Insurance 'Solicitor' Vs. Insurance Agent - Differences?

[Doppelganger]

I have an interview tomorrow with a State Farm agent to be considered for an insurance 'solicitor' position. I've done a bit of research and know that this is a person who represents the agent rather than the company. My questions are:

1. What kind of income range is typical to this position relative to a position as an actual agent?

2. Would this be a practical part-time position so I could learn the industry without investing too heavily in it before I've got my feet wet?

3. Could this potentially be a scam? I know State Farm is very legit, but that doesn't necessarily mean the agent will have good intentions. I have no desire to end up in some sort of door-to-door dead end schtick, since I already have a steady job.

 

[magagent]

In most cases a "solictor" is paid by the agent or the agent's agency and NOT the company.. You better make sure you know the agent very well when becoming a "solictor"

 

[Doppelganger]

In most cases a "solictor" is paid by the agent or the agent's agency and NOT the company.. You better make sure you know the agent very well when becoming a "solictor"

Thanks, magagent. I'll try to do some research on him, though I'm not sure how far I'll get, since I'm fairly new to the area.

 

[RonRoberts]

Depending upon the agent, and everything depends upon the agent you may be able to make money.

You can very well start this way part time. If the agent will allow you to solicit his current book of business and up sell to the clients and pay you decently you have a chance to make some money. Even better if the agent will start you out on a draw. If the agent will not allow you to solicit his current book of business, then everything will rely on how much weight state farm has in your area. Also, you can forget about earning any commissions on renewals...that is unless the agent is an extremely fair agent.

I almost went to work for a state farm agent that would not let me solicit his current book nor would he provide me with leads. He was going to start me out on a small draw but then he changed his mind. So, I changed my mind. He told me that working full time 8-10 hours a day I should be able to make around $40K a year. I thought about the idea of letting this be a stepping stone to applying for an agency but ultimately decided against it.

If you are set on this idea, I would talk to several state farm agents and look for the better deal for you and the agent. Remember, if the deal swings greater to your favor it will never last. If the deal swings greater in the agent's favor which it probably will you must be able to live with the income potential.

I have an interview tomorrow with a State Farm agent to be considered for an insurance 'solicitor' position. I've done a bit of research and know that this is a person who represents the agent rather than the company. My questions are:

1. What kind of income range is typical to this position relative to a position as an actual agent?

2. Would this be a practical part-time position so I could learn the industry without investing too heavily in it before I've got my feet wet?

3. Could this potentially be a scam? I know State Farm is very legit, but that doesn't necessarily mean the agent will have good intentions. I have no desire to end up in some sort of door-to-door dead end schtick, since I already have a steady job.

 

[Doppelganger]

Ron, thanks for the great post. That definitely clears things up a lot for me, and I now have some specifics to ask about when I go in today.

Remember, if the deal swings greater to your favor it will never last. If the deal swings greater in the agent's favor which it probably will you must be able to live with the income potential.

I'm a bit curious about what you mean here by 'it will never last' - do you mean that if I end up getting a good deal, I can expect the agent to want to renegotiate it when it becomes clear I've got the better end of things?

 

[Doppelganger]

Okay... I wanted to post back here with some updated info on this in case anyone can offer corresponding advice. Many thanks in advance, you guys have already been a great help.

Here is the situation. This guy is setting up a new insurance agency in the area. He has been selling insurance for a couple of years but he just started with State Farm to start a new office and has only been there for a couple of months. It's a well-to-do town, I'm not sure what kind of coverage already exists, but the town itself is probably one of the most high-income areas in the state.

The agent is looking for people to do Property and Casualty. He is a multi-lines agent. I studied Health and Life although I haven't received my certification yet (completed the course, but I was in another state at the time and just moved back to Michigan, so I am now ready to test). This would mean I'd have to take an entirely different course for P&C and test for that. On the upside, he offered to cover all the costs. Additionally, he said he is open to me getting my Health and Life license and working with that, but P&C is the priority.

Because the agency is new, we would be sharing leads. Essentially I'd be calling warm leads, setting appointments, and then selling the insurance at the office. He advised me to drop the hours at my current job to part-time while I establish a semi-decent income for the next several months, then go to full-time if I'm ready and things are working out. That seemed pretty reasonable to me.

The percentages on sales look pretty good, and he is allowing me to keep the full percentage from any sale I make, since the business is new and establishing a clientele is the immediate need. Also, all office materials/supplies would be provided by him. Business cards, mass-mailing, flyers, etc.

No draw.

This SEEMS like a pretty good deal to me, but I am new to the business and want to avoid making any major missteps. My biggest concern is that he is not extremely experienced, although at this point I see no reason to assume he doesn't have his head screwed on straight.