Couple Questions about StateFarm

[Guest]

I am with Farmers Insurance now. Go to Farmers website, click "Career Opportunities", then click "Contact a Farmers district manager", type your zip code and click "search" button. It will show you who is your nearest "district manager". Call them and ask them about more information. I use my district manager office as my business office, and it's free. Our office is huge and nice. Once I feel confidence and have enough 'book of business', I can invest and have my own office.

 

[CHUMPS FROM OXFORD]

Don't need the extra "ted"...

 

[djs]

Being a State Farm Agent is a little bit like opening a McDonalds franchise (okay, maybe a subway). With varying degrees, almost all succeed, but not many are cut out to get the franchise off the ground.

The same is not true for most other P&C agents.

It's not that the State Farm product is better, its the screening process is lengthy and forever long. When I talked with them, it averaged 2 years from 'acceptance' to being a full agent with your own office. Of course, you had an office for the second year, but you were considered a training agent.

I opted to not go the State Farm route (or they opted to not invite me if you really want to know). Nothing wrong with the company, but they are by far the strictest out there that I am aware of. Of course, McDonalds is very strict with their franchises as well.

For those who don't follow franchise logic, franchises are little about products, mostly about business systems and procedures. A franchise will almost always fail if it is solely about a product, but will succeed if they have a system that succeeds. State Farm brings decent systems to the table, and have the products to fit them.

Dan

 

[TheSlurpeeKing]

Being a State Farm Agent is a little bit like opening a McDonalds franchise (okay, maybe a subway). With varying degrees, almost all succeed, but not many are cut out to get the franchise off the ground.

The same is not true for most other P&C agents.

It's not that the State Farm product is better, its the screening process is lengthy and forever long. When I talked with them, it averaged 2 years from 'acceptance' to being a full agent with your own office. Of course, you had an office for the second year, but you were considered a training agent.

I opted to not go the State Farm route (or they opted to not invite me if you really want to know). Nothing wrong with the company, but they are by far the strictest out there that I am aware of. Of course, McDonalds is very strict with their franchises as well.

For those who don't follow franchise logic, franchises are little about products, mostly about business systems and procedures. A franchise will almost always fail if it is solely about a product, but will succeed if they have a system that succeeds. State Farm brings decent systems to the table, and have the products to fit them.

Dan

Thanks Dan... I'm seriously torn on what approach to take and how to go about it. Starting a scratch book in S. FL seriously scares me. My good friend that owns 3 non-captive offices says to jump at the SF opportunity. I won't make the most money, but have the best odds of success is what he believes. He started out by purchasing his books of business.

Thanks for all the info!

 

[Recruiter1]

Having read much of this thread, there is certainly a good share of misinformation going around here. Although, State Farm is strict in the selection process, they also take very good care of insuring you will succeed. Yes, like Mcdonald's the turnover rate for State Farm Agents is very low (especially for industry standards).
Most succeed.
State Farm is not a franchise, however. The 50k startup costs are not paid to State Farm. It is to assist you after you spend the signing bonus should you need it (see below).

Even if you aren't licensed the company will pay all the required licenses, train you for approximately 10 months with pay matching your previous year's salary and give you a substantial signing cash bonus (In California the minimum is 18k signing). You can either choose a new office or an existing office with an open book. The 50k minimum is a requirement because the company is spending much more than that training you with your current pay, licensing you, and interning you. They want you to succeed. An additional 50-100k certainly helps.


If you want to start from scratch you have that option. If you want a book you also have that option. The truth is that most State Farm Agencies have been around for many years. Many of them approaching retirement. The company is investing millions in making sure they have "qualified" candidates fill those offices.


Hope that clears up some stuff. I'm sure your recruiter went over more of the specifics.

 

[moonlightandmargaritas]

Starting a scratch book in S. FL seriously scares me.

Have worked as a manager with Allstate, and having worked closely with the State Farm account as a wholesaler, you are wise to consider this carefully.

The lack of property markets is well obviously...a problem. Homeowner's is the BEST line for all other lines.

You will have to walk all but the most pristine auto risks. You better be able to sell life, their bank products, and cheesy mutual funds. You'll get unbelievable pressure to do so.

They don't have an seed accounts for you?

 

[The Rabbi]

Nothing wrong with having a State Farm agency. You just have to let everyone know by networking.

 

[the042011]

Hi,
I am also very interested in this subject, but the reference is very limited. You can share documents as well as experience?
If you want to get more materials that related to this topic, you can visit: typicalinterviewquestions.info/state-farm-interview-questions/
Best regards.

 

[xrac]

These people who appear out of the blue and revive 4 year old threads amaze me.