Advice for transitioning to a career as an insurance agent?

[Marko Ramius]

The company I work for (and have worked for for the past 10+ years) is going to be sold relatively soon and I would like to take that opportunity to follow a passion of mine and become an insurance agent (P&C, L&H). I worked in banking and financial sales before I started my current job and I really developed a love for that industry and, eventually, the insurance industry. I have many years of experience with lead generation, direct sales (outside and inside), and B2B sales - but I want to make sure I go about this the right way.

Realistically, I'm probably 2-3 years out from moving into the insurance industry (maybe a bit less). So, what advice would you offer a prospective agent in my current situation?

-Is 6 months of expenses adequate to live off of when starting out?
-Should I get licensed now? (I have already begun using Exam FX to study)
-Should I strive to be a captive agent or an independent agent?
-If captive, should I apply to work for the company that I currently have insurance with?
-Are scratch agencies still a viable option?
-etc

Any other advice you're willing to provide, I'm all ears.

TIA

 

[DHK]

-Is 6 months of expenses adequate to live off of when starting out?

too many variables

-Should I get licensed now? (I have already begun using Exam FX to study)

no reason to delay

-Should I strive to be a captive agent or an independent agent?

depends on the USP of the agency and how their products fit that USP.

-If captive, should I apply to work for the company that I currently have insurance with?

Companies are nothing. The agency, management, and training are everything.

-Are scratch agencies still a viable option?

I don't even know what that means.

This is not a job. It's a business. It's YOUR business, regardless of whether you become a captive agent or not. Therefore it takes business planning skills rather than job searching skills for success.

Here's my question for you: What market do you have access to where you can be celebrated rather than tolerated? What problems can you help that market to solve in a profitable way?



Then, once you know which market you want to serve, you'll need to "interview the interviewer":

 

[fed up]

If you opt for a scratch agency you should have at least 100K liquid capital to cover rent, staff, Bill's. And you dont pay yourself until the renewals start to trickle in

 

[Markthebroker]

a passion of mine and become an insurance agent (P&C, L&H)

 

[mudhound]

6 months of expenses is about right? I try to have that in ready cash.

 

[Tony Hardwick]

I'm also newly transitioned from bartending. I got licensed in February and I used ExamFX. It was a great learning tool. It took about 6 weeks or so. I'm non captive and write with 4 carriers now. As far as the course and license exam, remain calm and all will be well. I found that final expense, mortgage protection, and annuities are a little easier to grasp. Medical is pretty intense, but it's doable. With your background I'm sure you'll be successful.

 

[Marko Ramius]

I'm also newly transitioned from bartending. I got licensed in February and I used ExamFX. It was a great learning tool. It took about 6 weeks or so. I'm non captive and write with 4 carriers now. As far as the course and license exam, remain calm and all will be well. I found that final expense, mortgage protection, and annuities are a little easier to grasp. Medical is pretty intense, but it's doable. With your background I'm sure you'll be successful.

Late reply, but thanks for your vote of confidence, and congrats on your new career!

 

[Marko Ramius]

6 months of expenses is about right? I try to have that in ready cash.

Thanks.