Starting Out with Allstate or Farmers

[PCAgent]

Starting with Allstate as a producer is a good move. You will learn the business and receive good training. However, based upon what I know about Allstate and the direction it is going I would not become an Allstate agent under any circumstance. You didn't say how you will be compensated as a producer?

Allstate agent producer: 100% of new business (10%) and 50% of renewals (5%)+ proportional split of any incentives going on at the time. When my book of business reaches $1M, my renewals drop to 30%, but we'll be having a conversation about going on my own or improving my split, but with taking on some of the agency's expenses. There is also a higher payout for life and commercial, but I didn't get very detailed yet on that.

I have an appointment later this week to discuss opportunities at Farmers...

 

[xrac]

Allstate agent producer: 100% of new business (10%) and 50% of renewals (5%)+ proportional split of any incentives going on at the time. When my book of business reaches $1M, my renewals drop to 30%, but we'll be having a conversation about going on my own or improving my split, but with taking on some of the agency's expenses. There is also a higher payout for life and commercial, but I didn't get very detailed yet on that.

I have an appointment later this week to discuss opportunities at Farmers...

My advice is forget Farmers.

 

[oicu812nbama]

imo, work for your bud cause he will take more time to train you than anyone else. i wouldn't hire a friend unless i had time. then, go indy. erie insurance has high customer and agent satisfaction up there. your bud can send you non standard and commercial accounts that he can't write.

allstate is paying 8%/8% versus 15%/15%. i wouldn't make allstate a longterm plan
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allstate also makes you roll your phone to them at 5pm. if any sales are made, its theirs. i couldn't deal with that on principle alone.

 

[bonsaikc]

My advice is forget Farmers.

Why do you say that, xrac? Farmers just contacted me based on my online resume and want to interview me as a managing agent (managing principal? not sure of all the ins and outs). Say they will "support you for two years."

I have seen some disturbing numbers about consumer complaints with Farmers though. Any feedback in any directions would be much appreciated.

 

[VolAgent]

Why do you say that, xrac? Farmers just contacted me based on my online resume and want to interview me as a managing agent (managing principal? not sure of all the ins and outs). Say they will "support you for two years."

I have seen some disturbing numbers about consumer complaints with Farmers though. Any feedback in any directions would be much appreciated.

He said managing agent because ideally you open an office and staff it.

Go with your gut.

 

[PCAgent]

Yesterday I completed Farmers employment profile test and interviewed with them at one of their Agency Point locations outside of Philadelphia. I must say that I was impressed with their operation and their overall program for new agents. Now granted, this was just my 1st interview with Farmers, but my take away is that Farmers Insurance is a class act and their entire training programs seems to make a lot of sense.

 

[wjw0006]

Why do you say that, xrac? Farmers just contacted me based on my online resume and want to interview me as a managing agent (managing principal? not sure of all the ins and outs). Say they will "support you for two years."

I have seen some disturbing numbers about consumer complaints with Farmers though. Any feedback in any directions would be much appreciated.

That's not that big of a deal. I hate to bust your bubble. I got the same offer and have never sold anything in my life. Do the research on Farmers and run as fast as you can away from them. I passed it up and when I brought these points up to the recruiter (they were legit facts about rates, subsidy, life sales and their aweful underwriting standards for those life sales) the recruiter knew I had him.....It does not matter to them though because they will find eager new agents that don't do their homework as thoroughly and thus will find out the hard way....

 

[PCAgent]

That's not that big of a deal. I hate to bust your bubble. I got the same offer and have never sold anything in my life. Do the research on Farmers and run as fast as you can away from them. I passed it up and when I brought these points up to the recruiter (they were legit facts about rates, subsidy, life sales and their aweful underwriting standards for those life sales) the recruiter knew I had him.....It does not matter to them though because they will find eager new agents that don't do their homework as thoroughly and thus will find out the hard way....

I have been doing research on Farmers as well as other PCinsurers. There is some accurate & current information to be found, but there's also some reports from people who have an axe to grind or feedback that is outdated and based on old practices. Underwriting guidelines are always subject to change for the better or worse all the time no matter what company or industry you're in/with. I try to look at the big picture and not make decisions based on micro issues that are subject to change on a regular basis. I would love to get more feedback from actual agents or producers who have been with either Allstate or Farmers within the past 12 months.

 

[xrac]

Yesterday I completed Farmers employment profile test and interviewed with them at one of their Agency Point locations outside of Philadelphia. I must say that I was impressed with their operation and their overall program for new agents. Now granted, this was just my 1st interview with Farmers, but my take away is that Farmers Insurance is a class act and their entire training programs seems to make a lot of sense.

The last new Farmers agent I talked to was waiting tables in the dinner next door to his little office. This guy was young about 23-24 and he was not the sharpest knife in the drawer if you know what I mean. I think all you have to do is fog a mirror to be hired by Farmers.

How about this stuff: Farmers Insurance Agent and Farmers Insurance Employee Information

How about this:

Let me tell you a little about my experience with Farmers.....I put my resume online and got a call from the "District Manager" the very next day. Got interviewed and hired on the spot to be a "Reserve Agent". They don't pay you during that time when you are considered a reserve agent, and the DM lied to me and told me I would start getting a "salary" as soon as I became a "Contract Agent" which wolud be after I sold 44 p&C and life policies. After doing some research online I found out that this "salary" is not a salary at all, it's a LOAN which you will have to PAY BACK if you don't sell the exact amount of policies they require you to sell in a two year period. This means that if you choose the $2500 a month subsidy option X 24 months and you dont meet quota, you'll have to pay that back, usually at the highest interest allowed in your state. OH and did the recruiter mention that you don't actually own your book of business? THEY OWN IT, and when they decide to fire you, they keep and they will pay you whatever they think it's worth. SOOO after you've spent all your money in leasing an office, paying staff (they want you to hire people right away), paying for marketing and all kinds of crap, you will actually be in DEBT when they decide they don't want/need you. Did the recruiter also mention that Farmers has just about the worst rates in the country?? I was quoting prospects and just couldn't compete because farmers rates are about 30%to 40% HIGHER than ALL the competition! They will tell you in the training that you're selling value over price and what not. Bottom line is this: THE PRICE WILL ALWAYS MATTER to the prospect and they aren't going to buy a policy that will cost them an extra $600 per car just because you're nice. OH and the training is DUMB. They look you in the eye and flat out lie to you, saying things like "you WILL succeed" and that the other agents that were "let go" were "just lazy". The life sales trainer was STALKING my every move to make sure I sold the 4 stupid OVERPRICED life policies so I could become a career agent, she said she would pay me $250 if I bought a life policy for my husband even after I had told her MANY times that he doesn't need/want one because he has one through his work. They want you to sell those initial 44 policies to all your family and friends. AND the reason why the DM or Recruiter will be so nice to you is because they are going to get a huge bonus (about $5,000 or more) when you sign the devil contract ! I was there for a month and resigned. Think twice........Image:

Read more: Farmers Insurance Reserve Agent Program

One of my best friends was with Farmers for about 7 years and he like to starve. He told me the best thing he ever did was go INDY.

 

[Denise509]

Xrac thanks for putting up my post!


OP: Start out with Allstate to get experience, Farmers is a bad company.