Rumors Being Confirmed at Allstate

[xrac]

Personally I wouldn't consider Allstate, SF, or Farmers as long as they have the terrible contracts for new agents they currently have.

 

[Dudley76]

Being independent isn't for everyone. The captives provide a lot of advertising for their agents, so it has advantages. I'm independent so I have to do our advertising.

Indeed. Each side has its advantages.

 

[STIBROKER]

I was contacted a recruiter, on Linkedin yesterday.

Allstate is going after Farmer agents.......isn't that an oxymoron...

 

[OCinsurance]

I've been receiving emails and postcards about becoming an allstate agent. I'm surprised at how much they spend on it.

 

[Insurance1guru]

Trust me. I was an Allstate agent and the advertising is worthless. They spend a lot of money but most of it is worthless. The agents have to spend their own money just like an IA to get any significant business on the books. The biggest problem is Allstate rates are so freakin bad that most agents can't afford to buy their business, but only the ones that has the big cash flow.

 

[CaptiveBroke(r)]

I've heard the contract change will have a drastic effect on those not meeting expected results. Once source tells me it could go as hight as 14% where the bottom falls out at 8%.

Their new "agency" goal consists of $3 million books ( $1 million less than what they originally proposed a year ago). Agents that never wanted to buy another book may now be looking into it since there are a flood of books for sale and Allstate is now promising to "seed" agents with bigger books and better than average RFG.

It's a dangerous atmosphere at Allstate now.

 

[Josh]

I've heard the contract change will have a drastic effect on those not meeting expected results. Once source tells me it could go as hight as 14% where the bottom falls out at 8%.

That sounds more like Allstate. Carrot approach with bonuses, 8% is the stick.

 

[OCinsurance]

Does that affect their current agents or new agents?

 

[VolAgent]

That sounds more like Allstate. Carrot approach with bonuses, 8% is the stick.

Yes, but do the bonuses even get agents back to where they were, much less in a better position?

 

[Norwayguy]

Personally I wouldn't consider Allstate, SF, or Farmers as long as they have the terrible contracts for new agents they currently have.

I don't do P&C but could never understand why someone would want the expense and exposure 50K-200K to open one of the captives and not OWN your book of business...I thought Captive life carriers where bad bringing people in eating up the warm market and moving on at least they don't make you plunk down your money to build thier business (Okay yeah we do plunk down our own money but not like the P&C side).