Hi,
I am 19 years old and am very eager to start a carear in the insurance industry. My uncle owns a nationwide agency but I want to be independent and open up my own. I have a great amount of drive and discipline. I am one of those people who knows I can achieve something if I so desire it. With that being said, I graduate college with an associates degree in may of 2010. I would like to open my agency as soon as possible. What steps should I first take. I like to think I am a fast learner, so I hope that will help me move toward my goal quicker. I have no experience in insurance, except the online free practice quizzes I take to learn what I can for now.
I think starting off with property and casualty is the way to go but am unsure. I have little capital as of now. How much will I need to have in pocket, and how much would I need through a loan? My uncle recommended me to work at progressive to build experience for a year than start up an agency. Does this sound along the right path? Keep in mind I would like to start an agency in as little time as possible, and I am prepared to work my butt off the first few years in order to establish myself. Any help would be greatly appreciated. Also any advice on concepts in general would be awesome. Thanks a lot! -Craig
-Get your P&C license (School, Fees, Crash Course about $500)
-Get E&O Insurance (Cost me $3100/year. about $1,100 Down.)
-Your not going to get appointed with companies because you have no experience and no book of business. You have to use a general agency. Im using Superior Access. IMO these guys are very slow but its the price im going to have to pay untill I get appointed with companies. ($100/Month)
-When you are able to get appointed with companies, you need to get a Broker Surety Bond for $10,000. I got quoted for for $120 for 3 years.
-You also need a Business Bank account and Trust Account.
-You also need a DBA (Ficticious Name) Untill you get it, you have to call yourself "John Smith, Insurance Agent"
Thats all I can think of for now. Took me like 2 Months of research for this.
Sidenote, Dont excpect all or even most of your friends to go with you on Auto or Home. Your friends are excpecting "bro deals" from you, but you can not do anything about what the carrier will offer as the premium.
Hi,
I am 19 years old and am very eager to start a carear in the insurance industry. My uncle owns a nationwide agency but I want to be independent and open up my own. I have a great amount of drive and discipline. I am one of those people who knows I can achieve something if I so desire it. With that being said, I graduate college with an associates degree in may of 2010. I would like to open my agency as soon as possible. What steps should I first take. I like to think I am a fast learner, so I hope that will help me move toward my goal quicker. I have no experience in insurance, except the online free practice quizzes I take to learn what I can for now.
I think starting off with property and casualty is the way to go but am unsure. I have little capital as of now. How much will I need to have in pocket, and how much would I need through a loan? My uncle recommended me to work at progressive to build experience for a year than start up an agency. Does this sound along the right path? Keep in mind I would like to start an agency in as little time as possible, and I am prepared to work my butt off the first few years in order to establish myself. Any help would be greatly appreciated. Also any advice on concepts in general would be awesome. Thanks a lot! -Craig
Why not ask your uncle for a job to learn the ropes?
Thank you Adair very helpful. I look forward to conversing with you, as you are younger and seem to be on the path I want to be on in a year or so. Good luck in starting your agency. Also do you rent a building, if so what should I expect to pay, although I guess it depends on the location. And to Hlink20 YES I am open to Life & Health my uncle just advised me to start with P&C, do you recommend differently? And the reason I don't have a job with my uncle as of now is because his agency is slow with this economy, he works a lot with securities. I did apply for a summer internship with Westfield insurance today.
Thank you Adair very helpful. I look forward to conversing with you, as you are younger and seem to be on the path I want to be on in a year or so. Good luck in starting your agency. Also do you rent a building, if so what should I expect to pay, although I guess it depends on the location. And to Hlink20 YES I am open to Life & Health my uncle just advised me to start with P&C, do you recommend differently? And the reason I don't have a job with my uncle as of now is because his agency is slow with this economy, he works a lot with securities. I did apply for a summer internship with Westfield insurance today.
L|H may be a little easier to get started in. There are many carriers that offer great field training that will assist you as you begin your career. Good luck too you..if I can assist further, please let me know.
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Gina DePinto gdepinto@hyperlinkis.com www.hyperlinkis.com
----------------------------------- Helping exponentially grow your organization with technology
One of the challenges you are going to have is your age.
I started in the business at 23 and it was very difficult my first 3 years. The industry has changed since then but consider getting a night job while your building your block.
Thank you Adair very helpful. I look forward to conversing with you, as you are younger and seem to be on the path I want to be on in a year or so. Good luck in starting your agency. Also do you rent a building, if so what should I expect to pay, although I guess it depends on the location. And to Hlink20 YES I am open to Life & Health my uncle just advised me to start with P&C, do you recommend differently? And the reason I don't have a job with my uncle as of now is because his agency is slow with this economy, he works a lot with securities. I did apply for a summer internship with Westfield insurance today.
I worked out a deal with a real estate broker. I work in his office. He sends me leads. I give him a split.
Does anyone have a roundabout idea as to how much of a loan I would need and how much I should have in capital? I am not looking to get an exact value but a realistic figure to expect. Thanks
Does anyone have a roundabout idea as to how much of a loan I would need and how much I should have in capital? I am not looking to get an exact value but a realistic figure to expect. Thanks
DUDE!
Form a business plan.
If your unable to form a business plan then you should really consider asking you uncle for a job.
Yeah I understand I have to form a business plan, although I still have another year of college and as I said I have no experience in the field. I am unsure of every single detail, such as software expenses and such, I just wanted something to start thinking about. Maybe I'll form a generic business plan for now to get some ideas. Thanks anyways
Sidenote, Dont excpect all or even most of your friends to go with you on Auto or Home. Your friends are excpecting "bro deals" from you, but you can not do anything about what the carrier will offer as the premium.
Hope this helps.
Adair
What you said about expecting your friends to switch is quite true. Keep in mind that when you are first starting, you might not be able to quote something competitive. If you are younger, you might find that many of the people are on plans with their parents and do not want to leave. When I started, a few friends bought from me. Now that I have 20+ appointments, it's much easier.
You also asked about rent. It really depends on where you are. I am in Orange County CA, where a space in Newport Beach can run $5000 for 1000 feet. I have a space in an office, but would prefer space in a retail shopping center to help build the personal lines. Unfortunately, the price is not sustainable in this part of the county.
Starting an Insurance Agency
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