2017 Goals - Whatca Got?

[insurance1822]

So, give us a synopsis of your book of business. When did you start, and how much do you have enforce? Only one CSR on staff, correct? Seems like you flew in, wrote a bunch, got your book to the size that will allow you to live life how you like, and then are moving to bigger and better things?
Just using this as a passive income stream now?
Looking to sell it?
Hell, I'd just go sit in the corner office with a nice bottle of scotch and meet with my favorite clients all day

So I have an interest in a captive agency that my business partner operates. We have been of the mentality where we don't need any producers to grow - we'll write like machines ourselves & then staff the place when direly needed.

Between both operations we're now about about 6.5MM with 1 full time CSR (soon to become 2.) My position was blitzkrieg for 3 years to get to my income requirement opposed to working 9-5 for 12 years to get there. Definitely not selling. Shawnwalker called it early on that I'd get burnt out (and I knew I would..) but I believe it was worth it.

Started IA 4 years ago (literally to the day.) Grew that to about 4MM in premium in that time. Our average policy is $750 so I was doing about 130 policies per month on my own.

I don't have any favorite clients, I have thousands of smaller average sized personal lines packages. I recently got a new cell phone number too because I was getting about 25 calls per day. Now my old cell FWD's to my office line & my new cell is only for friends family.

I knew a few years ago that IA was the way to go. I also sense that continuing to grow the personal lines insurance operation is a decreasing value proposition. My gut has never taken me down the wrong path yet. In a few years I believe I'll look back & say thank god I started diversifying. What is nice is that I have stable consistent income w/ enough money to cover all debts, save more then enough to retire & have plenty of play money left over. For that I am thankful to insurance

 

[Herkster]

So I have an interest in a captive agency that my business partner operates. We have been of the mentality where we don't need any producers to grow - we'll write like machines ourselves & then staff the place when direly needed.

Between both operations we're now about about 6.5MM with 1 full time CSR (soon to become 2.) My position was blitzkrieg for 3 years to get to my income requirement opposed to working 9-5 for 12 years to get there. Definitely not selling. Shawnwalker called it early on that I'd get burnt out (and I knew I would..) but I believe it was worth it.

Started IA 4 years ago (literally to the day.) Grew that to about 4MM in premium in that time. Our average policy is $750 so I was doing about 130 policies per month on my own.

I don't have any favorite clients, I have thousands of smaller average sized personal lines packages. I recently got a new cell phone number too because I was getting about 25 calls per day. Now my old cell FWD's to my office line & my new cell is only for friends family.

I knew a few years ago that IA was the way to go. I also sense that continuing to grow the personal lines insurance operation is a decreasing value proposition. My gut has never taken me down the wrong path yet. In a few years I believe I'll look back & say thank god I started diversifying. What is nice is that I have stable consistent income w/ enough money to cover all debts, save more then enough to retire & have plenty of play money left over. For that I am thankful to insurance

I like your take on it, kind of refreshing to read. 4mm in 4 years is pretty killer, and 130 policies a month on your own is awesome. Completely different business model than what we run, and that's mostly due to location. Hell, I'm not sure we have 130 policies within 15 miles of us that isn't on our books. Joys of small towns, and being in business literally forever (98 years or so). Now, one of our offices is now located in a bigger city, a few thousand people, quite a few blue collar workers. That is our biggest area to push the home/auto packages, and that's what we are going to work towards in 2017.

Coming up with the strategy is a bit harder, as our typical market is farmers (which is what I'm on board to write). So, we'll see. We've got a few referral ideas in the works that will help, hopefully.

 

[nyc2phi]

So I have an interest in a captive agency that my business partner operates. We have been of the mentality where we don't need any producers to grow - we'll write like machines ourselves & then staff the place when direly needed. Between both operations we're now about about 6.5MM with 1 full time CSR (soon to become 2.) My position was blitzkrieg for 3 years to get to my income requirement opposed to working 9-5 for 12 years to get there. Definitely not selling. Shawnwalker called it early on that I'd get burnt out (and I knew I would..) but I believe it was worth it. Started IA 4 years ago (literally to the day.) Grew that to about 4MM in premium in that time. Our average policy is $750 so I was doing about 130 policies per month on my own. I don't have any favorite clients, I have thousands of smaller average sized personal lines packages. I recently got a new cell phone number too because I was getting about 25 calls per day. Now my old cell FWD's to my office line & my new cell is only for friends family. I knew a few years ago that IA was the way to go. I also sense that continuing to grow the personal lines insurance operation is a decreasing value proposition. My gut has never taken me down the wrong path yet. In a few years I believe I'll look back & say thank god I started diversifying. What is nice is that I have stable consistent income w/ enough money to cover all debts, save more then enough to retire & have plenty of play money left over. For that I am thankful to insurance

Hope to get there one day sir. You and I are a bit similar, starting from a captive and going Indy at a young age. I'm three years in only my focus has been commercial and yours personal. I'm almost half the book size however and hope to reach your level. I too would like to dabble in other business ventures.

 

[insurance1822]

Hope to get there one day sir. You and I are a bit similar, starting from a captive and going Indy at a young age. I'm three years in only my focus has been commercial and yours personal. I'm almost half the book size however and hope to reach your level. I too would like to dabble in other business ventures.

Half my book size (with no 50/50 partner..) is then the same premium I'm at. So if your book is around 3.25MM (at 15%) renewal....what the hell do you care to grow anymore? That's just as much as I'm making!

 

[nyc2phi]

Half my book size (with no 50/50 partner..) is then the same premium I'm at. So if your book is around 3.25MM (at 15%) renewal....what the hell do you care to grow anymore? That's just as much as I'm making!

No I meant half your book at the 4MM so closing in on 2MM soon (I have no partner).

 

[todd02]

So I have an interest in a captive agency that my business partner operates. We have been of the mentality where we don't need any producers to grow - we'll write like machines ourselves & then staff the place when direly needed.

Between both operations we're now about about 6.5MM with 1 full time CSR (soon to become 2.) My position was blitzkrieg for 3 years to get to my income requirement opposed to working 9-5 for 12 years to get there. Definitely not selling. Shawnwalker called it early on that I'd get burnt out (and I knew I would..) but I believe it was worth it.

Started IA 4 years ago (literally to the day.) Grew that to about 4MM in premium in that time. Our average policy is $750 so I was doing about 130 policies per month on my own.

I don't have any favorite clients, I have thousands of smaller average sized personal lines packages. I recently got a new cell phone number too because I was getting about 25 calls per day. Now my old cell FWD's to my office line & my new cell is only for friends family.

I knew a few years ago that IA was the way to go. I also sense that continuing to grow the personal lines insurance operation is a decreasing value proposition. My gut has never taken me down the wrong path yet. In a few years I believe I'll look back & say thank god I started diversifying. What is nice is that I have stable consistent income w/ enough money to cover all debts, save more then enough to retire & have plenty of play money left over. For that I am thankful to insurance

So you're saying you have over 5000 policies and 1 CSR. (4mm book divided by avg 750 premium) In an IA... Producing roughly 500k in commissions...

Hmmmmm...... Must of discovered time travel to have that much time in the day to service that many policies and write 130 a month.

 

[Jazz10]

So I have an interest in a captive agency that my business partner operates. We have been of the mentality where we don't need any producers to grow - we'll write like machines ourselves & then staff the place when direly needed.

Between both operations we're now about about 6.5MM with 1 full time CSR (soon to become 2.) My position was blitzkrieg for 3 years to get to my income requirement opposed to working 9-5 for 12 years to get there. Definitely not selling. Shawnwalker called it early on that I'd get burnt out (and I knew I would..) but I believe it was worth it.

Started IA 4 years ago (literally to the day.) Grew that to about 4MM in premium in that time. Our average policy is $750 so I was doing about 130 policies per month on my own.

I don't have any favorite clients, I have thousands of smaller average sized personal lines packages. I recently got a new cell phone number too because I was getting about 25 calls per day. Now my old cell FWD's to my office line & my new cell is only for friends family.

I knew a few years ago that IA was the way to go. I also sense that continuing to grow the personal lines insurance operation is a decreasing value proposition. My gut has never taken me down the wrong path yet. In a few years I believe I'll look back & say thank god I started diversifying. What is nice is that I have stable consistent income w/ enough money to cover all debts, save more then enough to retire & have plenty of play money left over. For that I am thankful to insurance

Congratulations on reaching your personal goals! Most people never do!

 

[indienoise]

2017 will be another growth and preparation year for me. I started in insurance as a side gig. I manage a sizeable BHPH car lot. Family business. March will be 2 years since leaving the captive world and operating my own IA within the dealership. Year 1 was almost all non-standard business. 2016 saw me getting my first 2 standard carrier appointments (no cluster) - one regional, one national. I just hired my first full time staff member. In 2017, I want to grow my agency to between 1.5-2mm book size, pick up 2 more standard/preferred carriers, and open up a traditional office in addition to the shared space at the dealership. I'm laying the groundwork for 2018 to be the year that I stop actually writing policies personally (let licensed sales staff handle the grind) and simply be in charge of marketing, running myself to death with 2 full time endeavors is getting old.

 

[BibH]

Curious how you make a living if none of your book of business is commisionable in 2017?I assume thats Aca policy's.

 

[insurance1822]

Curious how you make a living if none of your book of business is commisionable in 2017?I assume thats Aca policy's.

That's the issue...we're all taking big pay cuts w/ the ACA commission reductions. Safeco, Travelers & Progressive took it the worst.