Cyber Security Insurance Agent

[navneetgupta]

I am living in WA state and working in IT industry. I want to startup something of my own. Please guide me on following..

1. How can I become a cybersecurity insurance agent? exams and other requirements.. etc.

2. How can a new person engage with insurance companies, so I can start selling policies?

3. Can these type of work done in parttime? how much effort is required?

 

[goillini52]

I am living in WA state and working in IT industry. I want to startup something of my own. Please guide me on following..

1. How can I become a cybersecurity insurance agent? exams and other requirements.. etc.

2. How can a new person engage with insurance companies, so I can start selling policies?

3. Can these type of work done in parttime? how much effort is required?

If you're going to be a cybersecurity agent, the 1st thing you need to do is get special license and a special security clearance.

 

[navneetgupta]

Can you please provide more details what type of security clearance and license is required?

thanks,

 

[goillini52]

Can you please provide more details what type of security clearance and license is required?

thanks,

https://www.youtube.com/watch?v=1MWq6L19eNo

 

[navneetgupta]

looks like you had pasted some wrong link. please check

 

[goillini52]

looks like you had pasted some wrong link. please check

No, that's the right one. Aren't you familiar with Jethro Bodine, Double Knot Spy?

 

[navneetgupta]

no. I have not seen this series.

 

[EugeneM]

Trolled... https://www.youtube.com/watch?v=dQw4w9WgXcQ

but seriously - Cyber Liability is under the general P&C license. Im sure there is CE classes and certs you can get, as for requirements the license is all you need.

It might be hard for you off the bat because this is preferred business. High Premium Low Risk - Admitted A Rated carriers like travelers hartford etc are the players. They have Tech Programs for this and is in their top 10 preferred class code if im not mistakn. Need a few million on the books if you want an appointment with them. You would have to use a ga to get access to products = reduced commissions

Can you do it part time? Maybe- Some people can - most cannot

You being in the IT industry might have the contacts needed but its not going to be easy focusing on just this product line.

 

[navneetgupta]

Excellent. Thanks for information. I am not clear with the term "ga" , does this means general aggregator ? Is there any site where I can find list of such companies. Is there any general industry guideline how much % commission they charge?

 

[EugeneM]

Excellent. Thanks for information. I am not clear with the term "ga" , does this means general aggregator ? Is there any site where I can find list of such companies. Is there any general industry guideline how much % commission they charge?

Ga is genereal agent or MGA managing general agent both are wholesale insurance intermediaries

% Depends on your arrangement - of course its not always negotiable

On thing you can do is contact a mid sized brokerage and make an arrangement with them. You dont necessarily have to go through a ga - either way your not getting 100% of your commission because you are new. cant do anything about that.

After you get your p&c license I would contact some good size brokers in your area and see if you can make an arrangement. If you are doing this part time giving up more of your commission so you do not have to service or close accounts might be smart, you would still retain ownership of the business but at a MUCH SMALLER split ( 70-30 or 80-20) on first yr then 20 or 30 on renewal. Basically gathering initial information then passing it to an experienced broker to be closed. Once you build some volume you can move the accounts later on to your direct appointments and get the full commisshhhh

Sounds like your not going to depend on the income hahahah so passing on closing and service work to an experienced agent would be a good move. You will get paid less but you will get to learn and start building your own book of business. Also avoiding a huge learning curve and possibly getting closes off the bat on your first few prospects.