Couple Questions about StateFarm

[TheSlurpeeKing]

How long does it take to become an agent? from the interview process to having office? The Lady I interviewed with seemed very vague about it as well as the initial investment (50k-100k).

I need to get all my licenses aswell.

Thanks

 

[theinuranceguy]

How long does it take to become an agent? from the interview process to having office? The Lady I interviewed with seemed very vague about it as well as the initial investment (50k-100k).

I need to get all my licenses aswell.

Thanks

Uh in OH and in some states its takes 40 Hours and passing a state test, but Im still confused as to where 50k came in?

 

[TheSlurpeeKing]

I'm mostly concerned about the timeline from the interviewing process to having my own office. She said the typical investment is between 50k-100k to get started. I'm assuming she talking about office space and such. She did say you get a small book to start.

 

[TheSlurpeeKing]

I know not much interest in this thread, but I do have my test tomorrow morning. It's not an interview, however, the recruiter will be there. I typically don't wear a tie for my current situation but i would like to make a good first impression. I thinking dress slacks and dress shirt and no tie.

How important is this test they give?

 

[insuremojo]

I know not much interest in this thread, but I do have my test tomorrow morning. It's not an interview, however, the recruiter will be there. I typically don't wear a tie for my current situation but i would like to make a good first impression. I thinking dress slacks and dress shirt and no tie.

How important is this test they give?

I think you're talking about a "personality" test to see if you have the goods for owning and working with people in your own agency.

Have you been licensed yet to sell insurance? If you do you might want to keep in mind that most people who open up their own agency don't make any profit for the 1st 3 years on average and they go into debt for a lot more than 50-100k, that's just enough to probably get you started.

I think the way you mentioned dressing is satisfactory for test taking and meeting a
recruiter.

You can expect a timeline of test taking to opening up for business to be anywhere from 3 months to 6 months in general.

 

[TheSlurpeeKing]

Yes, it's the personality test. They mentioned starting out with a decent sized book that they give, plus a small bonus to start. I guess we'll see how it goes.

 

[insuremojo]

I would think twice about this "opportunity" especially if you have no
experience in the insurance industry.

It's a huge leap of faith for someone with no license to jump right into a state farm insurance agency as owner.

How big is this "book of business" and will you be able to cover your ass with the renewals plus sales you're bringing in?

Make sure you've got that ace up your sleeve to take the plunge...I hope you do.

 

[TheSlurpeeKing]

Sorry I forgot to mention I have my L/H/VA and series 6. I worked for Mutual of NY, and as EFS for Allstate for a little while. I'm studying for the 2 20 now. I have no experience on the P&C side though.

 

[Guest]

I am a new insurance agent, full license in California (F&C, Life, Health - and gonna take series 6 & 63 exam pretty soon). I went to "Statefarm Agency Opportunity" in Northern California last year, took the test, attended the career opportunity session, met the mentor (one of the successful Statefarm agent), and finally I quitted before the "Business Plan" presentation. The reason I quitted was the amount of the investment, which in my area (Northern California) $50K will not be enough (rent is so expensive, the cost to hire agents, etc.). Based on my conversation with several agents, I will need at least $80K to $100K to start a new agency and to survive (marketing costs, operational costs, etc.). Now I work as an independent insurance agent for other famous insurance company in U.S. which doesn't require me to open an agency before I feel confidence (at least in 2 or 3 years).
FYI, selling insurance is very tough nowadays especially for a new agent. Selling insurance isn't like selling other products which you can do it by knocking "door-to-door". It needs more personal relationship. I started it from my families, relatives, and friends. Then I got referral from them.
Finally, before you make a decision to invest those money, please learn your business plan carefully. Can you achieve your sales goal each month so you can survive?
Good luck.

 

[TheSlurpeeKing]

great advice... I'm feeling very uneasy at this point and I'm not sure if I even qualify with them due to a few credit hiccups around 3 years ago (nothing crazy, but I spoke with the lady that does background checks and they're very strict in their guidelines). Can you PM me with the company you're with now? do you have an office? sub lease an office? home office (is that possible writing all lines)? I've done ins. sales in the past and it was tough, but I believe I'm in a different "frame of mind" at this point in my life.

Shoot me a PM with some details. I'll really appreciate it.

THANKS!!!!!