Thinking About Becoming a Farmers Captive Agent
- Thread starter GAsales
- Start date
- 3,247
Now that you have found The Insurance Forum, you can do some research and find a lot of better options.
GASales,
I am a Farmers Agent in California, but a indpendent agent/broker in 20 non-resident states. I love being a Farmers Agent. I suggest purchasing an exisitng book from a retiring agent. Much easier process. Good luck!
By they way, Farmers is not like other captives. You are able to have outside appointments and broker business, that Farmers doesn't have appetite with, declines or non-renews. Farmers even owns it's own general agency, called Kraft Lake, which you broker that business too.
I am a Farmers Agent in California, but a indpendent agent/broker in 20 non-resident states. I love being a Farmers Agent. I suggest purchasing an exisitng book from a retiring agent. Much easier process. Good luck!
By they way, Farmers is not like other captives. You are able to have outside appointments and broker business, that Farmers doesn't have appetite with, declines or non-renews. Farmers even owns it's own general agency, called Kraft Lake, which you broker that business too.
- 977
How much experience do you have? How much have you produced?
If you're going to leave your current agency you could do better going independent, if you have enough experience, and truly know how to produce. Do you currently generate your own leads?
If you must remain captive, look into Nationwide, if they are competitive in your area.
If you're going to leave your current agency you could do better going independent, if you have enough experience, and truly know how to produce. Do you currently generate your own leads?
If you must remain captive, look into Nationwide, if they are competitive in your area.
- 3,247
TL Donaldson
New Member
- 3
If you're looking for a Farmers Agency, I have one for sale in California. Message me for the details.
tikibarrister
Guru
- 529
Isn't that kinda like going from the frying pan into the oven?
We! Are! Bankrupt! Bum da dum da dum dum dum!
Currently looking at starting a scratch agency with Farmers in their Retail program. I recently obtained my P&C as well as my Life & Health license's.
This would be a career change from being in the hospitality for the past 20 years in mid-level management positions. I started thinking about a career change in late February of this year, and with the pandemic events, I was able to conduct a personal inventory on what I wanted to do in the last part of my working career. I have talked to 3 companies - Allstate, State Farm and Farmers. To me and from what I have been able to discover is that Farmers checks all of the box's for me.
The biggest hurdle, I see that I will encounter is the best way to market and prospect my business. I have read many articles and have talked to a few people about the do's and don't on the proper steps. I am not naive enough to know that it will take long hours and hard work to build a solid book.
My biggest strengths are I am very organized, love talking to people, great communicator and have a solid financial knowledge.
I just wanted to reach out to this forum and get the good - bad - ugly of owning a captive insurance agency.
I am in Dallas, Texas
Any help and industry assistance would be helpful.
THANKS!
This would be a career change from being in the hospitality for the past 20 years in mid-level management positions. I started thinking about a career change in late February of this year, and with the pandemic events, I was able to conduct a personal inventory on what I wanted to do in the last part of my working career. I have talked to 3 companies - Allstate, State Farm and Farmers. To me and from what I have been able to discover is that Farmers checks all of the box's for me.
The biggest hurdle, I see that I will encounter is the best way to market and prospect my business. I have read many articles and have talked to a few people about the do's and don't on the proper steps. I am not naive enough to know that it will take long hours and hard work to build a solid book.
My biggest strengths are I am very organized, love talking to people, great communicator and have a solid financial knowledge.
I just wanted to reach out to this forum and get the good - bad - ugly of owning a captive insurance agency.
I am in Dallas, Texas
Any help and industry assistance would be helpful.
THANKS!
- 2,312
Don't do it! Get some experience first. Go work for someone so you know the territory, strengths, competition. Farmers will put anyone in the scratch position as long as they have the liquid capital and you might as well kiss that goodbye. Find out how many Farmers agents are in your area, you might be surprised at the number. In California they are on every street corner. Allstate is another one to shy away from right now. They have started an Integrated Services Plan and Allstate direct which will put you in competition with yourself. You write the quote, the client calls after hours and Allstate direct will steal your client
I looked at Allstate too. The capital requirements were $100k, a bit to much for my taste/exposure.
Plus Allstste was full-bore hard selling me.
Farmers, has been a bit laid back with their approach.
I need to do something else, and this appeals to me. I understand the huge mountain in front of me. I've got about 10-15 years before I want to retire. So trying this and jumping in the deep end and giving it 100% effort. I do not really have the time with the timeframe in front me to go work for someone else.
Plus Allstste was full-bore hard selling me.
Farmers, has been a bit laid back with their approach.
I need to do something else, and this appeals to me. I understand the huge mountain in front of me. I've got about 10-15 years before I want to retire. So trying this and jumping in the deep end and giving it 100% effort. I do not really have the time with the timeframe in front me to go work for someone else.
Similar threads
