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Anyone here with Farmers?
- Thread starter Bozack23
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norcalinsurance
Expert
- 68
I've been a Farmers agent for a little over a year now. I couldn't have started my agency without their subsidy. It is not a 'magical' time. It's endless hours, endless frustrations, blah blah blah, but yes, they do give you $1500/mo. plus commissions after you turn into a career agent, which means that you bring in 40 P&C & 4 Life policy's within a 3 month period. Of course, that was my contract, I'm in CA, contracts vary from territory to territory, but it will be something like that. It's not hard to meet the quotas, but the quotas must be met in order to get the $1500 subsidy.
Many of the 'benefits' such as office space, equipment, training etc..., depends completely on your District Manager. He has COMPLETE control over all of this. SHOP around for a DM. It may sound funny, but it's true. Ask them what their sales track record was. Make sure they will take you out in the field and show you how to be successful. You can buy leads all day long, but if you can't close, blah blah blah.
AND FOCUS ON COMMERCIAL, EVEN THOUGH YOUR DM & THE COMPANY WON'T WANT YOU TO.
PM me or write back to know more.
norcalinsurance
Expert
- 68
Also, I've found that on many forums that focus on the insurance industry, their is a lot of bad-mouthing of Farmers as a company, and other internet sites that bad-mouth Farmers & other company's.
I agree that it is smart to know how company's operate & how they treat their employees, but I bet you many of the folks who bad-mouth Farmers are disgruntled former employees that couldn't make it in the insurance industry no matter what company they were with. Perhaps others have a different opinion. I'd love to hear them!
Farmers has provided me wonderful opportunities that I could not have received had I been in another situation. And I've personally seen them pay out many claims that have been very questionable, but they want the customer to be happy. Others of you may have different experiences, but that has been mine.
I agree that it is smart to know how company's operate & how they treat their employees, but I bet you many of the folks who bad-mouth Farmers are disgruntled former employees that couldn't make it in the insurance industry no matter what company they were with. Perhaps others have a different opinion. I'd love to hear them!
Farmers has provided me wonderful opportunities that I could not have received had I been in another situation. And I've personally seen them pay out many claims that have been very questionable, but they want the customer to be happy. Others of you may have different experiences, but that has been mine.
I couldn't agree with norcal any more. He is farther along than I, but overall I feel like Farmers is a great company to work for. It did take me a while to get all of my licensing because I was working full-time at the time, but now I am fully licensed in P&C, L&H, and financial services. I just started selling a couple weeks ago, and I've got 10 policies under my belt. I have the same quota as norcal. 40 p&c and 4 life, and then I go career and start receiving my $1500/mo subsidy.
He's right though, it's not just the company you are working for. The DM is just as important, because that is where you will get all of your training and support. I am blessed to have the support that I have. I have had awesome training in marketing and product knowledge, I have a personal mentor, and I am working within an agency that is the 7th most profitable in the country.
Although it is very early on, I have already had a client submit a claim. I was kind of stressing out, when she had called me, because I had no idea how to deal with it. I talked to my "mentor", and he said to give Helppoint a call. I spent 5 minutes on the phone, and they said they would take it from there. They explained everything to her, cut her a check, and left her on her way. I followed up with my client, and she had nothing but good things to say about how HelpPoint handled the claim.
It is definitely not a get rich quick scheme. It is a lot of hard work, and I know I have a lot of sweat, pain, and rejection in front of me, but I do believe that it will be worth it in the end. Anyways, Farmers has my endorsement. Good luck on your search!
PS: Don't listen to the Farmers bashing websites. Like Norcal said, they are all a bunch of disgruntled former agents, that were looking for a get rich quick scheme, and didn't really want to put the effort into obtaining success. Those kind of people wouldn't just fail with Farmers, but with any other insurance company.
He's right though, it's not just the company you are working for. The DM is just as important, because that is where you will get all of your training and support. I am blessed to have the support that I have. I have had awesome training in marketing and product knowledge, I have a personal mentor, and I am working within an agency that is the 7th most profitable in the country.
Although it is very early on, I have already had a client submit a claim. I was kind of stressing out, when she had called me, because I had no idea how to deal with it. I talked to my "mentor", and he said to give Helppoint a call. I spent 5 minutes on the phone, and they said they would take it from there. They explained everything to her, cut her a check, and left her on her way. I followed up with my client, and she had nothing but good things to say about how HelpPoint handled the claim.
It is definitely not a get rich quick scheme. It is a lot of hard work, and I know I have a lot of sweat, pain, and rejection in front of me, but I do believe that it will be worth it in the end. Anyways, Farmers has my endorsement. Good luck on your search!
PS: Don't listen to the Farmers bashing websites. Like Norcal said, they are all a bunch of disgruntled former agents, that were looking for a get rich quick scheme, and didn't really want to put the effort into obtaining success. Those kind of people wouldn't just fail with Farmers, but with any other insurance company.
norcalinsurance
Expert
- 68
I'm glad others feel as I do Briankoe!
It's refreshing to hear that. Some of the other forums I belong to, the folks there are hostile against Farmers.
Sounds like your kicking some a$$! Keep up the good work and I'll see you around the forum.
It's refreshing to hear that. Some of the other forums I belong to, the folks there are hostile against Farmers.
Sounds like your kicking some a$$! Keep up the good work and I'll see you around the forum.
- Thread starter
- #7
- 114
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norcalinsurance
Expert
- 68
This is my personal experience.
You should be negative income for at least the first year and have a nest egg from which to draw from, since marketing is everything. I'm not a financial expert, so I don't have the official term downs for you Guru's out there.
Have a nest egg or get a loan from a succumbing family member
You're first year will be hell. Sleepless nights, night terrors, ready to rob a bank, the best therapy is watching the movie 'Fun with Dick & Jane'
Get or have a nest egg!
You should be negative income for at least the first year and have a nest egg from which to draw from, since marketing is everything. I'm not a financial expert, so I don't have the official term downs for you Guru's out there.
Have a nest egg or get a loan from a succumbing family member
You're first year will be hell. Sleepless nights, night terrors, ready to rob a bank, the best therapy is watching the movie 'Fun with Dick & Jane'
Get or have a nest egg!
- Thread starter
- #9
- 114
Well what nest egg I had has been depleated trying to survive in the car business the last year and negative income is where I'm at now. How are commissions paid? Lets say I sell a auto policy for a yearly premium of $1000.00. What kind of commission would I make and how do they pay their agents? Do they pay once a month or at the time of the sell?
Yah, I again, I agree with Norcal. It took me 6 months to get all my licensing, but it took me two tries on 3 out of the 4 tests. I was also working full time. I decided to wait until all of my tests were out of the way before I started selling. Also, while I was studying for the tests, I went through a 6 week training course run by my agency, which was really benficial. I learned more in the 6 weeks, than I did studying for 6 months. I did not get paid a dime, for that 6 months. In fact, you'll have to pay for your licensing and study materials as well. In the end, it will end up being about $1000. The NASD license alone is, $690.
It is rough, but try not to let it discourage you. I am 23 years old, fresh out of college, and $30,000 in debt. Thankfully, my parents are allowing me to stay with them until I can get on my feet. You just have to get past the first few months, so you can start making some money.
My recommendation is to get your p&c, and l&h licenses as soon as possible. Those are the easier of the 4 tests. Besides, you probably want to focus mainly on auto/home, not financial services, when you are starting out. Once you get your p&c license, go ahead and start selling, to your friends and family. You can start selling as you are finishing your other tests, so you will be receiving some income. It would have helped me a lot if I would have done it this way, instead of waiting until I had all my tests passed.
As for as commission goes, you are paid monthly, the 1st of every month. Home pays 20% at the effective date, and i believe it is 13% on renewal. Correct me if I'm wrong Norcal. Auto pays 10% at the effective date and renewal date. So if you write a homeowners policy that has $1000 of annual premium, and 2 autos with a total of $1000, in premium, you would be receiving $300 in commission. This is pretty standard a normal sale. I would say you will average about $200-300 per sale, because you usually get a couple policies per sale.(1 home, 2 autos, an umbrella, etc.) If you can get some life polices with the auto/home, it will be a lot more. Life insurance will get you quick cash up front, where the home/auto will build your business. Hope that helps.
It is rough, but try not to let it discourage you. I am 23 years old, fresh out of college, and $30,000 in debt. Thankfully, my parents are allowing me to stay with them until I can get on my feet. You just have to get past the first few months, so you can start making some money.
My recommendation is to get your p&c, and l&h licenses as soon as possible. Those are the easier of the 4 tests. Besides, you probably want to focus mainly on auto/home, not financial services, when you are starting out. Once you get your p&c license, go ahead and start selling, to your friends and family. You can start selling as you are finishing your other tests, so you will be receiving some income. It would have helped me a lot if I would have done it this way, instead of waiting until I had all my tests passed.
As for as commission goes, you are paid monthly, the 1st of every month. Home pays 20% at the effective date, and i believe it is 13% on renewal. Correct me if I'm wrong Norcal. Auto pays 10% at the effective date and renewal date. So if you write a homeowners policy that has $1000 of annual premium, and 2 autos with a total of $1000, in premium, you would be receiving $300 in commission. This is pretty standard a normal sale. I would say you will average about $200-300 per sale, because you usually get a couple policies per sale.(1 home, 2 autos, an umbrella, etc.) If you can get some life polices with the auto/home, it will be a lot more. Life insurance will get you quick cash up front, where the home/auto will build your business. Hope that helps.
