What Would Your Veteran Self, Tell Your Newbie Self...

[fla2cali]

If you could do it all over again, what would you tell your younger self to do to be a successful P&C agent?

What would you tell them to avoid?

What activity would you tell them to concentrate the most on?

He's a more focused question.. What is the best use of one's activity to build their personal lines business? Auto leads? Telemarketing?.... I would be interested to know what some Vets did to build their book, and if they had to do it again, how they would do it in today's times.

f2c

[lonestar]

You mean what would I tell my "newbie" self, besides don't start a career in the insurance business?

Don't do:
1. Don't represent a captive carrier.
2. Don't waste money on direct mail marketing.

Do:
1. Be an IA, and do what it takes to obtain and maintain contracts with mulitiple companies.
2. Concentrate on developing centers of influence, for referrals.

[fla2cali]

You mean what would I tell my "newbie" self, besides don't start a career in the insurance business?

Don't do:
1. Don't represent a captive carrier.
2. Don't waste money on direct mail marketing.

Do:
1. Be an IA, and do what it takes to obtain and maintain contracts with mulitiple companies.
2. Concentrate on developing centers of influence, for referrals.

Lonestar,

Sound advice, and much appreciated. I've already started reaching out to some mortgage broker friends of mine. I'm not going to be doing direct mail..not until I have the money to through away....

Two questions:
1. How would you approach centers of influence? What would you say? And which one's should I concentrate on? Do you have examples of your COI?

2. It takes awhile to develop and nurture those relationships. What would you recommend to generate business now? Cold calling... auto, home leads?

[fla2cali]

Yes, I just realized, I said two questions, and there are like 6. LOL.

[lonestar]

Lonestar,

Sound advice, and much appreciated. I've already started reaching out to some mortgage broker friends of mine. I'm not going to be doing direct mail..not until I have the money to through away....

Two questions:
1. How would you approach centers of influence? What would you say? And which one's should I concentrate on? Do you have examples of your COI?

2. It takes awhile to develop and nurture those relationships. What would you recommend to generate business now? Cold calling... auto, home leads?

Don't take this the wrong way, but these exact same questions seem to show up on forums like this every few months. If everyone could make it in the insurance business by following steps 1,2,3 to success, then there would be no failures. There is no simple, tried and true method of developing COI. If you walk blindly into a mortgage company, the chances are 10 agents were there that month before you, and 10 more will follow your visit soon. So what can you bring to the table? If you are an IA, you will have an advantage that a State Farm or Allstate agent does not have. All you have to compete with is other IA's at this point. Meet as many people as you can, and you will click with some and not with others. Your mortgage friends would be a good place to start. Hopefully you are not going captive long term, or you will be doomed to fail.

Cold calling, might be a place to start. But you can get burned out fast, so I would hire someone to make calls for you, or hire a service for this. Perhaps join 2-3 new start up marketing groups. Having markets to quote/write clients is key. Then, all you have to find is clients to quote.

[sillyphil]

Do: Shut up and let the client talk.
Do: Be an advisor. People who don't work in the insurance industry know little or nothing about coverage and policies. They want an agent who can provide counsel, and in many cases, just tell them what to do.

Don't: Assume you know how the client/prospect wants to structure their program. ASK THEM!
Don't: Go to work every day and do the bare minimum. Go above and beyond. Always. Most people don't, and this will catapult your career.

[Wildwillie]

Great advice. Do not ever get stuck in a captive situation. They "Own" you.
Get as many companies as you can and weed out the ones that can't hack it in your area. Don't get to big with any of them or they "Own" you. Better to have 6 companies with $ 500K than one with 3 Million. Their loyalty is to the stock holder or production sheets.
For the customer - Start with listening. Give a them a basic quote and then let them add what coverages they want - then they will understand that policies are really different and what they are paying for. The monkey is off your back.

[jtownagent]

Of course profit matters, but starting out owning your own business....positive cash flow matters the most. You can be profitable, but if you run out of money everything else comes to a halt.