Needing Guidence Navigating the Insurance World

[AgtLindsay]

I (24yo) have been an agent (property and casualty) for over a year now, but I feel like I know about as much now as I did a year ago, relatively nothing. It's a miracle in itself that I passed the P&C exam. I'm just having a lot of trouble keeping up and moving forward. My primary agent is my father and there is one other agent who works with us. We are with Nationwide, and from what I understand "semi-captive" we have broker a few other companies using EzLynx & etc. I don't want to ask my father for to much help because he is busy trying to keep the agency afloat and I really don't want him to know how "uneducated" I am. Is it common for new agents like myself to still be confused after a year? What are some things I can do to help myself? Should I just keep searching through this forum?

Thanks in advance.

 

[kareygallagher]

Have you sold anything? What do you feel uneducated about?

 

[AgtLindsay]

Karey, thank you for your reply, I'm sorry for my delay.

I have about 30 clients, most have home and auto, some with umbrella, RV, boat, and/or motorcycle. I feel uneducated about a lot of things. I'm most worried about "mastering" home and auto, there is so much you have to know. I get extremely nervous when a potential client calls and wants to go over the quote and what coverages they have.

Here are a few of my most recent / frequent concerns...

"What is covered under my policy and what is NOT?" This is so hard to answer, there are so many gray areas in insurance and only so many bizarre situations. I have been sending them a copy of the policy when they ask.

75% of the time the client says my RC is much too high, but if the home is in the perimeters to have a 3rd party inspection they always pad the RC even more. Do other agents deal with this? We use MSB.

Today I had an issue with a client we have, husband and wife, who cancelled their auto policy 6 months ago with the 1-800-number so they could move to Haiti for 3 years and do missionary work. It turns out they had to come back to the states because of a terminally ill family member and called to reinstate for the 2 weeks they will be back only to cancel again. First of all since they had lapsed they are ineligible with Nationwide until they have had coverage for 6 months. And with the couple other companies we have are shortrated, so it would be more expensive than its worth. How would you agents have handled this? Any ideas?

Lots of other things, endorsements I don't fully understand, etc. When I have a specific question I will just have to post here after consulting the boss and hope for direction.

 

[Allstate_8802]

I am a new producer working for Allstate, and while there is a big difference between passing the licensing exams and explaining coverage to an insured, you have to have a very personal and professional understanding of what your Companies offer.

When I first started, I was the only producer in the Agency, besides the EA. I spent a ton of time going through active and terminated policies, reading the policy jackets, focusing specifically on Home and Auto. A lot of the questions I fielded concerned policy benefits and endorsements, billing and effective dates, everything Allstate specific. For the seasoned P&C Agent, these are second nature, but for those us newly licensed, the process can seem daunting.

I would recommend reading through the Risk Management guidelines, to become familiar with what you don't or cannot offer, and then simply go back through your binding requirements, the basic information that allows you to write business for your companies in the first place. There is only so much you can gain outside of pure, simple experience and to be honest, your licensing exams are not company specific, so don't feel like you are not ready. You have the general guidelines, now just work at honing your company specific knowledge.

If all else fails, like you pointed out already, this forum can be a great place to turn for advice and answers. Good luck.

 

[shawnmwalker]

Oh agent Lindsay! 30 polices in one year? No mentor. What Other carriers? How big is the current agency in Policies or Written Prem? Aidco agent?

I need to know more to help but to start, you need a monitor and your Dad is not it, nor should he be. He must know you are drowning. I think dad thought he would take care of you and keep you close and insure your future. This has caused you to fail. How is he paying you? 30 policies in one year is not enough for him to brake even on you. (Not even close)

Lets start with this: Got to a Big I convention and find a mentor. Someone you really click with. FIND A MENTOR. Your dad will not be that for you.

Tell us more. There is something wrong here.

 

[AgtLindsay]

Shawn, thank you for taking the time to respond. Let's see if I get what you're saying here...

I don't have 30 policies, I have about 30 policyholders. Probably have somewhere around 75 policies, which is not much better. The agency, between 3 agents (my father included) has about 1500 policies in force. What do you mean by Aidco agent? And what do you mean by monitor?

We can broker ineligible risks through III(foremost, American Modern), Victoria Insurance, Progressive, and more that are not coming to me right now.

I get payed hourly along with the other agent, plus commission with sales which ranges from 6-10% on new business. I'm not going after business as much as I should, getting caught up and confused on simple things, this is what is causing me to fail. I'm sure he is losing some money on me, but this is on me not on him. Should have had my life license 6 months ago. Sorry Shawn, this probably isn't the additional information you were looking for, I hope I was picking up what you were putting down.

 

[EugeneM]

By Monitor he meant mentor. typo i am assuming. He is suggesting you go to local insurance conventions and find a mentor.

My question is how many opportunities do you get through your agency to make sales? With your dad busy I am assuming you are in the office waiting for prospects. Be honest - regardless of relationship the principal should guide you to success and show you the way. Just because he is your dad doesn't mean you should be doing it on your own.

Do you get inbounds? Internet Leads? Do you prospect? Walk Ins?

Be Honest the first step is uncovering if the agency is not supporting you to grow or is it you being unable to produce even given opportunities. Either way it wont necessarily take much to turn it around for you.

 

[DHK]

I don't want to ask my father for to much help because he is busy trying to keep the agency afloat and I really don't want him to know how "uneducated" I am.

If your own father with his years of experience WON'T help you... who else would you expect to take under their wing to help?

I think there's more going on here... and a true father, while he may be initially disappointed... may be waiting for you to come to him to ASK for help.

That, or you're afraid that he doesn't have the skills to help teach, train, and develop you?

Is it common for new agents like myself to still be confused after a year? What are some things I can do to help myself? Should I just keep searching through this forum?

Thanks in advance.

What you need is CLARITY where there is now confusion.

What is your job? Do you have a job description?

Let me add one more job to your job description: You are an insurance policy benefits & coverage translator. Your job is to take insurance terms, translate them into English (make them easily understood), and give examples of types and kinds of coverage you do and don't provide.

You should be able to do this for every "jargon term" in an insurance policy. If you focus on developing THIS skill, you will feel that you have MASTERY knowledge on these subjects.

Your next step, for your long-term career, might be to pursue an industry designation, such as CPCU... but I wouldn't do that until you master being an "insurance policy benefits & coverage translator" first.

I'm not in P&C, but in selling life insurance and securities (my past life), this was how I built relationships of trust - by breaking terms down into understandable terms and situations so the client can understand and want me as their agent/advisor.

 

[VolAgent]

If your own father with his years of experience WON'T help you... who else would you expect to take under their wing to help?

I think there's more going on here... and a true father, while he may be initially disappointed... may be waiting for you to come to him to ASK for help.

That, or you're afraid that he doesn't have the skills to help teach, train, and develop you?

I'm going to take Lindsay's statement at face value, "...trying to keep the agency afloat..."

Her father may not be the best person for her to look to for a mentor. The agency only has 1500 PIF between three agents, even if she is one of those agents that seems a rather low number if he has been doing this for any length of time.

It seems something is broken and it isn't just her.

Lindsay, I would definitely follow some of the advice given. Find the Big I in your state, join and look to see if you can find a mentor.