I'm leaving Farmers and I can't solicit my current book for one year. I've been a one-man agency focused almost exclusively on personal lines. I stopped soliciting for new business a number of years ago because it was a waste of time. Literally ANY other company is 30-40% cheaper in my area.
Although I have brokered a few policies here and there, my experience in the insurance world has largely been limited to Farmers. I want to do the best I can by my clients and so I'd like to have access to as many companies as possible. Going independent on my own doesn't make sense, however, because I'm not going to make quotas. I also don't want the overhead expenses and responsibilities.
I'm thinking the best option is to approach an independent agency I respect and ask if I can become a producer, essentially starting from nothing for at least the first year.
Questions:
1. What's the best way to approach them and present myself? Mailed letter/resume? Phone call? Drop-in? Call and ask for a meeting? I'd be cold-calling established mid-sized agencies that are not actively seeking producers.
2. After operating on my own for so long, that's what I know. I like my independence AND I want to ask as little of others as possible. My ideal situation is one where I can be an independent within an independent. I would expect to learn the IA system mostly on my own (can I access from home and learn from there?), service my own clients, pay or reimburse for medical benefits and E & O. I'm thinking this scenario would be attractive to any IA since I'd cover my own expenses and add to the IA's overall production and book. Is that fair and realistic?
3. I'd like to work for another 25 years. As such, I'd like to (eventually) have full equity for my book. What's a reasonable way to structure my vesting?
4. What concerns would an IA owner have about bringing me on as a largely independent producer? (I can document that I've never had an E & O claim and my loss ratios - with Farmers' ridiculously high premiums - average to be in the low 40s.)
5. As a producer, what fair and reasonable expectations should I have for commissions, renewals, production quotas, equity, and profitability sharing?
Many thanks in advance for your help.
Although I have brokered a few policies here and there, my experience in the insurance world has largely been limited to Farmers. I want to do the best I can by my clients and so I'd like to have access to as many companies as possible. Going independent on my own doesn't make sense, however, because I'm not going to make quotas. I also don't want the overhead expenses and responsibilities.
I'm thinking the best option is to approach an independent agency I respect and ask if I can become a producer, essentially starting from nothing for at least the first year.
Questions:
1. What's the best way to approach them and present myself? Mailed letter/resume? Phone call? Drop-in? Call and ask for a meeting? I'd be cold-calling established mid-sized agencies that are not actively seeking producers.
2. After operating on my own for so long, that's what I know. I like my independence AND I want to ask as little of others as possible. My ideal situation is one where I can be an independent within an independent. I would expect to learn the IA system mostly on my own (can I access from home and learn from there?), service my own clients, pay or reimburse for medical benefits and E & O. I'm thinking this scenario would be attractive to any IA since I'd cover my own expenses and add to the IA's overall production and book. Is that fair and realistic?
3. I'd like to work for another 25 years. As such, I'd like to (eventually) have full equity for my book. What's a reasonable way to structure my vesting?
4. What concerns would an IA owner have about bringing me on as a largely independent producer? (I can document that I've never had an E & O claim and my loss ratios - with Farmers' ridiculously high premiums - average to be in the low 40s.)
5. As a producer, what fair and reasonable expectations should I have for commissions, renewals, production quotas, equity, and profitability sharing?
Many thanks in advance for your help.