Thinking of going on my own, Advice Please!

[Guest]

Hi Everyone,
I'm a new P&C agent (only 7 months) that is thinking of starting my own agency. I'm currently with a agent that welcomed me in, but over the last 7 months has not been showing me the ropes. I'm giving up 40% of my commissions but don't feel like I'm getting any advantage. I know and have heard that it is very hard to get companies to pick you up, but I refuse to give up easily. My question is where do I start? Do I contact insurance companies 1st or do I file the paper work with the state to establish my business? What is the best way to approach companies? I appreciate any and all advice. Thank you for reading my post.

 

[senior-advisor-indiana]

Why would you want to go on your own? You don't like giving 40% of your money to charity? just kiddin there. I have no clue about P&C so sorry to waste a post. just kiddin there too.

 

[J.R.]

Hi Everyone,
I'm a new P&C agent (only 7 months) that is thinking of starting my own agency. I'm currently with a agent that welcomed me in, but over the last 7 months has not been showing me the ropes. I'm giving up 40% of my commissions but don't feel like I'm getting any advantage. I know and have heard that it is very hard to get companies to pick you up, but I refuse to give up easily. My question is where do I start? Do I contact insurance companies 1st or do I file the paper work with the state to establish my business? What is the best way to approach companies? I appreciate any and all advice. Thank you for reading my post.

I would first bring this to the attention of the agent before doing anything. He or she may now know how you feel and deserves a chance to make things up to you.

If you have already tried that and been unsuccessful and/or the agent is close-minded, I'd contact the companies you already work with to see what the requirements are to become appointed.

 

[saieddie]

I'd probably tough it out for awhile longer. The companies I've contacted in the past usually want the agent to have a book of business to roll over. Barring that, they usually want experienced agents that can show good loss ratios and production.

If you're determined to go out on your own. Get everything you need done with the state, that will make it easier when you're listing the company name, organizational structure, etc on the appointment applications. I've found a group called SmartChoice to be very helpful in getting started if you don't have any business to transfer. Also, the IIAA has a program called "Eagle Agency" that can help you get companies also.

Good Luck

 

[BKrocko]

Why would you want to go on your own? You don't like giving 40% of your money to charity? just kiddin there. I have no clue about P&C so sorry to waste a post. just kiddin there too.

No prob SAI, most of us figured out you were "clueless" after your 100th post or so - but that only took a day or two to get there.

I just gotta ask - When you were in school and the teacher asked a question, did you raise your hand (pick me! pick me!) just to say you didn't know the answer?

I'm not trying to flame you - but really man, what is it with some of your post where you have absolutely nothing to offer? I know, I know, "if you don't like them, don't read them" and I usually skip them but it just begs the question. Is there a gold ring or something I am unaware of for the person with the most posts in the shortest amount of time?

On a side note: I did enjoy your story about fishing and trespassing.

 

[Guest]

Thanks for the info Saieddie, I really want to go on my own because I think my boss and I are two control freaks! I've talked to him many times about my frustrations and he keeps telling me "it takes a while, don't be in such a rush". For example I asked him about getting business cards for me ( told him I would pay for them ) he replied " oh you don't need them, word of mouth is the best way to get clients. I agree with him that referrals are the best way to grow your business, but I have very little business to grow. I need to start my business and I need exposer, but he doesn't want to get me the exposer that I need. He has a 20 + year nest egg that he wants to protect ( I can understand that ), but it doesn't leave any room for me. He runs almost all of my quotes, and I have no access to the office, so when he goes on his 6 to 7 vactions a year I can't quote any business or meet any of my clients needs. We are just both at 2 different cross roads in what we want to do with insurance.

 

[BKrocko]

P&C Newbie - What state are you in? In CO, I have friends who are P&C brokers who have signed with The AHBE Group = tagins(dot net) It is a one stop shop for them to be appointed with most of the major P&C companies (that allow independent agents) and offer other lines of insurance as well. They seem to be a well run organization and the brokers are happy with it.

I'm sure there are more companies that you can sign with that do the same thing but they are the ones I am most familiar with. I think this may be the type of set up you are looking for. It sounds like the same set up that Saieddie is talking about.

Whoever you are working with does not appear to have your best interests in mind.

 

[senior-advisor-indiana]

No prob SAI, most of us figured out you were "clueless" after your 100th post or so - but that only took a day or two to get there.

I just gotta ask - When you were in school and the teacher asked a question, did you raise your hand (pick me! pick me!) just to say you didn't know the answer?

I'm not trying to flame you - but really man, what is it with some of your post where you have absolutely nothing to offer? I know, I know, "if you don't like them, don't read them" and I usually skip them but it just begs the question. Is there a gold ring or something I am unaware of for the person with the most posts in the shortest amount of time?

On a side note: I did enjoy your story about fishing and trespassing.

How did you know that? Were you in one of my classes? I am sorry you feel that I ahve nothing to offer. I am not going for a posting record either. Sorry i try to add some humor, I didn't realize it was that annoying. The only input I can give is in the senior market and there doesn't seem to be too many questions in that area that Frank doesn't answer. Did I do something to you? Is it ecause I am white?

 

[BKrocko]

How did you know that? Were you in one of my classes? I am sorry you feel that I ahve nothing to offer. I am not going for a posting record either. Sorry i try to add some humor, I didn't realize it was that annoying. The only input I can give is in the senior market and there doesn't seem to be too many questions in that area that Frank doesn't answer. Did I do something to you? Is it ecause I am white?

SAI - Actually, I think you are a good resource in the senior market area. No, I was not in one of your classes but I may have been in one with your parents (born & raised in IN). Annoying? Well, to much of a good thing = the law of diminishing returns. Go ahead and post away but I just thought I would bring it to your attention.

Do you know who the person in my avatar is? It is Robert Johnson, the godfather of Mississippi Delta Blues. My hobby is playing guitar - BTW I'm "white" too but music is color blind.

 

[senior-advisor-indiana]

What part of IN are you from? The white thing was a joke.