A Guide to P&C for New Agents and New Agencies

[LTS]

Great info MG,
What do the supplemental commissions and profit sharing look like with SC? Are they competitive with SIAA?

I plan on signing on with SIAA or SC for the long haul, but if things just aren't working out, how tough would it be to roll a book to non-SC carriers and still keep 95% of the clients?

That's actually one of the things I actually appreciate about SIAA's offering...sure there's a buy out charge upon exit, but you keep your book and appointments intact. Could be well worth the back load!

Just trying to compare relative value between apples and oranges as I try to decide which to run with.

 

[rigal301]

Appreciate your article very much. It helped me to think about my options and what direction I want to take. Thank you!

 

[gaildaly]

Fair, though they ARE coming to a board and talking to anonymous people all over the country, who may or may not even be insurance agents. What's one more person? I mean, they don't have to read what I post, I'm not going to get upset or take offense if they don't. Hopefully if there is an error here someone is going to correct me. It's an internet forum, you get what you pay for!

And apparently some people are reading it with the views thus far. It's not done yet. I'm just tired of seeing the same questions over and over and got bored one day after having some teeth removed.

Thank you for your in depth at the IA side. And yes, you know what you're taking about. I've been a Broker for 42 years. (Past NY, PA) Current SC, NC Agent. 20 years captive with Allstate.

 

[skhj]

What size should an average book of business be after 1 year? 3 years? 5 years?

 

[nyc2phi]

What size should an average book of business be after 1 year? 3 years? 5 years?

There are too many factors to determine that such as location, personal or commercial business being written, staff, etc.

I did 500k my first year however I am in a major city with higher premiums and I also have a competitive carrier in my area. 250k was my goal and a lot of other people's goals year one.

 

[gaildaly]

If you are an experienced broker, I recommend Integra Insurance Services if they are available in your area. The front and back end are negligible and the carriers are the clincher. I only pay $295mo for Ezlynx and that is my Agency Management System, Website, Rater and much more. Email is parsed through Outlook and texting is available but you need to identify your clients wireless carrier. I compared over 6 other contracts before I found that Integra had the best to offer me as an experienced start up. Most had a hefty buy in and/or buy out at the end, but not here. I am looking to buy a book of business in NC or SC so that was also a concern. The assimilation should be fairly simple. The splits and and sharing in bonuses were a deal maker for me.

 

[Splatinsure]

This is my first look at this site and I tripped across this forum. I am a former independent agency owner, who grew it and sold to a regional bank recently. NCAgent is providing some extremely valuable information. I can add a couple of items:
Do not try to sell all lines. You cannot become deeply knowledgeable and credible.
I picked commercial lines because it was more diverse and interesting and provided for a much higher return over time.
I started the agency from scratch ( but that was twenty five years ago when carrier appointments were a it easier to come by).
Follow NCAgents advice to begin with another successful agency for the mentoring. There are so many competitive ways to earn an account by absorbing knowledge.
Commit to learning the technical aspects of the industry. Know the forms, read the Claims Journal, join IRMI and absorb their information.
If you follow the commercial lines route, specialize. Pick an interesting class of business, learn it inside and out and doors will open much more easily for you.
Understand his point that it will take three years to make a reasonable amount of money. I committed $200,000 for each of my agents before I realized a return. That is why I wanted a non compete. Therein lies the rub.
A good aggregator will have in depth training but it won't be everyday all day as if you were in an agency.
Bottom line, there is no clear cut path but suffice it to say that it is the most rewarding and interesting career anyone could have if they commit to the knowledge and the sales time.

 

[cgomezz]

Hello, I just recently passed my P&C broker/agent exam! I have always wanted to sell insurance, I am also an tax preparer with my own office already set up and with more than 500 clients, I would like to become an independent agent, how do I go about getting appointed with the different insurance carriers? or how do I get sign up with a MGA company? I don't want to be a captive agent, my office is already set up, but I don't have the training I need to actually go to my clients and fill out applications? I am so lost at the moment, I feel like I am about to jump off a cliff but need a push.

 

[mwiley2881]

I'm an account executive with Franklin Flood. I can get you appointed to sell flood insurance in your area. All you need is a license and E&O and you can sign up via email. I can email you all the paperwork. We also offer agents a FREE GIFT CARD when you submit your contracting paper, and a second gift when you submit your first quote. Please email me at [email protected] with any additional questions.

 

[LeslieS]

Hi,

I am a licensed insurance agent/broker since 1988. I worked for a major company for 21 years during that time. However, looking to sell insurance part-time again. I am in CA.

Bad idea - good idea? Your thoughts.

I have an office already with a computer. Car. Some capital. Working on E & O quotes. Any suggestions of companies I could call that would allow me to sell for them without being a direct producer? What are the commissions like? First time commission with no renewal commission? Looking at a company called Agency Service Bureau??? And looking at selling medicare supplement policies possibly....any suggested companies I could look into? I have great selling abilities.

Any advise would be helpful. [email protected]