Becoming a New Scratch Independent Insurance Agent

[redgo]

Fins,
I'm about 4 months into my new independent agency. I'd be happy to discuss with you the challanges, expenses, etc with you. Just send me a message with your # or email.

 

[+zeek13]

Independent is the way to go if you can handle rejection. You can have all the companies int the world to represent but you have to have clients in front of you to see. It is alot harder than it use to be 25 years ago. If you can develop rejection tolerance then stick it out But it is tough in this economy.

 

[fins128]

Redgo,
I am new to this site and need to have 20 posts before I can send a PM, can you send me your info and I will contact you. Thanks Rob

 

[superdave45040]

Hi Fins-

I started my independent agency with ERIE last October. Please feel free to give me a call if you like-513.229.8084
Dave Sivertson
Cincinnati General Insurance Agency

 

[txagt39]

Hi everyone, I am considering leaving my current position with an insurance company to become a scratch agent for the same company (Erie Insurance). I am a firm beliverer in the product Erie has to offer but I am scared just because I would leave a guaranteed Salary, benefits, etc to be on my own. I am married with two young kids, mortage, dog, etc but just feel this is such an exciting glorious career, I am looking to hear from any agents especially newer agents to give me the good and bad.

Thanks

Have money set aside and a spouse with a good job and benefits, otherwise the dry spell could financially ruin you. It takes years to build a book of business that can support you even if you are really good. The overhead is high, consider going in as an agency producer with a split commission, even if you only get a 50/50 split, I'd love to be able to keep 50 cents out of every dollar I earn. My overhead has grown as my business has grown, no way around it. Being a producer with someone else having the headaches has a lot to be said for it. Get over the ego and do what makes sense. It's a lot of hard work and this is coming from a 16+ year agent, it doesn't get easier, the problems just change.

 

[arnguy]

Bob,
Thanks for the advice, can I ask where your agency is? I would like to ask more questions if you have the time

Thanks Rob

From his state flag, I would make an educated guess that it's in Illinois.

 

[1manshow]

Been an Erie guy since 1986...but also have several other major carriers for the 60% of the time Erie is not competitive on rate. Having a good game plan and knowing your "target" should increase your hit rate substantially. Hope it goes well for you.

 

[CaptiveGuy]

I'm looking at starting a scratch Erie independent agency after looking into State Farm and Nationwide. I like that you can add a Progressive type carrier in for the substandard. Right now I'm selling 9 P&C policies a week and about 2 life per month with a 20% closing ratio. Erie is more competitive than my current captive as I've learned from experience and I can't sell any substandard right now. It looks like an opportunity like this is a win-win.

The actual running the agency day to day and managing expenses will be the hardest part.

 

[Sodyman]

Hey Fins...
I was in a similar situation a few years ago. I took the leap, went Indy and never looked back. I crushed it right off the gate because I believed in myself. If I had listened to the advice you are getting from these guys on the forum I'd be a miserable chump sitting behind a desk looking at my watch waiting for 5pm... a sad existence

If you want to make the big bucks, you will have to man up and take the ups and downs...

If you want to make chump change, then continue being a chump...

Who do you use for your fmo? What insurance lines do you have? I have been doing health/life insurance for 7 years and am adding p&c as an independent so I'm looking for the best contracts and fmo's.