Starting Out
Moderators: Josh, independent guy
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AlekoSoul
- Insurance Journal Fan
- Posts: 3
- Joined: Fri Sep 07, 2007 4:53 pm
- Location: Los Angeles, California
Starting Out
I just received my P & C licence and am ready to get started in the insurance business for th first time. I am a natural sales person and have already generated leads, so the marketing aspect should not be an issue for me. It is hard to imagine making ANY money in this business by being a sub agent and splitting commissions. I would like to broker as an independent agent but don't know my left from right yet. Is there a way to broker when starting out? If I don't sub for someone, I don't know where to turn to ask all the stupid new agent questions. I was thinking finding a mentor could solve that problem. Has anyone out there started this way? Thank you in advance for your feedback...Seriously. This site is one of the few places an agent can turn for help.
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InsAgentSF
- Insurance Journal Addict
- Posts: 267
- Joined: Wed Mar 15, 2006 8:48 pm
- Location: san francisco
Re: Starting Out
Go work for a broker. This is the only way
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volstrike3
- Insurance Journal Addict
- Posts: 212
- Joined: Mon May 15, 2006 1:44 pm
- Location: Northern CA
starting out
Your probably not going to find a free mentor that is willing to teach you the ins and outs of the business. Agency owners are willing to train producers because they are receiving between 50-75% of the commission. There is no such thing as a free lunch.
I understand your desire to start out on your own but by being independent, you are going to need to teach yourself. I suggest going to INS 21.22.23 classes and CIC classes ASAP. Some underwriters don't mind doing a lot of hand holding but most will not want to babysit a newbie. You will not get appointed by major carriers being so green and not having any business on the books. You will need to contact a cluster or aggregator like Networked, Insurance Noodle or one of the many others. You can also work with some good MGA's and Surplus Lines brokers with programs like ATM, Arrowhead and dozens of others (many of them advertise on Mynewmarkets.com).
The only other good advice I can give you is to buy a high limit E&O policy with the lowest deductible you can afford.
Good luck.
I understand your desire to start out on your own but by being independent, you are going to need to teach yourself. I suggest going to INS 21.22.23 classes and CIC classes ASAP. Some underwriters don't mind doing a lot of hand holding but most will not want to babysit a newbie. You will not get appointed by major carriers being so green and not having any business on the books. You will need to contact a cluster or aggregator like Networked, Insurance Noodle or one of the many others. You can also work with some good MGA's and Surplus Lines brokers with programs like ATM, Arrowhead and dozens of others (many of them advertise on Mynewmarkets.com).
The only other good advice I can give you is to buy a high limit E&O policy with the lowest deductible you can afford.
Good luck.
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racecarlover
- Insurance Journal Enthusiast
- Posts: 13
- Joined: Tue Nov 21, 2006 1:00 pm
- Location: New Orleans, LA
You will be asking those "stupid new agent questions" for the rest of your insurance career.
Go work for a broker otherwise you will not learn the mechanism of insurance sales and service. It takes a true insurance professional to turn leads into well placed accounts. You are not selling hot dogs. You are selling products to protect people's and businesses' financial lives. It takes training, knowledge, and hard work to become a true insurance professional. And just like any profession it is a practice that one learns over time with something new every day.
Go work for a broker otherwise you will not learn the mechanism of insurance sales and service. It takes a true insurance professional to turn leads into well placed accounts. You are not selling hot dogs. You are selling products to protect people's and businesses' financial lives. It takes training, knowledge, and hard work to become a true insurance professional. And just like any profession it is a practice that one learns over time with something new every day.
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laidback
- Insurance Journal Enthusiast
- Posts: 10
- Joined: Fri Aug 10, 2007 11:07 am
- Location: Auburn, WA
Newbie
Well, congratulations on getting your P & C license. Do you also have your life and health license? How about securities? Do you have a store front or are you working out of your home? Have you secured appointments with carriers to provide a service to the leads you have generated? Do you have supplies on hand for signups of clients? Have you decided on whether you are going to get policyowners or clients?
Much of this along with all the other good comments you have received are important and true. You do need to contract with a broker in order to be able to get educated. All the CE courses in the world won't answer those stupid new agent questions, many of us evern after 37 years still ask.
Good luck!
Much of this along with all the other good comments you have received are important and true. You do need to contract with a broker in order to be able to get educated. All the CE courses in the world won't answer those stupid new agent questions, many of us evern after 37 years still ask.
Good luck!
Provide the Maximum Benefits for the Minimum Cost and the Best Possible Service
I have to ask, why in the world did you choose iinsurance with no background in the biz? It is not the "norm" to just become an agent. In most cases one would have worked in an agency or a company P&C setting before making such a decision.
Good luck to you, there is a long road ahead. And as the one person posted above me...you will NEVER stop learning or asking the questions (sign of a good agent).
Good luck to you, there is a long road ahead. And as the one person posted above me...you will NEVER stop learning or asking the questions (sign of a good agent).
newbie
I'll tell you much of the same... get together with a solid, well established, reputable agency!
Agency owners will need to split commissions. They have bills to pay and also bring value to you and your career. Please don't ever feel that by sharing a commission you are paying for nothing.
On top of the (split) commission, many agencies will pay a modest salary, certainly while a newbie is still learning the trade. I pay my personal lines producers a salary and 50% of the first-year commission. I keep the renewals for the "house". If at some point they feel they should be earning the renewals instead of a salary we will re-address the issue. Or they might be offered a chance to own a part of the agency. Point is, there are lots of alternatives to trying to own 100% of you accounts from the git-go.
A good sales person can earn a living selling anything. A good agent also knows how to build relationships with underwriters, clients, marketing reps... and how to promise and deliver service. Our job doesn't end when the sale is made... it is just starting! We promise to be there for these clients in a time of need. Please keep that in mind as you go forward in your career. And, keep studying!
Swymmer
Agency owners will need to split commissions. They have bills to pay and also bring value to you and your career. Please don't ever feel that by sharing a commission you are paying for nothing.
On top of the (split) commission, many agencies will pay a modest salary, certainly while a newbie is still learning the trade. I pay my personal lines producers a salary and 50% of the first-year commission. I keep the renewals for the "house". If at some point they feel they should be earning the renewals instead of a salary we will re-address the issue. Or they might be offered a chance to own a part of the agency. Point is, there are lots of alternatives to trying to own 100% of you accounts from the git-go.
A good sales person can earn a living selling anything. A good agent also knows how to build relationships with underwriters, clients, marketing reps... and how to promise and deliver service. Our job doesn't end when the sale is made... it is just starting! We promise to be there for these clients in a time of need. Please keep that in mind as you go forward in your career. And, keep studying!
Swymmer
What State?
I may have missed your location, but what state are you located in?
I know of a great new opportunity in AZ. which is expanding via non-resident licensing to CA., TX., and Fl.
Let me know your state. If you try this opportunity, you will not want to be on your own.
I know of a great new opportunity in AZ. which is expanding via non-resident licensing to CA., TX., and Fl.
Let me know your state. If you try this opportunity, you will not want to be on your own.
I am not a recruiter
I am the individual charged with building a direct selling division for a carrier group writing over $150 million in one state.
I have the best independent agent opportunities for the right AZ resident agents. They will be licensed non-resident in numerous states and sell via phone all over the country.
We have the BEST employee environment anywhere.
WE have FUN and WE MAKE MONEY!
MHUTCH69@AOL.COM
COMING SOON AND GOING FAST, NUMEROUS OPPORTUNITIES
I have the best independent agent opportunities for the right AZ resident agents. They will be licensed non-resident in numerous states and sell via phone all over the country.
We have the BEST employee environment anywhere.
WE have FUN and WE MAKE MONEY!
MHUTCH69@AOL.COM
COMING SOON AND GOING FAST, NUMEROUS OPPORTUNITIES
Ok, stepping away from the topic for a moment...
May I give my humble opinion? Thanks, ok, sounds wonderful and all that and I am sure it is but I personally would like to see e-mail addresses (this goes for any agent, CSR or UW) that is not an AOL or a yahoo or an MSN. No personal addy's.
For instance, Yahoo has a business side that you have an e-mail up to 5 I think) that doesn't show their name anywhere. It looks quite professional (ex: sundance@xyzinsurance.com) and no that is not my addy but that is how it would appear. Just throwing out my 2 cents (yes I accept change *ha) on what I look for when dealing with professionals.
Sorry to be on my soap box and not on topic... I'll leave now
May I give my humble opinion? Thanks, ok, sounds wonderful and all that and I am sure it is but I personally would like to see e-mail addresses (this goes for any agent, CSR or UW) that is not an AOL or a yahoo or an MSN. No personal addy's.
For instance, Yahoo has a business side that you have an e-mail up to 5 I think) that doesn't show their name anywhere. It looks quite professional (ex: sundance@xyzinsurance.com) and no that is not my addy but that is how it would appear. Just throwing out my 2 cents (yes I accept change *ha) on what I look for when dealing with professionals.
Sorry to be on my soap box and not on topic... I'll leave now
Sundance,
I understand your reluctance to accept an email such as the one I used.
Temporarily, I am not interested in disclosing the name of the company and direct selling retail agency until we have completed all the necessary secretary of state filings and DOI filings in order to preserve our name in each state.
IN CA., competitors will steal the name and I am confident that is not the only state that plays that game.
Therefore, I did not use my company email address. You are right, when ready, I will use a more professional email address.
I understand your reluctance to accept an email such as the one I used.
Temporarily, I am not interested in disclosing the name of the company and direct selling retail agency until we have completed all the necessary secretary of state filings and DOI filings in order to preserve our name in each state.
IN CA., competitors will steal the name and I am confident that is not the only state that plays that game.
Therefore, I did not use my company email address. You are right, when ready, I will use a more professional email address.
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SFOInsuranceLady
- Insurance Journal Addict
- Posts: 72
- Joined: Thu Nov 01, 2007 8:25 pm
- Location: SFO
Aleko,
If I were you, I would work for a large independent brokerage firm for 1-2 years. Since you are located in LA, there are TONS of brokerage firms. It would help you to "learn the ropes" of an insurance agency. Starting in personal lines then ending up with commercial lines. Commercial lines is the bread & butter of the industry (at least it is for me).
If I were you, I would work for a large independent brokerage firm for 1-2 years. Since you are located in LA, there are TONS of brokerage firms. It would help you to "learn the ropes" of an insurance agency. Starting in personal lines then ending up with commercial lines. Commercial lines is the bread & butter of the industry (at least it is for me).