How Does One Really Learn Commercial?

[fla2cali]

I thought this deserved it's own thread. I'm thinking I want to venture into commercial. I figure the best route is to go to an indy agency. I say that because, when looking for jobs for commercial insurance sales, they want someone that already has 'experience,' and don't offer any training.

I keep hearing on here that going indy is the best route, and that commercial is most lucrative, although longer sales cycle, and more difficult.

I was thinking once I got with an indy agency, I could take that Hartford training course, or take a CIC training class.

So how is one suppose to learn the commercial insurance business?

 

[insurance1822]

I've been over this myself & I've concluded the only real way to learn commercial is to be immersed in the practice for a period of time. That means getting hired by a large company / broker house as an employee & learning the ropes OR working with a local Indy agency.

Both options will "cost" you money by either not being able to build your own book for a period of time OR giving up commission to the Indy you partner with.

No way around it. I wish I started my career in commercial so I could have learned the ropes before I had expenses & my own large personal lines agency to manage.

 

[AZDave]

Prospect for the exdate. Meet the prospect, get his renewal policy. study it, rip it apart, understand the coverages. Make your proposal better, offer needed coverage. Sell it, you and the company. Close the deal.

Then on to the next.

Target an industry or business you like or have some knowledge of, relate to the business owner. Join the association, show up. After a few meetings you get to know people.

Companies like The Hartford have great training and some super niche's to target. focus one one, learn it.

 

[fla2cali]

Thanks AZ, good advice. I was thinking I might want to do some personal training as well, like The Hartford School of Insurance for Commercial.

Prospect for the exdate. Meet the prospect, get his renewal policy. study it, rip it apart, understand the coverages. Make your proposal better, offer needed coverage. Sell it, you and the company. Close the deal.

Then on to the next.

Target an industry or business you like or have some knowledge of, relate to the business owner. Join the association, show up. After a few meetings you get to know people.

Companies like The Hartford have great training and some super niche's to target. focus one one, learn it.

 

[AZDave]

If you have the time and the $ - go for it.

Good Luck!

 

[TonyC]

Good advice. School for Commercial insurance. Sounds expensive.

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I thought this deserved it's own thread. I'm thinking I want to venture into commercial. I figure the best route is to go to an indy agency. I say that because, when looking for jobs for commercial insurance sales, they want someone that already has 'experience,' and don't offer any training.

I keep hearing on here that going indy is the best route, and that commercial is most lucrative, although longer sales cycle, and more difficult.

I was thinking once I got with an indy agency, I could take that Hartford training course, or take a CIC training class.

So how is one suppose to learn the commercial insurance business?

What is a CIC Class?

 

[oicu812nbama]

https://www.scic.com/courses/CIC

Hartfords Commercial School is $3500 plus room and board. Hartford told me that they would give me a direct commercial contract right out of a captive agency if i would go to their school.

i totally agree with it costing time to learn after you are immersed in something else. there are guys who have started in commercial who ended up moving to personal lines. it depends on what you enjoy. commercial is more detailed and somewhat interesting, instead of a grind. some people enjoy transactional insurance that they feel is going to stay on the books forever. i enjoy riding by a business that i have insured. homes... not so much.
a simple deal that may not take as much time is a local agency that does commercial. ask them if they will train you if you bring them prospects. they will eventually offer you a job (or even better a sweet contract) or teach you enough to get rid of you. persistence is key.... your value to them is prospecting. you jumping in and trying to make coverage decisions is what will make them nervous. let them know that you will take things slowly and that you are coachable. my two cents.
i was lucky enough to find an underwriter at a brokerage to walk me through the indy way. he wouldn't have done this if i hadn't already had product knowledge and knew how to pre-qualify a prospect though.

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pre qualifying as in going and looking at the place to see if there are any unusual hazards or poor maintenance. (signs of a claim about to happen)
asking them about their current relationship with their agent. (are they going to tuck their tail and follow the incumbent if loss runs are ordered?)
and as someone mentioned, getting the current policy and finding out just how bad the current agent did in correct coverage. (if they have property that is not covered, they will be happy that you found it, but are they willing to pay a little more to have it covered? did the agent code them as an ice cream parlor when in actuality they use a deep fryer all day? [true story] ) also so you can tell the underwriter what they are currently paying.
no one wants to run quotes all day without selling them.

 

[shawnmwalker]

I just met am amazing business that helps personal lines agents learn and transition into Commercial. I imagine much like the Hartford classes Bama references above but maybe a more hands on approach.

 

[oicu812nbama]

are you waiting for one of them to ask you what it is?

 

[shawnmwalker]

I am stating that that is another option. Not pointing you to that specific business or service provider. But maybe someone can look into a similar provider in their area.