucky people that you like AND at the same time be are best at the JOB you need them to do.



You are very lucky, if you ever come close....your objective as a business owner is to keep people that can handle the job vs as a worker where you'd like to get along with your co-workers, see the difference in objective? If "they" get along great but more importantly can "they" get it done, owner mindset.


All workers "think" they could do it better if they were in charge, I did to, but trust me it cost to be the boss...you gotta be ready, willing and ABLE to take ACTION vs talking and dreaming about it.



Once that cold water hits you, if you're still ready... get out there and "get to it"...I promise you there's plenty of room to win


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Good Lord, I dont come here to read a novel

RBA, actually makes a good point this time
That is a very long post for free advice with little contribution to offer.

 

[Norwayguy]

Will the varying commission level based on number of sales end with the end of the modest salary?

 

[AverageJoe]

Good Lord, I dont come here to read a novel

always bashing, the guy is poring his heart out. your comment is not needed

 

[Josh]

Anyone want to give the shortened version of this?

 

[GeminiGroup]

Anyone want to give the shortened version of this?

Al Bundy-type dreams of owning the shoe store:

Dreams of flying 1st class w/ topless flight attendants
free drinks etc

Has no $$$, needs 3 wishes the END

P.S. Wishes to stay "anonymous" so be berry quiet

 

[Guest]

always bashing, the guy is poring his heart out. your comment is not needed

Seems to me others agree it is too long,

Why dont you take the advice that has been given you in your thread before you want to start bashing others