At Home Business

Feb 18, 2019

  1. Tom_Insurance_Guy
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    Tom_Insurance_Guy Expert

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    Hello all,
    I am considering of starting my agency from scratch. As i have some capital, not a whole lot, I'm trying to cut down overhead expenses until i can make some good money that I can rent an office space out. Does hanyone have or had an at-home buisness for insurance that they were successful in? Were you limited to how many carriers you could get since you are not in an office setting? Any advise would very much be appreciated.
     
  2. Franki52
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    Franki52 New Member

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    State:
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    What types of insurance? I’ve never been questioned wether I have a home office. I was able to get contracted for medicare supps, medicare Advantage , LTC, life insurance etc
     
    Franki52, Feb 18, 2019
    #2
  3. Tom_Insurance_Guy
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    Tom_Insurance_Guy Expert

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    mostly P&C and Life insurance.
     
  4. fed up
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    fed up Super Genius

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    Many, if not all, P&C insurers want an office outside of the home. Farmers allowed "virtual" offices until about 4 years ago but felt that the "Brand" was suffering based on the condition of many of the offices. I tried this when with Farmers and in retrospect, did I really want some of my customers to come to my house?
     
    fed up, Feb 19, 2019
    #4
  5. shawnmwalker
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    shawnmwalker Guru

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    Well you have a decision tree here. I'll lead you down one path, but it is biased.



    "Begin with the end in mind"- 7 habits of Highly effective people.



    Decision #1:



    What end of the Ins Spectrum do you want? if you answered P&C keep reading. If ''Other" wait for the others to respond



    Decision #2: Captive or Independent.



    Captive:

    Pro: They will teach you a lot but inevitably you will go Indy at some point in your career. Another Pro, they will subsidize your life for a time.

    Con: The District Manager will push too hard or force life on you or cut your commissions or change your contract, or, ext, ext. Your Captive will take rate increases and kill your production and you will have one price point while others dissect your book one policy at a time.



    Independent: :

    Pro: Control expenses. Get higher commission. Higher conversion. Higher retention. All of those factors equal more money.

    Con: Starting out. Getting knowledge. Your personality type could sink yourself.



    Decision #3:



    Once you decide Indy is for you, in the next week or 22 yrs from now. The question will be how to do it. Your options include:



    Buy an agency.

    Join a group.

    Become a producer for an agency.

    Get direct appointments.

    Get an agency that provides the back end service so you can hunt full time.



    You decide which one is best for you.





    Decision #4: What group should I join?



    There are a lot. Consider the following. NOT ALL GROUPS ARE CREATED EQUAL! They range from good, better and best.



    Any group claiming to be best of class should provide the following:

    1. Transparency
    2. Training and support
    3. Carrier Alignment
    4. and a great Contract
    Give me a call, shoot me am IM. Good luck and have fun with your choices.



    I have been in Insurance for 13+ years and the great thing in this industry is you can choose to never stop learning. Your learning curve is never ending. Meaning you will never get bored.
     
  6. shawnmwalker
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    shawnmwalker Guru

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  7. mickeyma
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    mickeyma Guru

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    State:
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    I've sold life insurance and now Medicare products out of my home for 40 years. Since I go to the prospect's home or deal over the phone, why would I need a fancy office with an expensive secretary?

    Once in @ 5 years, someone wants to deal with an agent who has a commercial office. I explain that they get an 800# of the insurance company when they purchase a policy and they have an office with a huge staff. So, if they can't reach me or I die, they can contact the company directly.

    With my market, having a home office is the smart way to go.
     
    mickeyma, Feb 19, 2019
    #7
  8. Mike007
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    Mike007 Expert

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    You can do everything from home with the exception of P&C. P&C insurance companies require an office location.

    By the way, what is your years of experience in this industry?
     
    Mike007, Feb 22, 2019
    #8
  9. Tom_Insurance_Guy
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    Tom_Insurance_Guy Expert

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    State:
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    8 months into the business
     
  10. NCAgent828
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    NCAgent828 Super Genius

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    State:
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    I would love to chat Tom. I opened 10 months ago very similarly and had 8 months experience. I can speak to my experience better by phone or email and then share here what we discuss if you are ok with that. Message me your number and I’ll give you a call.
     
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