Question About my Mentor

[kauri]

I work with my wife uncle who runs his own independent insurance agency the agency is about 27 years old. My problem or issue is he's trying to groom me to take over his book of business which I don't have an issue with that at all. I have about 2 years of P&C experience. My issue is after 27 years in business he has only about 300 policies on his book which is a combination of Home, Auto, Business and I think Health. He doesn't market he says he only write about 10-12 new policies a month all of his clients are through referrals. When I submit new business he claims he can't remember what commission the carriers are paying for home insurance because he focus on Business insurance so their is always a fight their between the two of us. My issues is he wants me to hand out flyers because it's cheap just to get the name back out their. His way of generating business has to be some of the worst ways I have ever heard of he tells me to attend car auctions and whoever wins the bid to talk with them about car insurance then after that he says "well they are not going to keep the insurance for log so be prepared for the charge back". At this point I'm looking into starting my own agency because my so-called mentor is horrible and so stuck in his ways.

Am I expecting to much from someone that has been in the business for over 25 years. Is all mentors like this or my wife uncle doesn't know what he's doing?

 

[nyc2phi]

I work with my wife uncle who runs his own independent insurance agency the agency is about 27 years old. My problem or issue is he's trying to groom me to take over his book of business which I don't have an issue with that at all. I have about 2 years of P&C experience. My issue is after 27 years in business he has only about 300 policies on his book which is a combination of Home, Auto, Business and I think Health. He doesn't market he says he only write about 10-12 new policies a month all of his clients are through referrals. When I submit new business he claims he can't remember what commission the carriers are paying for home insurance because he focus on Business insurance so their is always a fight their between the two of us. My issues is he wants me to hand out flyers because it's cheap just to get the name back out their. His way of generating business has to be some of the worst ways I have ever heard of he tells me to attend car auctions and whoever wins the bid to talk with them about car insurance then after that he says "well they are not going to keep the insurance for log so be prepared for the charge back". At this point I'm looking into starting my own agency because my so-called mentor is horrible and so stuck in his ways. Am I expecting to much from someone that has been in the business for over 25 years. Is all mentors like this or my wife uncle doesn't know what he's doing?

He doesn't know what he's doing...

Where are you located?

300 P&C polices are commonly done in one year. After 27 years, it's embarrassing there is such little business on the books, unless there is some other reason why.

 

[1manshow]

agree...

if you have competitive rates....he should be at 3000+ not 300

i'd get the perpetuation agreement in writing and then do things your way

 

[kauri]

I'm located in DC. I know he told me when he first started he was getting a lot of business from use car dealerships and car auctions then the business from that almost all of them start charging back so all of the work he put in was worthless then he start going in the whole with the insurance carriers. My wife gave me warming that his business never really made him any money, I thought she was stretching the truth a little. My mine is already made I'm leaving him.

 

[1manshow]

might be wise to make your contacts with prospective carriers asap

 

[shawnmwalker]

This is no good. I bet the 10-15 policies he is writing a month in "New Business" is really rewrites. After 27 years. 300 pif. Nope. He is rewriting clients and calling it NB.

Get ownership and follow the advice on a few of these threads regarding Centers of Influence. Drop the old business model and take the agency to 1000 PIF by ignoring everything he has taught you.

 

[insurance1822]

That PIF count is impossible for 27 years so I'm guessing at a point 5-10 years back he just stopped writing/working & has progressively let his book shrink (which it will continue to do.) That's a small book at this point.

If you look at the metrics of that book I'm sure it's not been cross sold, the retention must be terrible & the loss ratio probably doesn't even matter. The market "value" of that book (if my assumptions are true) is probably so much less then he thinks that he wouldn't sell it anyway.

Start your own IA, valuate his book, give him an offer & just wait. That approach to business will take care of itself.

 

[tpowell138]

Review the book and see if anything is worth spending time or money on. Then find what it will take to buy him out or what he wants before he gives it to you. I would use it to generate some income as you are starting plus the appointments he already carries will be a great help.

 

[AZDave]

I bet he is not ready to give up his 300 policies. I bet he is hoping you come in and sell the heck out of it, so he can sit back and collect your commissions. Be careful here. Make sure it is a fair split.

If he has contracts with many carriers, and many of those carriers will no longer give contracts, and are very competitive, then take it over and make terms for your advantage.

If not, your only increasing his agency size.

Good Selling

Dave

 

[todd02]

I work with my wife uncle who runs his own independent insurance agency the agency is about 27 years old. My problem or issue is he's trying to groom me to take over his book of business which I don't have an issue with that at all. I have about 2 years of P&C experience. My issue is after 27 years in business he has only about 300 policies on his book which is a combination of Home, Auto, Business and I think Health. He doesn't market he says he only write about 10-12 new policies a month all of his clients are through referrals. When I submit new business he claims he can't remember what commission the carriers are paying for home insurance because he focus on Business insurance so their is always a fight their between the two of us. My issues is he wants me to hand out flyers because it's cheap just to get the name back out their. His way of generating business has to be some of the worst ways I have ever heard of he tells me to attend car auctions and whoever wins the bid to talk with them about car insurance then after that he says "well they are not going to keep the insurance for log so be prepared for the charge back". At this point I'm looking into starting my own agency because my so-called mentor is horrible and so stuck in his ways.

Am I expecting to much from someone that has been in the business for over 25 years. Is all mentors like this or my wife uncle doesn't know what he's doing?

You are wasting your time and ruining your career by even being in their presence. Get out fast so you don't pick up dumb habits. I've been in the business 5 years and have 3300 Policies on the books. By 27 yrs I should be over 8k policies... 300 lmao...