I am an Independent L&H agent and was speaking with an agent in Florida today.
He suggested that I partner with a local P&C agent to share leads, give each other referrals and share the expense of doing Direct Mail postcards together as a "full service agency".
That is one of the projects I'm working on as well.
I do mainly individual health, my office partners do mainly group.
I was looking at bringing in a P&C agent, commercial agent, medicare agent, annuity agent, and a life agent, plus partner with a attorney.
Each cross selling each others book of business within our specialities.
Pooling our monies for advertising and office expenses, running it under the Full Benefits name, and try to brand that name with local advertising.
Still very much in the concept stage.
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Good luck with that. How are you going to split expenses? If its even, the p/c guy is going to get the short end of the stick because his commissions are typically lowest.
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Half the people you know are below average.
That is one of the projects I'm working on as well.
I do mainly individual health, my office partners do mainly group.
I was looking at bringing in a P&C agent, commercial agent, medicare agent, annuity agent, and a life agent, plus partner with a attorney.
Each cross selling each others book of business within our specialities.
Pooling our monies for advertising and office expenses, running it under the Full Benefits name, and try to brand that name with local advertising.
Still very much in the concept stage.
That's fairly close to what I am thinking about, but I want to go simpler.
I really just want to partner with a regular independent P&C agent, mainly to pool our resources to prospect for and share leads as well as refer one another.
I just wonder if anyone else is doing this successfully?
Good luck with that. How are you going to split expenses? If its even, the p/c guy is going to get the short end of the stick because his commissions are typically lowest.
So we should subsidize the PC agent?
It cost the same to rent the building for me as it does for them. It cost the same to run 1/4 page ad for me as it does for them.
Can't walk into Office Max and say, I'm sorry I'm a P&C agent, your suppose to lower your prices for me.
If I had 4 or 5 other agents kicking me P&C business, plus my own efforts, I don't think I would be going hungry soon.
I've had the most interest from P&C agents for this concept so far.
Obviously, if you can't see the value in the product, the product isn't right for you.
That is one of the projects I'm working on as well.
I do mainly individual health, my office partners do mainly group.
I was looking at bringing in a P&C agent, commercial agent, medicare agent, annuity agent, and a life agent, plus partner with a attorney.
Each cross selling each others book of business within our specialities.
Pooling our monies for advertising and office expenses, running it under the Full Benefits name, and try to brand that name with local advertising.
Still very much in the concept stage.
This is exactly how I started my practice; the only difference is that I was the annuity agent, and securities rep, and I had an accountant as well.
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Originally Posted by saieddie
Good luck with that. How are you going to split expenses? If its even, the p/c guy is going to get the short end of the stick because his commissions are typically lowest.
It is best to leave the P&C guy for last. Establish your practice and then bring him/her on and pay them a small salary to cross-sell all the books.
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Originally Posted by IndyAgentIDTMY
That's fairly close to what I am thinking about, but I want to go simpler.
I really just want to partner with a regular independent P&C agent, mainly to pool our resources to prospect for and share leads as well as refer one another.
I just wonder if anyone else is doing this successfully?
Yes I am. I will elaborate more later, as I have a date with my wife and I have to go.
Last edited by insuranceexec : 02-06-2009 at 04:29 PM.
Reason: Posts merged
I have been doing this with great success for a year or so. I interviewed a very pro-active NYLIC agent, gave him a desk and all access, got a corporate NYLIC license and have split a ton of business.
In my opinion, cross selling the client and cementing him to the agency with the multi-line, has been a win-win.
He prospects my clients for life and investments, I prospect his for P&C.
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Tim
Warnerins.com
I am an Independent L&H agent and was speaking with an agent in Florida today.
He suggested that I partner with a local P&C agent to share leads, give each other referrals and share the expense of doing Direct Mail postcards together as a "full service agency".
Any thoughts or suggestions on this idea?
Partnerships like this can work as long as all partners are equally committed on all levels. Be sure to get in writing all agents and commitments, from all parties involved.
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Gina DePinto gdepinto@hyperlinkis.com www.hyperlinkis.com
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Good luck with that. How are you going to split expenses? If its even, the p/c guy is going to get the short end of the stick because his commissions are typically lowest.
The P&C agent will have a much bigger market when compared to the health agent. This assumes that the health agent is selling individual plans.
I am an Independent L&H agent and was speaking with an agent in Florida today.
He suggested that I partner with a local P&C agent to share leads, give each other referrals and share the expense of doing Direct Mail postcards together as a "full service agency".
Any thoughts or suggestions on this idea?
I've done this before, and it can work, but you may need to proceed cautiously.
If he is truly p&c, no life or health and doing well, you can really build a good partnership.
If the agent has life and health contracts, I wouldn't touch it with a ten foot pole. You could actually end up losing your clients.
Way more agents claim to do this successfully than actually do it.
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A Conservative Government is an organized hypocrisy.
I've done this before, and it can work, but you may need to proceed cautiously.
If he is truly p&c, no life or health and doing well, you can really build a good partnership.
If the agent has life and health contracts, I wouldn't touch it with a ten foot pole. You could actually end up losing your clients.
Way more agents claim to do this successfully than actually do it.
The way it worked for me was to bring a P&C agent in after everything else was set up.
I had the Life guy, annuity guy, individual/group health guy, securities guy, attorney, and the accountant. We were in business for about a two years before we brought a P&C agent into the mix.
What I had everybody do was to get P&C licensed; so that we could share in on the commission. We are paying him a salary and a small bonus every month. This has worked out extremely well. We then cross-sell each others book.
The problem with this model is that the securities guy and the annuity guy will normally have disagreements with what should be done with the customers money. Being that I was both the security person and the annuity guy; I often to do not disagree with myself.......LOL.
I own the office that we are all in, so it again makes this model easier to work. Having everyone spread out reduces the level of urgency that is needed into todays environment to make this model work. I hope this helps.
Life and health is a distraction to a lot of P&C agents. That said, most P&C agents are pretty greedy and don't want to give away an opportunity to gain a stronger foothold into a household.
Heck, that's what I've been taught, 'be the insurance guy', not the P&C guy, not the life guy, whatever. I take care of my clients..... Now, if they have a 40 story skyscraper (or a dump truck), I'll refer this business out. Don't do enough of it to make it worth my while.
Life & health are bad distractions, but they are my customers needs and as such, I take care of them.
Partner with a Local P&C Agent?
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