First Year in Business
Posted: Mon Mar 26, 2007 5:05 pm
In your opinion how much written premium should a retail agency have the first year in business?
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First Year in Business
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Posted: Mon Mar 26, 2007 6:09 pm
That all depends on many resources you had to begin with.
Posted: Mon Mar 26, 2007 7:52 pm
Well, let's say the usuall, no direct appoitments, with 2 people working
Posted: Tue Mar 27, 2007 9:18 am
With two people your first year I think if your are around $500k in written premium you are doing pretty good. You will be able to get direct appointments with this kind of production from most companies. Once you start getting direct appointments (if you have not already) you will see your production increase a lot. Going through wholesalers causes a lot of extra work.
new agent production
Posted: Tue Mar 27, 2007 10:16 am
I agree with Porter. I assume you mean, as a new agent, that you are starting your own agency, but after acquiring industry knowledge and sales skills, perhaps working for a captive or another indy.
If this is the case, I think $500K in premium is easily do-able for a two person shop. With a focus (and competitive products) in the right market, two producers should be able to reach twice that.
Nobody works a 40 hour week in this business when they first start out!
Good luck, San Fran!
Swymmer
If this is the case, I think $500K in premium is easily do-able for a two person shop. With a focus (and competitive products) in the right market, two producers should be able to reach twice that.
Nobody works a 40 hour week in this business when they first start out!
Good luck, San Fran!
Swymmer
depends
Posted: Tue Mar 27, 2007 11:48 am
It really depends. Personal or commercial? What is your background and experience?
Re: depends
Posted: Tue Mar 27, 2007 2:51 pm
It's a hypothetical question. Let's say Commercial and people producers with 4 years of experience
Re: depends
Posted: Tue Mar 27, 2007 3:00 pm
[quote="InsAgentSF"]It's a hypothetical question. Let's say Commercial and people producers with 4 years of experience[/quote]
$75-100k in revenue is a reasonable goal. They will be busy starting the business but don't have to worry about dealing with renewals.
$75-100k in revenue is a reasonable goal. They will be busy starting the business but don't have to worry about dealing with renewals.
Re: depends
Posted: Tue Mar 27, 2007 3:23 pm
It's a hypothetical question. Let's say Commercial and people producers with 4 years of experience
Posted: Wed Mar 28, 2007 11:55 am
InsAgentSF, Wlunday, Porter.. Love the question its cause it's absolutely a (hypothetical) kinda like dreaming. 
You won't be placing those numbers in CA without a direct appointment to a sold carrier. $500,000 written premium commercial or personal lines and you will need to own it. The $300,000 to 400,000 will be required by just one carrier.
You won't be placing those numbers in CA without a direct appointment to a sold carrier. $500,000 written premium commercial or personal lines and you will need to own it. The $300,000 to 400,000 will be required by just one carrier.