Becoming a State Farm Agent

[Exdpguy]

In this competitive market, State Farm agents cannot simply write insurance like they did in the past. And from what I hear, their banking and investment products don't measure up. Either way, the RISK is much greater than most realize and they cannot count on the brand name to succeed. Not anymore.

In my state I've found State Farm's homeowner's products to be very competitive, usually while providing a superior product.

Some of the banking products are also very good; for example the APY on thier special term 15 month CD.

 

[zeb1934]

Do you know the underwriting standards of the homeowner' policy? And what is the commission for the CDs and can they be counted like insurance premium renewals? You should conisder these factors as well.

 

[Chevarian113]

Do you know the underwriting standards of the homeowner' policy? And what is the commission for the CDs and can they be counted like insurance premium renewals? You should conisder these factors as well.

This varies drastically from region to region. Overall, they are pretty fair, in my opinion.

 

[infoe]

In my state I've found State Farm's homeowner's products to be very competitive, usually while providing a superior product.

Some of the banking products are also very good; for example the APY on thier special term 15 month CD.

LOL your out of your mind if you think the HO is competitive here...we have THE MOST expensive HO policy...granted it is one of the most comprehensive coverages and people here dont know or care about the difference between ACV and replacement cost because there are rarely any total losses. However compare a liberty mutual home quote (same coverages) to one of ours and you've lost your ass.

Bank is alright but commissions are ****...and getting people approved, you have a better chance of hitting the lottery.

 

[STIBROKER]

this thread has over 220,000 views....giving the mega life and naa threads a run for the money hahahahaha......

 

[infoe]

It's a living and breathing thing, it's what people find when they google "becoming a state farm agent". It's the focus of the company now to grow more agencies. More than before because the turn over is higher than ever with newer agents as well as the older agency force retiring. I know it gave me a ton of info that I did not heed before I started. Granted it's never too late.

 

[xrac]

This thread has saved some people a lot of heartache but it did not save some who want to believe all the company puffery instead of what those who have been on the inside are saying. Unfortunately, what was the best opportunity in the P&C business is no longer a good deal.

 

[Chevarian113]

LOL your out of your mind if you think the HO is competitive here...we have THE MOST expensive HO policy...granted it is one of the most comprehensive coverages and people here dont know or care about the difference between ACV and replacement cost because there are rarely any total losses. However compare a liberty mutual home quote (same coverages) to one of ours and you've lost your ass.

Bank is alright but commissions are ****...and getting people approved, you have a better chance of hitting the lottery.

This really depends on the area. Until recently, we owned the market for HO. this is why I decided to come back on with SF just over 2 years ago, when I moved here. I knew it would only last a little while, so I pumped HO, selling at least 25k in premium a month. Now we have shut our doors since SF has over 20% marketshare regionally.

 

[Exdpguy]

LOL your out of your mind if you think the HO is competitive here...we have THE MOST expensive HO policy...granted it is one of the most comprehensive coverages and people here dont know or care about the difference between ACV and replacement cost because there are rarely any total losses. However compare a liberty mutual home quote (same coverages) to one of ours and you've lost your ass.

Bank is alright but commissions are ****...and getting people approved, you have a better chance of hitting the lottery.

HO is very competitive here, especially combined with the multiline discount. We've taken quite a few home/auto combos from other carriers lately.

Bank is a little picky on credit risks, but we've had a real good closing ratio on bank loans. I wouldn't say they are any harder than any other lender offering rates in the 3-4% range for auto loans.

 

[infoe]

HO is very competitive here, especially combined with the multiline discount. We've taken quite a few home/auto combos from other carriers lately.

Bank is a little picky on credit risks, but we've had a real good closing ratio on bank loans. I wouldn't say they are any harder than any other lender offering rates in the 3-4% range for auto loans.

Our state is huge and I do know some area's where they predominantly sell HO's for example Austin. I'm not there. I'm in a part of the state where our HO-W is always more expensive and it becomes a point of educating the customer on our policy coverages. Yes our policy in the state is the most comprehensive i've seen so it relates to the price point but that is difficult in this economy to overcome. YMMV...in either case hope it continues to work out for you.

I second what XRAC posted a few lines above.