Brand new agent starting up a retail front

[Gabriel]

So long story short, I've done some research and I've decided to open up a brand new insurance retail front with no experience in the insurance industry! Now I'm already hell bent on making this decision and the purpose of this thread is to see what types of advice you would give a rookie retailer. I'm a reader so I would LOVE if you kind folks have any good books on selling insurance that you recommend me read to enhance my personal game as well as my future agent's game. If there is any such thing as a solid path to success, I know that hard work, preparation, and persistence is the only way to move forward on this uphill battle. Thanks ahead of time!

[beachagent]

Good luck on your new career path. If you are signing a captive agent contract, your carrier will provide you with training. If by "starting up a retail front", you mean you are putting your agency in a retail shopping center or store front, don't expect to build your book of business from walk-in business. It takes more work than hanging out your shingle.

[d's insurance store]

It's really hard for me to not give a snarky response to your question, but based on the content of your prior question postings, in my opinion, you're not even close to having the knowledge and skills to start a scratch retail insurance agency.

The selling of insurance today, whether personal lines or commercial, is largely driven by a marketing program so that you can attract prospects who want or need what you have to sell. It's also differentiating yourself in the marketplace giving people a reason to do business with you rather than someone else.

If you are still at the stage of this career choice where you're coming here to ask if there are books to read that can guide you on the intricacies of opening a retail insurance agency and haven't formulated even the most basic of business plans outlining what you're going to offer and to whom, and you think that you're close to opening your doors, then to be really frank, you're a fool who is soon going to be parted with this money.

I sincerely hope you find your direction and prove me wrong, but that's not the scenario I would place a bet on.

[Gabriel]

It's really hard for me to not give a snarky response to your question, but based on the content of your prior question postings, in my opinion, you're not even close to having the knowledge and skills to start a scratch retail insurance agency.

The selling of insurance today, whether personal lines or commercial, is largely driven by a marketing program so that you can attract prospects who want or need what you have to sell. It's also differentiating yourself in the marketplace giving people a reason to do business with you rather than someone else.

If you are still at the stage of this career choice where you're coming here to ask if there are books to read that can guide you on the intricacies of opening a retail insurance agency and haven't formulated even the most basic of business plans outlining what you're going to offer and to whom, and you think that you're close to opening your doors, then to be really frank, you're a fool who is soon going to be parted with this money.

I sincerely hope you find your direction and prove me wrong, but that's not the scenario I would place a bet on.

This isn't my first time swimming in gasoline and playing with fire Now does anyone here recommend any books even on insurance sales techniques? I want to get a real feel of expert opinions on strategic selling/ cold calling/ marketing/ the works.

[jrad1964]

You can not learn insurance from a book. Those of us who have been in the industry for many years and have done well is due to the fact that we did the hard work. Many of us started in the lower ranks, latched onto a good mentor and put our years in. I can't think of many who would want to purchase something as important as insurance from someone who does not posses even basic knowledge. Most of us are proud professionals who wouldn't consider what you are contemplating.

Just my 2cents

[Claire]

Not to be nasty but I had 20 years experience working in a captive office -10 of them my employer basically "retired" and I was his agency. Most of our business at the time was from referrals. When he actually did retired I too thought I'd do rather well opening my own office. I preferred going independent so I did the business plan and applied for a loan and starting applying for appointments. That was and still is the biggest hurdle is getting the appointments. I've managed to survive but I hope you have another income for about the next 7 years! Granted I had several personal issues that slowed my growth - my husband had cancer, I had 2 back surgeries so about 4 of those years were spent servicing clients and quoting referrals-very little if any marketing because I wasn't in a good place to work more than the 12 hours a day I was already working. The reason I was working 12 hours and barely making ends meet after 7 years? Because it is very difficult without an existing book to roll over to get an appointment and I have not found an ideal set up (one I am comfortable with and trust in the long term to continue to be there, provide the prompt service that has made my agency stand out over the other's and is why I get all the referrals I do. I have built an almost $3,000,000 book with few carriers, a part time staff person and less than $150 a month spent on marketing. But I see so much more potential if I could just find an option for all these referrals I can't close. I close some even with a higher rate by discussing coverage differences when I can but you have to know those differences. I really think until you've worked in the industry from the ground up and your prepared to work 24/7 with little to no income (lucky if you meet your monthly obligations BEFORE you take home any paycheck) you will build a bit of a book but you won't even be able to sell it without any markets increasing the value of your book. The company will absorb your clients and you won't last 2 years. Work as a producer and see how you do before you open a retail. Unless your bored and want to gamble, maybe hire someone with experience to teach you how to run it? Good Luck!

[JohnnyLaw]

Claire , enjoyed your post as my situation is similar with the exception of the size of your book and looking after elderly family and friends. I am curious , what do you spend $150 marketing on?? Thanks for the post.

[OldIndyAgent]

I second the, "Your not going to learn it from a book" comment.
If your new to the industry, take a class, pass the test, and do a 2-3 year internship with an agency.

[sdveteran]

Without a little more information, it's difficult to recommend a starting place. I can say though that for myself, I started my risk management company 10 years ago with one client. However I had some previous experience in risk management that I was able to lean on. So if you are just starting out, look at your past experiences to see where the insurance opportunities might be. For example, if you might let all of you facebook and linkedin contacts know that you are starting your agency. Maybe there are specific hobbies or involvements where there could be a natural fit for referrals and opportunities. Second, there are lot of aging agents in the industry. I would find a mentor (someone running another agency) through a group like the IBA, and try and spend some time (perhaps once every two weeks) to learn from them. Even if they are with another Agency, they many times want to help new people in the industry.

It was tough getting by in the early days, but as others have mentioned, referrals have been the key to my success. But referrals have to be handled carefully to maximize their success. I wrote a book last year with three great, highly successful insurance professionals. High-Payoff Selling: Being Visible and Viable in the New Insurance Market might be helpful when it comes to referrals, cross selling, and networking. Best of luck to you and your success! Steve Thompson