Am I on track? 2 years into the P&C business

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InsuranceGuy801
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Posts: 3
Joined: Thu May 07, 2015 4:27 pm

Am I on track? 2 years into the P&C business

Post by InsuranceGuy801 »

Hi everyone!

I joined a local agency in California a little over two years ago. As of today I have 200 clients and 350 policies issued. I am curious whether or not I am on a long term track of success or failure? What do you think? Is this where I should be or am I way off from making it in the industry?

I love the insurance business and I have established great relationships which we refer back and forth to each other. I don't see myself doing anything else and I'm 31 years old. I understand P&C insurance is a long term money maker, but if I am riding a slow horse I want to make some changes on my selling behaviors. Thank you for helping!

:D
d's insurance store
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Posts: 350
Joined: Tue Mar 14, 2006 11:04 am

Re: Am I on track? 2 years into the P&C business

Post by d's insurance store »

You're not giving enough info for a career evaluation check point.

Are these 350 policies personal lines renters policies with average premium of $207.50? Are they small BOP policies with average premium of $714.97 in annual premium? Do you specialize in mid sized commercial with average premiums of $19,342.36?

We don't need your W2 to answer that question. You need to evaluate by way of your paycheck. In the 2 year time, are you now grossing more than when you started? Can you live on what you make? Do you have the ability to pay your bills and save at the same time? Have you started to think about possible long term prospects with the agency you're affiliated with? Can you broach the topic of account ownership? Are you getting the support from the agency to allow you to expand your selling goals? Is the agency stable, or is the owner starting to mumble about selling and getting out of the biz?

Come back with answers to those questions and then proffer your query. Furthermore, what we collectively or individually think is not relevant to your needs, wants and goals. Only you can start and end each day with job and life satisfaction based on your reality.
InsuranceGuy801
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Posts: 3
Joined: Thu May 07, 2015 4:27 pm

Re: Am I on track? 2 years into the P&C business

Post by InsuranceGuy801 »

D's insurance store...

Thank you for opinion. So looking at your questions I write a good mix of small market BOP and personal lines. My adverage premium is around $1200 per policy. I do not currently have any clients with premiums of $19K or $20K...I'm working on changing that. :D

My first year were I was mostly studying insurance and taking classes to learn about insurance I wrote $120K in premium and I have double that the second year.

I really believe in building relationships and providing my advice over just quoting and being a quote farm. If as you say I am to look at my last years numbers and I am growing, then yes. I would like to make $60-$70K a year by year 4 or five at my current pace is that possible or should I do something to pick things up? Maybe it's time to reach larger clients. The agency is amazing and stable.

Thanks for all your help.
d's insurance store
Insurance Journal Addict
Posts: 350
Joined: Tue Mar 14, 2006 11:04 am

Re: Am I on track? 2 years into the P&C business

Post by d's insurance store »

You should probably keep your income figures to yourself and your employer.

I'm not equipped to be a career/life coach, but if you're happy with where you're working, happy with whom you're working, paying your bills, feeling secure in your position, learning the fundamentals of the job and see a future that feels aspirational and satisfying, then you're probably doing better than most of the working stiffs.

Your compensation agreement ideally gives you incentives for securing new business and rewards you in some way for maintaining the accounts through renewal income. It is that compounding of renewal income in return for servicing that builds the true expanding wealth in the insurance business, so if you're being paid for new and renewal, then unless something changes for the negative, you should consider yourself on an advancing career path.

If you seek a higher income, you're faced with renegotiating your comp agreement where you're at, or looking elsewhere to see if someone else will pay more for your talents. Either way, that's life in the work world. Or, at some point in the future, you can explore your own enterprise and learn the ups and downs of being your own boss. Short of a rich relative dying or winning the lottery, that's how most of us have done it with varying degrees of success.
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