Graduating In May

[MaroonNWhite]

I would first like to say that this site has already given me a lot of advice, and helped me with my current insurance job setting appointments at a State Farm office near my campus. I've been here for about a year, and before that I spent a year and a half working as an underwriter for another local company.

What I am looking for is some advice on whether or not I should work for a captive for a couple of years then test the waters as independent, or if I should start right away as independent?

If starting right away as an independent, I figured my target market would be younger people who are shopping on price alone. This is where I would explain to them the importance of liability limits. My goal is to earn their trust because someone has finally taken the time to explain insurance to them. I would also explain the importance of budgeting and help them get away from renting and be on track to homeownership within a couple of years. Is this a good way to go about it?

I know I am not going to get rich over night, but I feel that with my work ethic and competitiveness, that I will be able to succeed in the long run.

I plan on starting out with just P&C, then adding Life & Health down the road. The young market would be great to hit with Health due to the new mandate, but by the time I am able to start selling, I will have to wait until October at the earliest to start making moves on Health clients.

Any and all advice would be much appreciated.

 

[Josh]

If starting right away as an independent, I figured my target market would be younger people who are shopping on price alone. This is where I would explain to them the importance of liability limits. My goal is to earn their trust because someone has finally taken the time to explain insurance to them. I would also explain the importance of budgeting and help them get away from renting and be on track to homeownership within a couple of years. Is this a good way to go about it?

Assuming you're talking about doing P&C, you're not going to start out of college independent. P&C carriers have production requirements along with other criteria that make it extremely difficult to start independent. There are a number of ways to work with other agents/clusters, etc, but that's what you're up against.

As far as "converting" people, I don't think you're going to get much action. I could be entirely wrong, especially if you have a large enough natural market, but the "price alone" shoppers are usually just that, price alone.

Why is having them own a home better than renting? Why would you be trying to do their budgets with them?

 

[VolAgent]

If you want to save people, join the ministry. Insurance isn't for you.

Some people will be lifelong renters with barely a dime to their name. Others will be savers and will accumulate assets. While higher income definitely helps, past a certain point it doesn't matter what you make. Either you are a saver or your are not.

Don't worry about it. Get them the insurance they want now, keep in touch with your clients and those that move into houses will look to you for homeowners.

 

[Gabe9175]

I would consider getting into life and health insurance sooner rather thank later. Offering those additional products will get you where you want to be financially quicker. You wouldnt even have to put up any additional marketing dollars to do this if you simply ask your P&C clients if they have interest in reviewing their other insurance needs

 

[MaroonNWhite]

Thanks everyone for the replys. I've decided to scratch the budget help and just push P&C hard, and then target my customers for Health & Life. I think I am more interested in seeing what everyones oppion would be on the following options:
1. Work for a captive for a year then go out on my own.
2. Take a non insurance job and sell independently on the side until I build a big enough book to support myself.
3. Start out independently and work my butt off to try building my own book of business as fast as possible.

I know each of them have their pros and cons, and I'm not going to get rich over night. I am very motivated and not afraid of the long hours that it will take to be successful. All opinions and suggestions will be greatly appreciated.

 

[xrac]

Thanks everyone for the replys. I've decided to scratch the budget help and just push P&C hard, and then target my customers for Health & Life. I think I am more interested in seeing what everyones oppion would be on the following options:
1. Work for a captive for a year then go out on my own.
2. Take a non insurance job and sell independently on the side until I build a big enough book to support myself.
3. Start out independently and work my butt off to try building my own book of business as fast as possible.

I know each of them have their pros and cons, and I'm not going to get rich over night. I am very motivated and not afraid of the long hours that it will take to be successful. All opinions and suggestions will be greatly appreciated.

Start captive and learn the business inside and out.

 

[Gabe9175]

xrac actually has the best advice. Being a captive agent can stink a little because you take a haircut on the commissions, however most everyone has gone that rout to learn the ropes. You can look at the portion of commission they keep as tuition towards your masters degree in insurance.

 

[MaroonNWhite]

I appreciate the help guys. Are there any particular captives that development employees better than others? I currently work in a State Farm office, and have had a very good experience here.

 

[kgmom219]

Maroon, where are you located? Each company is different in each area. That will help with the recommendations on where to start. I agree that starting captive and taking advantage of the training and leads is the way to go, but what company you start with will be area specific.

 

[Mark@360]

It's better if you start as dependent. You should know first how insurances work in a company and probably other companies. Establish yourself first, before going independent.