Going Independent without Experience

[newbie1984]

I am a recent top tier university graduate but I don't have any experience in insurance industry. I want to open my own independent insurance agency providing auto, home, health, small business, and semi truck insurance. I am not worried about attracting customers but my biggest concern is obtaining rights to sell insurance products and at the same time being competitive. I am looking for any type of advice, especially concerning my chances of getting insurance companies to allow me to sell their product and how to approach and convince them as well. Thank you all in advance.

 

[theinuranceguy]

I am a recent top tier university graduate but I don't have any experience in insurance industry. I want to open my own independent insurance agency providing auto, home, health, small business, and semi truck insurance. I am not worried about attracting customers but my biggest concern is obtaining rights to sell insurance products and at the same time being competitive. I am looking for any type of advice, especially concerning my chances of getting insurance companies to allow me to sell their product and how to approach and convince them as well. Thank you all in advance.

I do not sell P&C but I do know that it is nearly impossible to get appointed direct to a carrier without a book of business and or no experience. Also, the chances of a brand new agent going independent and lasting very long are slim to none.

I dont say this to encourage you, but it would save you much heartache and time if you worked for someone for a while and learned the ropes, then branch off and start your own gig.

Good Luck

 

[indmedins]

From what I have been reading on certain P&C topics, I would have to agree with Ramiz.

 

[LGilmore]

When I licensed for P&C I looked into it as I "thought" it would be like the life side of things where companies will bend over backwards to work with you. Just the opposite..... They only want to work with agents who have a large established book of business and they expect you to bring all those people over.... I guess due dilligence hasn't hit P&C...yet.

That was with 20 years in the business. I think Met was the only one to offer a go of things. I was considering it because about every other client would ask if I could do their home and cars...

The two sides of insurance people and things are run very differently. My advice to you would be to start somewhere, save you money, learn the business and start somewhere after about 5 years. The

 

[Soaringagent]

Maybe work with a MGA like Superior Access to first build up your book. Where are you at right now?

 

[retread]

I am a recent top tier university graduate but I don't have any experience in insurance industry. I want to open my own independent insurance agency providing auto, home, health, small business, and semi truck insurance. I am not worried about attracting customers but my biggest concern is obtaining rights to sell insurance products and at the same time being competitive. I am looking for any type of advice, especially concerning my chances of getting insurance companies to allow me to sell their product and how to approach and convince them as well. Thank you all in advance.

Don't bite off more than you can chew. You will benefit by starting out as a captive agent, since they will provide training and leads. Scale down your focus to P&C OR Health OR Life, not everything at once. You will not believe the amount of material you need to learn for just one area.

A company like Farm Bureau will get you in the door with P&C and you can develop expertise in Life or Health from there. Be advised that when you leave to go independent, you will abandon your book of business and source of leads, so be prepared to starve a while unless you have some savings.

 

[xrac]

I have to agree with the others that I don't think you be successful going INDY without some experience. I think you have a couple of options. Go somewhere captive where you can learn the business. Plan on staying at least 3-5 years and leaving your book of business when you walk away. The other way is to find an Indy you can work with where you own the business and they serve as your GA and take an override on your business. I have an INDY friend who offered me that. When you feel confident you move out and start on your own. Just be sure to have it all in wirting. A possible third option is finding an INDY agent who is going to retire in the next 3-5 years and work yourself into position to take over the agency. Just some thoughts!