Is It Possible to Start these Days As a Solo Independent Agent?

[Pauldz]

I'm trying to decide if it's feasible to start on my own and build a P&C practice from scratch, without a customer/prospect list even. Can that be done these days? It seems to me it would be extremely difficult to get appointments from carriers on this basis.

How does one get started on their own without getting hired working for someone. I've been there, done that. I want to do my own thing.

Any and all suggestions welcome.

 

[xrac]

Forget it! Chances of succeeding are very slim. Why do it the hard way?

 

[shawnmwalker]

I wanted to take a moment and address a significant question. Why join a group? What other options are there?

What are your options?
1. Buy an Independent Agency
a. Got to Agentequity.com to find one big enough that the carriers are well fed and plan on staying around after the new owner takes over.
2. Start from Scratch
a. Very difficult to get and feed multiple markets and get additional compensation for years
3. Join the RIGHT group
a. Many Markets, more compensation from day one, ownership, Lower than street cost for common agency tools.
4. Stay Captive but Switch carriers.
a. I had an agent ask me once, “Is it what you do or where you are at that you don't like?”
b. Will another captive carrier culture make you happy?
5. Join an agency or group that does your backroom support
a. Take a large commission cut
b. Often no ownership
c. Often no overrides
d. Often no bonus
e. Often no additional compensation

Why do Aggregators work for all parties involved?
1. The Carriers like it because:
a. Good groups Vet the agents.
b. Good groups ask their agents to be concerned with and control their books of business
c. Good Groups line up the correct products with the correct business plan
d. Good Groups can sell the Carriers product faster by offering more money and exciting 100’s of agents at a time instead of mom/pop shops. (One agent at a time)
2. The Agents like it when they join the right group because:
a. There is more money from Day one.
b. More access to carriers from day one.
c. There is training and support from Day one to help an agent through the learning curve.
d. There is no longer a DM making you write Life.
e. There is freedom to run your business the way you want.
f. There is little to no commitment to produce.
3. The Good Group likes it because:
a. They get a % of the pie.
b. They can negotiate the power of the group with more agents and more geographical spread and share the benefit more.



There are so many options when starting out and going Independent! Slow down and consider them all!

 

[HoosierLife]

I wanted to take a moment and address a significant question. Why join a group? What other options are there? What are your options? 1. Buy an Independent Agency a. Got to Agentequity.com to find one big enough that the carriers are well fed and plan on staying around after the new owner takes over. 2. Start from Scratch a. Very difficult to get and feed multiple markets and get additional compensation for years 3. Join the RIGHT group a. Many Markets, more compensation from day one, ownership, Lower than street cost for common agency tools. 4. Stay Captive but Switch carriers. a. I had an agent ask me once, “Is it what you do or where you are at that you don't like?” b. Will another captive carrier culture make you happy? 5. Join an agency or group that does your backroom support a. Take a large commission cut b. Often no ownership c. Often no overrides d. Often no bonus e. Often no additional compensation Why do Aggregators work for all parties involved? 1. The Carriers like it because: a. Good groups Vet the agents. b. Good groups ask their agents to be concerned with and control their books of business c. Good Groups line up the correct products with the correct business plan d. Good Groups can sell the Carriers product faster by offering more money and exciting 100’s of agents at a time instead of mom/pop shops. (One agent at a time) 2. The Agents like it when they join the right group because: a. There is more money from Day one. b. More access to carriers from day one. c. There is training and support from Day one to help an agent through the learning curve. d. There is no longer a DM making you write Life. e. There is freedom to run your business the way you want. f. There is little to no commitment to produce. 3. The Good Group likes it because: a. They get a % of the pie. b. They can negotiate the power of the group with more agents and more geographical spread and share the benefit more. There are so many options when starting out and going Independent! Slow down and consider them all!

Man, I'm glad I sell FE.........

 

[fearsback]

I wanted to take a moment and address a significant question. Why join a group? What other options are there?

What are your options?
1. Buy an Independent Agency
a. Got to Agentequity.com to find one big enough that the carriers are well fed and plan on staying around after the new owner takes over.
2. Start from Scratch
a. Very difficult to get and feed multiple markets and get additional compensation for years
3. Join the RIGHT group
a. Many Markets, more compensation from day one, ownership, Lower than street cost for common agency tools.
4. Stay Captive but Switch carriers.
a. I had an agent ask me once, “Is it what you do or where you are at that you don't like?”
b. Will another captive carrier culture make you happy?
5. Join an agency or group that does your backroom support
a. Take a large commission cut
b. Often no ownership
c. Often no overrides
d. Often no bonus
e. Often no additional compensation

Why do Aggregators work for all parties involved?
1. The Carriers like it because:
a. Good groups Vet the agents.
b. Good groups ask their agents to be concerned with and control their books of business
c. Good Groups line up the correct products with the correct business plan
d. Good Groups can sell the Carriers product faster by offering more money and exciting 100’s of agents at a time instead of mom/pop shops. (One agent at a time)
2. The Agents like it when they join the right group because:
a. There is more money from Day one.
b. More access to carriers from day one.
c. There is training and support from Day one to help an agent through the learning curve.
d. There is no longer a DM making you write Life.
e. There is freedom to run your business the way you want.
f. There is little to no commitment to produce.
3. The Good Group likes it because:
a. They get a % of the pie.
b. They can negotiate the power of the group with more agents and more geographical spread and share the benefit more.



There are so many options when starting out and going Independent! Slow down and consider them all!

Above is some really good points. Paul what state are you in as this plays a large roll in different decisions. Starting your own is possible if you have the drive you just have to do it differently then you would have 5-10 years ago. In Florida where I am you need to go with a franchise, cluster, or teaming up with an independent agent, but you can be sucessful in any of these three options. Good Luck.

 

[Pauldz]

Thanks for the responses. I don't have the financial resources to quit my current job and start from scratch. So I am trying to find out if I approached local agencies with the proposition that I create my own marketing plan, and they handle the back office/processing for half the commissions, until I can build up a book of business. Since I'd be on my own, I would do this on my own schedule. It would be low risk for the agency since there would be no downside for them. Would an agency owner take an offer like this seriously?

And to the person who asked: I live in New England, greater NY area.

Thanks.

 

[Robbie]

Thanks for the responses. I don't have the financial resources to quit my current job and start from scratch. So I am trying to find out if I approached local agencies with the proposition that I create my own marketing plan, and they handle the back office/processing for half the commissions, until I can build up a book of business. Since I'd be on my own, I would do this on my own schedule. It would be low risk for the agency since there would be no downside for them. Would an agency owner take an offer like this seriously?

And to the person who asked: I live in New England, greater NY area.

Thanks.

This is something that I too would like some insight on. I feel competent enough to produce under no supervision and would like to start building my own book. Although, I have never sold insurance before so it might be better to learn how to crawl before I attempt to run.