Insurance Forum

[jrmorton25]

Hello everyone,

I am taking my Life, Health, Auto and P&C Insurance tests next Friday.

I have multiple years in sales experience and new to the insurance business.

What insurance companies are willing to appoint new companies? I am looking for both life, auto, health and P&C.

Also, is the E&O insurance manditory?

Since the insurance business is commission only, I am looking to do this part time and transfer out of my job once I build a book of business equal to my salary in about 4 years.

Thank you all,

Jason

[COInsguy]

Originally Posted by jrmorton25

Hello everyone,

I am taking my Life, Health, Auto and P&C Insurance tests next Friday.

I have multiple years in sales experience and new to the insurance business.

What insurance companies are willing to appoint new companies? I am looking for both life, auto, health and P&C.

Also, is the E&O insurance manditory?

Since the insurance business is commission only, I am looking to do this part time and transfer out of my job once I build a book of business equal to my salary in about 4 years.

Thank you all,

Jason

E&O is mandatory for enough carriers that you will have a tough time not purchasing. However, atleast on the Health/Life side their are some options for monthly payments.

Their are plenty of ways for a new agent to get appointed on the Life/Health side. As for P&C you will be either using a wholesaler or contracting through another agency. I'm not quite as familiar w/P&C outside of Colorado.

Your ambitions to work Insurance part time for 4 years seem a bit of a hurdle. This isn't an easy business to get into working full time for new agents, with or without sales experience. Have you considered taking advances or were you planning on only working as earned? You may want to consider starting out focusing on just one market segment and then adding lines in as you go. Just some things to think about and good luck on the test!

[jrmorton25]

Hi and thank you!

What my plan is is to work my current job in software sales as a regional manager, because my boss is a guy who builds businesses and sells out at a profit and his sell out date is in 2015 and my job is very secured as I have brought him in 2 years from $360K a year to over $8 million in security camera software sales.

After this gig, which I know will end, I am looking to start my own company in part time, while working full time and build my business up to where in the 4th year, I can transfer into full time.

I have had 2 companies that I developed and sold out at profit and I have a unique selling ability with extensive marketing background.

I found an E&O Policy that seems pretty easy with yearly rate of $792 year for all lines, health, casualty, property and etc through United Defend Co,

I head that Progressive is pretty easy to get on with....There is a local company called Mercury Insurance here in Houston I have just emailed.

Again, thank you for the infromation.

Jason Morton
The Pillar Group

[liletian]

Is United Defendco a real insurance carrier? I did not even found an physical address of this company. I called the phone number listed on the web site asking their location. I was told that they were located in California. I asked a few questions about the company its self and did not get a good answer. I called California department of Insurance. I was told that United Defendco is not a company registered in California. Anyone knows anything about this company? It is very strange that United Defendco's listed phone number always busy when I call again from the same phone number. However when I use another phone, United Defendco's phone number works. The only explanation I have is that their system remember my phone umber as a hostile caller. Be careful before you pay any money to the company. Here is the web address

uniteddefendco.com

[jrmorton25]

I dont really know. I was planning on using them and haven't found any bad information about them.

Under the private and purchasing terms, it says it does business under Defend Co.

How can we find out?

[ccouch]

I talked to United DefendCo's rep and had a bad feeling. So I called the Mn Dept of Commerce. After reading the contract the analyst told me that he thought it was a scam and because it based out of Belize, the Department could do nothing to help if there were problems with the coverage. He also stated that they were careful to make it look like insurance but tell you that it is not an insurance product. United Defendco also states in the contract that they will reimbuse you for expenses on a suit. That means that you pay out of pocket for a suit and they reimburse you if they deam it necessary. There is no regalatory agency that can force them to comply.
Bottom line: Scam, Buyer Beware.