New P&C and Life/Health Agent-Looking at Opening Independent Agency

tennansm · 07-08-2008, 03:59 PM

Hi everyone,

I just completed the requirements to receive my P&C and Life/Health/Variable Annuities licenses in Florida. I am planning to open an independent agency. I have no experience in the insurance business right now, however I do own and operate several affiliated businesses(real estate, mortgage, financial planning).

If someone could point me in the right direction, I don't know the first thing about getting appointed with a company and if there are any insurance specific software programs that would be helpful in the management of the business. I plan on hiring another experienced agent that I know and trust, she has been in the business for approximately 20 years but I am hoping to get some information from other experienced agents on the forum!

Also, I have the opportunity to purchase the book of business from an agency that has been writing primarily P&C policies for the last three years. They currently have approximately active 1,000 policies and the owner would like to move on to another business. Could you please offer advice on how to determine value of a book?

Thanks for all of your help, I apologize for the newbie questions!

Sean

djs · 07-08-2008, 05:17 PM

Sean

Welcome to the insurance world. You are about to embark down an expensive and perhaps rewarding career. I suggest you do a little searching on the forum, the questions you are asking have been asked and answered many times.

In the end, it's all about what you want to do. I could write a book on what you are looking at, but rather than that, spend a bit of time, take a few agents to lunch and ask them how they started. You'll learn far more than you can in reading a dry statement from me about needing to get your E&O coverage in place, talking about binding authority, different markets, etc, etc.

Have fun!

Dan

cheerfuldave · 07-30-2008, 09:10 AM

Try Hybrid Financial Group.

somarco · 07-30-2008, 09:35 AM

Sean -

You are not going to like this, but, while I applaud your enthusiasm you could be driving toward a cliff at 90 MPH.

Listen to Dan (and others as they add their comments). Starting out fresh in a market you know nothing about is great if you have deep pockets. Otherwise, it is a recipe for financial disaster.

In the end, it's all about what you want to do

Lead with your heart, the money will follow. Passion for what you do can overcome many obstacles.

Under capitalization is not one of them.