Over 150.000 insurance professionals and consumers come to the Insurance Forum every month. Click here to register for FREE


Go Back   Insurance Forums > Insurance Agents and Brokers Forum > Getting Started Selling Insurance

Reply to A Guide to P&C for New Agents and New Agencies     
Old 02-17-2013, 05:22 PM   #41
New Member
 
Join Date: Dec 2012
Posts:5
State: chadfoxman is an Insurance Agent from New York
A Guide to P&C for New Agents and New Agencies Re: A Guide to P&C for New Agents and New Agencies
Great Article It helped answer a lot of my questions. I know there will be more and maybe you can answer them in the future.

Thank You For The Post
------------------------------------
  Reply With Quote to A Guide to P&C for New Agents and New Agencies
Old 02-17-2013, 07:22 PM   #42
Guru
 
Join Date: Jul 2012
Posts:280
State: PhilL is an Insurance Agent from Florida
A Guide to P&C for New Agents and New Agencies Re: A Guide to P&C for New Agents and New Agencies
NCAgent should be seriously applauded for providing such valuable information to agents in need of such knowledge. I have been in the P&C industry for more than forty years and this the most salient information I have seen in one place.
------------------------------------
  Reply With Quote to A Guide to P&C for New Agents and New Agencies
Old 02-27-2013, 12:45 AM   #43
Super Genius
 
Join Date: Feb 2013
Posts:88
State: MikeM. is an Insurance Agent from California
A Guide to P&C for New Agents and New Agencies Re: A Guide to P&C for New Agents and New Agencies
Thank you. Your post have been very helpful.
------------------------------------
  Reply With Quote to A Guide to P&C for New Agents and New Agencies
Old 02-28-2013, 09:41 PM   #44
Expert
 
Join Date: Feb 2013
Posts:21
State: samj4th is an Insurance Agent from North Carolina
A Guide to P&C for New Agents and New Agencies Re: A Guide to P&C for New Agents and New Agencies
this is very helpful wow , i have an agency and i would share this info
------------------------------------
  Reply With Quote to A Guide to P&C for New Agents and New Agencies
Old 03-01-2013, 03:48 AM   #45
Expert
 
Join Date: Jan 2013
Posts:46
State: JosephWilson86 is an Insurance Agent from Arizona
A Guide to P&C for New Agents and New Agencies Re: A Guide to P&C for New Agents and New Agencies
Thanks for this post, this is tge second time I've read it.
------------------------------------
  Reply With Quote to A Guide to P&C for New Agents and New Agencies
Old 03-06-2013, 06:45 PM   #46
Super Genius
 
Join Date: Apr 2011
Posts:87
State: Chevarian113 is an Insurance Agent from Undisclosed Location
A Guide to P&C for New Agents and New Agencies Re: A Guide to P&C for New Agents and New Agencies
NCAgent, thanks so much for putting together such an excellent write up. I am in my research phase of leaving my captive agency as a staff producer to go on my own independent. Through captivity in an area of ever-decreasing eligibility, I've learned quickly that it is certainly to my advantage of having a broadened eligibility being Indy.

I do, however, have a question I've stumbled across today that might be helpful to others. I have based my assumptions on my past experience in my agency, but I'm curious what a realistic goal is for monthly P&C premium in start up. I realize this will greatly depend on the built referral business and various other marketing strategies (working on that plan as well), not to mention average premiums of your region (home pretty high in my coastal region of VA), but on average, how does a start-up indy agent project their expected monthly premium.

I came to this question as I had put an expectation in my mind of 30-50k monthly premium focusing primarily on HO with multi-lining opportunities. In my current agency, I've been able to produce 25k in our hay-day or writing in this area, while managing to service roughly 1000 clients myself (my portion of our book). I was discussing this with my current agent today and he feels I'm aiming higher than is realistic, so now it has me guessing, what does a company we propose our business plans to feel would be realistic starting scratch?

Any thoughts and input is hopefully helpful to more than just me.

------------------------------------
-Jason
  Reply With Quote to A Guide to P&C for New Agents and New Agencies
Old 03-06-2013, 08:13 PM   #47
Guru
 
Join Date: Jul 2012
Posts:280
State: PhilL is an Insurance Agent from Florida
A Guide to P&C for New Agents and New Agencies Re: A Guide to P&C for New Agents and New Agencies
If you are going to try to make it by focusing on HO only, with only some cross-selling, you are going to have a tough year or so unless you are going after the high-value market heavily.

For premium planning starters, make it really simple in the beginning and ask yourself how many policies you can realistically write in a day...a week...a month. Then do your projections based on the average HO premiums in your intended marketing territory.

Check with the PIA and other Independent Agents associations in your State, to see if they can help you project.
------------------------------------
  Reply With Quote to A Guide to P&C for New Agents and New Agencies
Old 03-06-2013, 09:43 PM   #48
Super Genius
 
Join Date: Apr 2011
Posts:87
State: Chevarian113 is an Insurance Agent from Undisclosed Location
A Guide to P&C for New Agents and New Agencies Re: A Guide to P&C for New Agents and New Agencies
Oh, no, I apologize, I will not necessarily focus on HO with some multi-lining, but my ideal client will own a decent home (in my area $1500-2000/ year premium), a few cars (1000/ 6 mos), and some basic life sales, some term, some WL, etc.

I think my ability to process and close sales would bring me 30-50k without an issue, but as far as how many people I will get in my door, no clue. I think 30-50k is reasonable (yes, I know broad range), but I don't want to be laughed at by a company that thinks that is totally unachievable and that I'm being naive. Truth is, I just don't know.

------------------------------------
-Jason
  Reply With Quote to A Guide to P&C for New Agents and New Agencies
Old 03-08-2013, 09:48 AM   #49
Guru
 
Join Date: Jul 2012
Posts:280
State: PhilL is an Insurance Agent from Florida
A Guide to P&C for New Agents and New Agencies Re: A Guide to P&C for New Agents and New Agencies
Originally Posted by Chevarian113 View Post
Oh, no, I apologize, I will not necessarily focus on HO with some multi-lining, but my ideal client will own a decent home (in my area $1500-2000/ year premium), a few cars (1000/ 6 mos), and some basic life sales, some term, some WL, etc.

I think my ability to process and close sales would bring me 30-50k without an issue, but as far as how many people I will get in my door, no clue. I think 30-50k is reasonable (yes, I know broad range), but I don't want to be laughed at by a company that thinks that is totally unachievable and that I'm being naive. Truth is, I just don't know.
Chevarian: If I understand you correctly, you are concerned that you don't want to overstate carrier commitments? In what State are you operating?
Can't help you with L&H, etc. but for P&C, if this will help you, my experience here in Florida is that both the auto and the homeowner carriers are usually content if you will commit to writing 50 polices annually with each of them, especially in the first year. Just ask each of them their average policy premium in your State and then do the simple calculation based on landing about a policy of week with each of them. Of course, you can then project your approximate revenue from these numbers, based on average commissions. Then all you have to do is meet/exceed all the goals with each carrier ! You can do it with a good marketing plan to which you believe and adhere.
Just don't take on too many commitments early on...
Hope this is of some help for you.
------------------------------------
  Reply With Quote to A Guide to P&C for New Agents and New Agencies
Old 03-09-2013, 10:25 AM   #50
New Member
 
Join Date: Oct 2012
Posts:11
State: njchula is an Insurance Agent from New Jersey
A Guide to P&C for New Agents and New Agencies Re: A Guide to P&C for New Agents and New Agencies
ncagent you have been great and very informative. I have a couple questions. I would like to work from home and go indy go you guide me a lithe more in that area, such as websites and quoting systems
------------------------------------
  Reply With Quote to A Guide to P&C for New Agents and New Agencies
Reply to A Guide to P&C for New Agents and New Agencies 

  Insurance Agent Forum > Insurance Forums > Insurance Agents and Brokers Forum > Getting Started Selling Insurance






All times are GMT -5. The time now is 06:51 AM.

Forum enabled with vBulletin®
Copyright ©2000 - 2017, vBulletin Solutions, Inc.


Join the Forum - It's FREE

Share This Page



Weekly Poll

Where do we go from here? POLL
Nothing - No ACA fixes - status quo
29.82 %
HHS Rulings and band aid bills
17.54 %
Hail Mary repeal and/or replace bill
17.54 %
A bipartisan bill to fix ACA
35.09 %

Voters: 57. This poll is closed