To Be Indie or Not to Be Indie That is the Question.

mjhoffert · 06-17-2009, 04:14 PM

Ok,

So I started out thinking that starting with an agency like farmers, would be good, it would show me the ropes and give me an idea of what I wanted to do.

After reading this forum I am no longer sure that starting out with company's like that is for me. I have read nothing but bad experiences about them, not just here but all over the internet.

Is it possible to start out independent? If so what do I need to get together to get started? Can I work from home? Or should I find and indie broker and see if I can get on with them?

I am quite confused at the moment and am not quite sure what direction to go in, I am trying to make and educated decision that will give me the best chance at success.

Anyone's thoughts and suggestions are greatly appreciated.

LGilmore · 06-17-2009, 04:59 PM

I would strongly advise against starting off as an independent. Every new agent needs a solid introduction to products and ideas.

Depending on what area you want to practice (life, health, auto or home) seek the companies that excell in those fields. Then after a few years, decide if captured or independent is for you.

mjhoffert · 06-17-2009, 05:09 PM

As far as figuring out what field I want to be in I believe P/C is the route I want to take.

patch36 · 06-17-2009, 07:53 PM

P & C tends to be a captive business and a long term committment.

More and quicker money in L & H. Far more. IMO.

Much easier to be independent in L & H. If you have no experience you will probably want to work under someone, but you can still be Indy and do that.

xrac · 06-17-2009, 08:07 PM

Originally Posted by LGilmore

I would strongly advise against starting off as an independent. Every new agent needs a solid introduction to products and ideas.

Depending on what area you want to practice (life, health, auto or home) seek the companies that excell in those fields. Then after a few years, decide if captured or independent is for you.

I agree! Pairing yourself with an experienced agent can cut the learning curve in half.

Nimos · 06-19-2009, 12:49 PM

How do you pair yourself with an experienced agent? I'm looking for the senior market.

LGilmore · 06-19-2009, 01:38 PM

"How do you pair yourself with an experienced agent?"

In most cases where this happens the experienced agent is called "dad".

If you are just getting started look for companies with good track records of agent "contentment". In other words if there is a company that has 600+ posts saying how much they "sucked to work for", learn from somebody else's misfortune. Lean towards carriers with more good remarks than bad.

On the P&C side of life, it is next to impossible to start as an independent with no prior book of business. Most carriers won't take somebody on without the possibility of them bringing in 250-500 established P&C clients. It's an entirely different insurance world on that side. Companies are pretty much happy to pick up new business through legacy sales.. you know, dad owned them, so I will too.

I know because I licensed for P&C a couple years back and have 20 years experience in L&H and series 6. I looked into it because every business client and alot of individual clients wanted me to handle "everything". I always felt I was leaving money behind.

Just about every company I spoke with wouldn't budge unless I had a book to offer up. In other words as an example (although I did have this conversation with this company) I would have to move 500 clients to PEMCO to get a contract with them. Having a series 6 and understanding suitability, I asked the rep "what if my 500 clients aren't improved by coming to Pemco? What if 100 are put in a worse insurance position?" His answer? "That's too bad."

Due dilligence is coming to the P&C side pretty soon. Moving a block of people will soon require proof that everybody moved..improved their lot.

So if you're just starting out and want to operate as an independent, it very probable you'll have to do it under somebody else's roof. Carriers want established business in the same way BD's want rollovers and plan takeovers. Everybody wants the home run in the first at bat.

Nimos · 06-19-2009, 02:03 PM

LGilmore,

Thanks for your advice. I'm looking at the senior market not P&C. I'm thinking of Senior Solutions which is a mixed bag according to some posts on the forum. It seems to depend on the office. I just want to work hard, learn and eventually build a business.

VolAgent · 06-19-2009, 07:30 PM

I do not work the senior market, but based on the posts on this forum, the senior market is filled with bad apples and few if any good ones. There may be some, and hopefully someone will come into this thread and name one, but tread carefully in the senior market. MoO is about the only one I can recall seeing much more positive than negative comments. Apparently they are much stronger in the senior market than the rest of their portfolio. That said, I've seen plenty of comments about how MoO loves a good rate increase on Med Sups.