Looking to open my own agency

[willywalk]

Hello, this is my first post so please don't fault me....
I have been licensed and working in the insurance industry as an insurance broker (P/C/California) for the past two years. I am currently working hourly (40 hours), with the potential of a commission split on any new business I bring into the agency. The problem is the agency I work for is so busy I don't have the time to market and get new business for myself that could grow my income and I don't get to keep my book of business if I decide to leave. I have been presented an opportunity to rent a desk from a real estate/tax office. The owner of this real estate/tax office wants to offer insurance services to their clients. I have known this business owner for many years and don't doubt that I can gain a lot of referral business from her. My problem is that I am not appointed with any insurance companies if I do this on my own. Is it difficult to get appointments. The insurance company I currently work for has all the appointments I need. If I leave and rent the desk space in the real estate/tax office, my expenses will exceed my commission income at the split my current broker offers to me and without the hourly pay. Does anyone have any ideas on how I can either set up my back-end (insurance company appointments=larger split) or structure a fair split with my existing broker?

[saabins]

You didn't say what state you're in and type of insurance, Personal or commercial. I can tell you it's really hard to get direct appointment with homeowners/auto carriers in florida. if its commercial, its easier to get appointed with a wholesaler and there are many that have a really great competitive markets. good luck

sandra
sandras@saabinsurances.com

[d's insurance store]

If you're so busy servicing clients in your current capacity, then you may be licensed as a California broker, but you're really a CSR because you're not bringing in any new business. After two years, if you're not picking up on what's what in the operation of an agency business model, even a small one working a rented desk in a real estate office, then in my opinion, you're not ready to risk your own capital in a self employed business venture. Given the current state of the California real estate market, you're going to need a whole heck of a lot more propsecting help than what can be gained with in house referrals.

If indeed your career path has self employment as an insurance agency owner in the future, then you'll have to take a whole lot more initiative in the present circumstances to learn more than what you're getting as a servicing agent. Sure, you can take the leap, scramble to get some standard and substandard P&C direct appointments (those are not that hard to get), but preferred appointments will be a lot tougher and require a stated business plan including capitalization and initiatives to prospect and bring in new clients. You're not demonstrating to me, at least, that you're anywhere near that point.

Broaden your horizons where you're at...ask lots of questions about the acquisition of new biz and quietly study the business model. If you've got the smarts and initiative, you'll begin to pick up on the basics and more advanced points. Or, make the leap now and you'll likely have lots of financial scars and stories that will make you the life of any party in future years.

[nancyg]

Have you thought of signing on with an aggregator? No production requirements and access to the top carriers. Call us at 800-553-4221 if interested in learning more.

[AgencyEquity]

I would keep doing what you are doing for about another year, I like to see at the very least 5 years experience before one opens up the door to their own independent insurance agency, but 3 years at the very minimum. I put together a 9 page guide on starting an insurance agency that will gives almost all the information you need to start an agency, but you will just need the minimum experience and start up funding. As far as carrier appointments, there are a number of options for you, there are over 100 cluster groups and there are groups in your own state. My website linked below has the directory as well as a number of startup resources, including the Guide I just mentioned. I wish you the best of luck, but for your own sake, make sure you do it right and get enough experience before you open the doors.

[todd32]

Are you looking to get full commission (for a fee) or split commission (non fee)? You may contact me at 888-693-7892 ext 2697.

[kstarling ILSA]

Have no fear, answers to your questions are here. Insurance Licensing Services of America, Inc. is a full service licensing and compliance vendor that can help you with all of your licensing needs. Visit our website at http://www.ilsainc.com/ or contact Jack Slapper or Kristy Starling.

Jack Slapper, FLMI
Marketing Specialist
Insurance Licensing Services of America, Inc. (ILSA)
Direct: 254-729-6155
jslapper@ilsainc.com

Kristy Starling
Licensing & Compliance Supervisor
Insurance Licensing Services of America, Inc.
Ph: 254*729*6180
kstarling@ilsainc.com

[Bob Lake]

I have an office in Tustin, CA and have an unbelievable offer for you or anyone else in your position. I am always looking for producers and offer a full service agency for backup along with a generous commission split. The best part is that you can take part in our lead program and will own the business that you produce. Look up our markets by going to the California Department of Insurance (www.insurance.ca.gov) and click of the "CONSUMERS" button (right under Dave Jones photo and drop down to "LICENSE INFORMATION" and then click on "CHECK TO SEE IF YOUR AGENT/BROKER IS LICENSED". That will bring up a screen with a link to click on. That will bring up another screen that will enable you to click on "LICENSE NUMBER". That will bring up a box to insert our license number: 0747473. Our Agency License Details will pop up and just scroll down to see our markets. You will have to admit that it is a pretty impressive list. You will have ascess to the markets listed while building up YOUR BOOK OF BUSINESS. You will be able to leave anytime you desire but I doubt that you will because it will not make sense with the commission split you will get. Just call me and secure an opportunity that just isn't out there anywhere else...you will vbe glad you did.
Bob Lake
714.263.3600 Ext 202