Hello. Starting in Insurance. First Post.

[as12]

Hello.

I'm trying to decide how to start in the insurance business. I already have my own office with a great location in my city. I'm a residential and commercial property owner and currently have another business.

I'm lucky to have help/advice from an ex-All State/independent agent who is now retired.

It's my first post and i'm so green I don't even know where to start.

Any advice would be great.

Thanks

 

[The Gimp]

What lines of insurance are you planning to market?

 

[as12]

Hey Gimp.

Like most agents home life auto. I'm almost sure I want to be an independent agent not captive (just learning the lango).

My friend the ex-All State agent made higher commissions selling All State after he sold his AS captive agency.

It's all up for grabs in these early days.

I think my advantage is I'm born raised in this area and I already have an office.

 

[The Gimp]

If you already have your license the process of getting contracted with carriers is simple on the life side. You find a general agency and complete Contracting paperwork and you're pretty much good to go. Make sure that whoever you sign up with will grant you an upfront release in writing. This is important because if anything goes south during the relationship they will make you wait at least 6 months without production before you can move existing contracts. Make sure you call around and speak with a few different outfits and get a feel for them. There are some good guys here on the forum that would be willing to help. Someone else will come along in chime in on the P & C side of the business. If I were you I would focus on one area until you get it down and then expand from there. Trying to do everything at once is kind of like drinking from a water hose.

 

[as12]

Gimp, I don't have a license and I've never worked in the insurance business. My dad sold burial policy's door to door in the 60's.

It's always rough learning something new and I'm so green.

I have two teenager sons and think building up an agency starting now may benefit them later on when the time comes. That's one of the reasons for having an independent agency versus captive I can give to them.

I'm reading all I can on this forum and talking with an ex-agent.

Are there companies out there like State Farm and All State that guide you though the process that don't want you to be captive/exclusive?

 

[glgamerica]

Gimp, I don't have a license and I've never worked in the insurance business. My dad sold burial policy's door to door in the 60's.

It's always rough learning something new and I'm so green.

I have two teenager sons and think building up an agency starting now may benefit them later on when the time comes. That's one of the reasons for having an independent agency versus captive I can give to them.

I'm reading all I can on this forum and talking with an ex-agent.

Are there companies out there like State Farm and All State that guide you though the process that don't want you to be captive/exclusive?

Welcome to the forums. I wrote this article about how to get set up as an independent licensed agent. Let me know if you need any help.

How to Become an Independent Insurance Agent

Good luck!
PS. I need to connect with an independent worksite agent in Louisiana! lol...

 

[PhilL]

Welcome to the forums. I wrote this article about how to get set up as an independent licensed agent. Let me know if you need any help.

How to Become an Independent Insurance Agent

Good luck!
PS. I need to connect with an independent worksite agent in Louisiana! lol...

Good of you to share this with the new agent.

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Gimp, I don't have a license and I've never worked in the insurance business. My dad sold burial policy's door to door in the 60's.

It's always rough learning something new and I'm so green.

I have two teenager sons and think building up an agency starting now may benefit them later on when the time comes. That's one of the reasons for having an independent agency versus captive I can give to them.

I'm reading all I can on this forum and talking with an ex-agent.

Are there companies out there like State Farm and All State that guide you though the process that don't want you to be captive/exclusive?

as12, I advise agents who are trying to decide how to navigate the maze, in terms of setting up their own agencies. Give me a call if you want some ideas. I can be reached through my website. Will be back in my office all day on Tuesday.

 

[as12]

Thanks Phil and GLG.

 

[playball41]

I am in PA just getting up and running as an Indy got plenty of life contracts (Brokers Alliance) I am finding that it is much harder to get the P&C contracts . One company I am seriously considering is Smart Choice I guess I will give up a few percent on commissions to be able to write P&C. The down side is no binding authority. I seriously doubt I will get any P& C contracts from any companies as a brand new guy correct? Open to suggestions and business opportunities on the PC side. Bob

 

[shawnmwalker]

Well you have a decision tree here. I'll lead you down one path, but it is biased.

"Begin with the end in mind"- 7 habits of Highly effective people.

Decision #1:

What end of the Ins Spectrum do you want? if you answered P&C keep reading. If ''Other" wait for the others to respond

Decision #2: Captive or Independent.

Captive:
Pro: They will teach you a lot but inevitably you will go Indy at some point in your career. Another Pro, they will subsidize your life for a time.
Con: The District Manager will push too hard or force life on you or cut your commissions or change your contract, or, ext, ext. Your Captive will take rate increases and kill your production and you will have one price point while others dissect your book one policy at a time.

Independent: :
Pro: Control expenses. Get higher commission. Higher conversion. Higher retention. All of those factors equal more money.
Con: Starting out. Getting knowledge. Your personality type could sink yourself.

Decision #3:

Once you decide Indy is for you, in the next week or 22 yrs from now. The question will be how to do it. Your options include:

Buy an agency.
Join a group.
Become a producer for an agency.
Get direct appointments.
Get an agency that provides the back end service so you can hunt full time.

You decide which one is best for you.


Decision #4: What group should I join?

There are a lot. Consider the following. NOT ALL GROUPS ARE CREATED EQUAL! They range from good, better and best.

Any group claiming to be best of class should provide the following:
1. Transparency
2. Training and support
3. Carrier Alignment
4. and a great Contract
Give me a call, shoot me am IM. Good luck and have fun with your choices.

I have been in Insurance for 13+ years and the great thing in this industry is you can choose to never stop learning. Your learning curve is never ending. Meaning you will never get board.