Air Force Retiree Wondering how to Get Started As an Indepent Agent in Kentucky?

[Retired A.F.]

Hi everyone,


I'm on terminal leave with the Air Force, and officially retire May 1. My question is where do I start if I want to open shop up in Western Kentucky as an independent agent? I've got no experience with insurance, but did spend 2005-2009 as an enlisted accessions recruiter for the AF. Do you need a lot of start up $$$, and how do you partner with insurance companies? Any help is appreciated!

 

[Larry Tew]

You didn't say what line (life, health, property & casualty, etc) but starting as an independent in any line with no direct experience is a very difficult path.

I suggest you explore a more structured approach by looking at captive / career opportunities or by joining an agency (if p&c) to get experience and training.

 

[xrac]

Hi everyone, I'm on terminal leave with the Air Force, and officially retire May 1. My question is where do I start if I want to open shop up in Western Kentucky as an independent agent? I've got no experience with insurance, but did spend 2005-2009 as an enlisted accessions recruiter for the AF. Do you need a lot of start up $$$, and how do you partner with insurance companies? Any help is appreciated!

Thanks for serving our country! Where in Western Kentucky are you located? what type of insurance are you interested in pursuing?

 

[Retired A.F.]

You didn't say what line (life, health, property & casualty, etc) but starting as an independent in any line with no direct experience is a very difficult path.

I suggest you explore a more structured approach by looking at captive / career opportunities or by joining an agency (if p&c) to get experience and training.

I think I'd like to be licensed in P&C, life and health. I've been in the hiring process with one major company, but there's a lot of negative from both agents, and past agents with the company that I've read on this forum. I really would like to work independently, not sure if it's feasible right away.

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Thanks for serving our country! Where in Western Kentucky are you located? what type of insurance are you interested in pursuing?

Thank you sir, and I will be located somewhere between Bowling Green and Hopkinsville.

 

[WinoBlues]

I think I'd like to be licensed in P&C, life and health. I've been in the hiring process with one major company, but there's a lot of negative from both agents, and past agents with the company that I've read on this forum. I really would like to work independently, not sure if it's feasible right away.

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Thank you sir, and I will be located somewhere between Bowling Green and Hopkinsville.

I second looking at a captive company such ad New York Life or similar company. Assuming that Life is the direction you choose. With that kind of training you could cross rate fairly easily once you have the basics.

I have talked to a number of recruiters over the last couple years and have a buddy that retired as a recruiter. You guys get a lot of good basic sales training.

Lee

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If you are set on going independent from the get go l would also suggest picking a less complicated product like term or final expense.

Just my 2 cents

I think I'd like to be licensed in P&C, life and health. I've been in the hiring process with one major company, but there's a lot of negative from both agents, and past agents with the company that I've read on this forum. I really would like to work independently, not sure if it's feasible right away.

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Thank you sir, and I will be located somewhere between Bowling Green and Hopkinsville.

 

[FEX Quotes]

I would suggest choosing either P&C or Life. It can be done, but it is very difficult to be successful wearing both hats - Been there, done that and got the t-shirt.


There are pluses and minuses with both lines.


The big plus with P&C is that it is more of a commodity. Generally speaking, you really don't have to "sell" it. Price drives the market. If you have better pricing than the other guy, you win and people will find you! The downside with P&C is that it is EXTREMELY service oriented. As you build your book the service work will consume a lot of resources. Another downside are the fickle appetites of the companies. Rates change and/or companies restrict what you can write - it's not a matter of if, but more of a matter of when. Imagine enjoying a six or seven figure book of business with the associated renewal commissions and then getting the sickening news of a massive rate hike or even worse, the company is pulling out. You are at the mercy of the companies you write for.


Life needs to be sold and you will receive A LOT of consumer push back. The prospecting (looking for new business) is a never ending chore. You really need thick skin and the ability to hear "no" an awful lot without getting discouraged. The service work pales in comparison to P&C - almost non-existent. Actually, the service work with life is a blessing as it leads to additional sales opportunities. The commissions are insane. You are rewarded handsomely for your efforts. You can reach higher income plateaus much quicker with life than P&C. Life sales are much more rewarding and fulfilling than P&C.


Both lines of business have their challenges and rewards. It really boils down to what you feel is the lesser of two evils and your own personal tastes and objectives. I would suggest looking to work in a multi-lines agency such as SF, Allstate et al. as a producer and get a taste of both.


As I mentioned above, I have experienced both worlds, and after 30+ years in this business, I have found that the life side of the biz puts you in the driver's seat and in control of your own destiny.

 

[jdeasy]

I think I'd like to be licensed in P&C, life and health. I've been in the hiring process with one major company, but there's a lot of negative from both agents, and past agents with the company that I've read on this forum. I really would like to work independently, not sure if it's feasible right away.

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Thank you sir, and I will be located somewhere between Bowling Green and Hopkinsville.

I'm not far from you. 40 miles north of Hopkinsville. I work that area regularly, Hopkinsville, Oak Grove, Ft Campbell, Elkton, Russellveille, Pembrooke. Occasionally across the line into Clarksville, Tn. Back when I did MA plans I went to Nashville often because they had a very good SNP.

I assume you are going to settle in the Russellvile area from your description?

Can't help you with P&C but FE and med sups I could lend an ear.

 

[pfg1]

You didn't say what line (life, health, property & casualty, etc) but starting as an independent in any line with no direct experience is a very difficult path.

I suggest you explore a more structured approach by looking at captive / career opportunities or by joining an agency (if p&c) to get experience and training.

I would agree with this. I started full time as an independent about 5yrs ago. I had no idea it would be as tough as it has been. If I had it to do over again...I would join up with a reputable company (in whatever area I was interested in) and spend a couple years learning the business before considering going independent.

Not saying it can't be done, heck I did it. But I think it would have been alot easier for me had I gone the other route initially. Another option would be finding a good(independent) mentor (preferrably local to you) who will work with you and train you while you get your feet under you - but this might be easier said than done. Many folks talk a good game.... unfortunately it seems that many can't deliver anything close to what they promise. They are just inerested in overrides.

Good luck with your decision, continue to do your homework and figure out what you want to do. Probably best to pick one area to focus on, but you could do multiple things. A buddy of mine has had great success focusing on P&C, then cross selling life to his established clients....so it certainly can be done that way.

 

[xrac]

I would agree with this. I started full time as an independent about 5yrs ago. I had no idea it would be as tough as it has been. If I had it to do over again...I would join up with a reputable company (in whatever area I was interested in) and spend a couple years learning the business before considering going independent................

This is great advice. If you are going to do P&C find somewhere you can learn the business. I personally would consider start at someplace like Farm Bureau, American Family, Nationwide, or at an independent agency as a producing agent. It would be anyplace I could get training and learn the business. I would consider it a part of the price I have to pay to eventually start my own agency. I personally would avoid Farmers, SF, or Allstate unless it was as a producing agent and then my goal would be to learn the business and eventually go INDY (2-5 years) down the road.

You could also look for an independent agency where the owner is nearing retirement and has no successor. You might be able to learn the business and take over an agency.

By the way I grew up in Western Kentucky near KY Lake and my first job out of colelge was in Greenville.

 

[VolAgent]

Just food for thought.

You can be a rather successful life or health agent, 6 figures plus, by yourself. No assistant, no real office, just an upline with minor support.

To be that successful as a P&C agent, you will either need to build your own agency and all that comes with building a real business or be a very productive agent for an agency. And in reality, you'll probably need to be doing commercial to make 6 figures as a producer for an agency.