Anyone working for farmers or got out of the contract?

[todd02]

Wow! Someone needs to take this to court. Won't stand up to scrutiny, if it actually works that way. They claim they own the lead because you qouted on their system, but then they also require you quote on their system. And then they ban you for 3 years? But you buy the lead?

They can contractually keep you from talking smack and I understand that, but I don't see how this type of non-compete can stand up to any legal scrutiny. On top of that, 38% bonus, if the OP can't write a policy, doesn't help much.

I might have to find a copy of the current contracts to review. I haven't seen them in years and I know they have changed significantly, but this is over the top.

Dan

I have no doubt that they will be challenged by someone eventually in court.

 

[AgencyAdvantage]

They can contractually keep you from talking smack and I understand that, but I don't see how this type of non-compete can stand up to any legal scrutiny. On top of that, 38% bonus, if the OP can't write a policy, doesn't help much.


Dan

Yeah i was wondering if i was the only one who noticed that he mentioned the policy rates are unsaleable. Who cares what the bonus is if they're not competitive in his market?

 

[todd02]

Yeah i was wondering if i was the only one who noticed that he mentioned the policy rates are unsaleable. Who cares what the bonus is if they're not competitive in his market?

This isn't if the carrier is "competitive" it's 100% the Agent.

Here is a prime example. My Farmers Agency has a 30% closing ratio.

An Agent I'm working with currently has a 4% closing ratio AND is in the same area with around the same amount of quotes per month.

The insurance business is not something someone can fall into and be successful. Or blame a captive carrier. Farmers wouldn't be a 20 billion dollar company if they weren't interested in market share and being competitive.

Sell what's on sell. Have the right systems in place. Know how to market where your carrier wants market share. Learn how to constantly increase ROI. Manage staff to success by consistently listen in / record sales calls. Rinse and repeat. You'll have a 10-20mill book in 10 years.

 

[insurance1822]

Todd Gates over here.

 

[todd02]

Todd Gates over here.

I'll take that as a compliment. Finalizing a massive deal as we speak. .

Hope my tech helps you in a few years when it hits the independent market.

Could be sooner. Depends on an exclusive to be negotiated.

 

[indienoise]

If the leads are purchased in full or in part with co op dollars, I've got no problem with that. If the agent sells them a policy, I've got no problem with that.
If the agent acquired the lead, by whatever means farmers did not have to pay for, and did not make a sale, I don't see how farmers can enforce it. Its fair game for farmers to remarket later, and it's fair game for anyone else to market to. (as far as I see it)

 

[Norwayguy]

If the leads are purchased in full or in part with co op dollars, I've got no problem with that. If the agent sells them a policy, I've got no problem with that.
If the agent acquired the lead, by whatever means farmers did not have to pay for, and did not make a sale, I don't see how farmers can enforce it. Its fair game for farmers to remarket later, and it's fair game for anyone else to market to. (as far as I see it)

Real question if farmers didn't get the sale how will they know if here goes back?

 

[todd02]

If the leads are purchased in full or in part with co op dollars, I've got no problem with that. If the agent sells them a policy, I've got no problem with that.
If the agent acquired the lead, by whatever means farmers did not have to pay for, and did not make a sale, I don't see how farmers can enforce it. Its fair game for farmers to remarket later, and it's fair game for anyone else to market to. (as far as I see it)

If it's not in one of Farmers systems it would be impossible to monitor. But people shouldn't sign contracts without understanding the consequences on both ends.

 

[AgencyAdvantage]

This isn't if the carrier is "competitive" it's 100% the Agent.

Here is a prime example. My Farmers Agency has a 30% closing ratio.

An Agent I'm working with currently has a 4% closing ratio AND is in the same area with around the same amount of quotes per month.

.

Gotten a quote from state farm or allstate recently in Georgia? They're almost exclusively focusing on life sales because they're....wait for it...not competitive.

 

[todd02]

Gotten a quote from state farm or allstate recently in Georgia? They're almost exclusively focusing on life sales because they're....wait for it...not competitive.

its very rarely the case that an insurer wants to lose market share in a profitable area. If it's in "Hail Alley" could very well be on purpose.

Another scenario. Farmers isn't putting on new reserve Agents in Texas anymore. Rates are increasing 25%. Am I scared about not being competitive? Absolutely not and the reason is if Farmers is taking increases, so is everyone else. Especially with companies as large as State Farm and Allstate. There may be newer companies in Georgia that are coming in under market price but it will even out reletively shortly as it Always does.

Also insurance rates are cyclical. Meaning there are plenty of consumers on a higher rate book that can be stolen from another carrier. Need to increase quote volume to find those consumers.