Captive or Independent?

[PotentialFarmer]

Hi folks, I've been reading through several articles and I haven't seen much mentioned about Farmers Insurance. I'll give a little background first.

I've been in Registered Rep and or Investment Advisor and sold Life / Health since 2001. I moved from my last position doing this to work for a Farmers Rep as a 1099 to gain some experience and feel out how I liked P&C business. After working with him for a year and running his office for him, (absentee agent with myself and secretary as sole office runners) some of the numbers on my paychecks just didn't seem to add up. I was getting less than agreed upon, my contract changed drastically and I left. That was 2 weeks ago. Over my year working I took online training courses through Farmers on all their lines of business and feel I have a good working knowledge of the products and my marketing from past positions is solid as well. Combining these two things that I had run an office for a year for another agent (in which time I took his dying book that was shedding PIF for 2 years and started growing PIF and GWP) and not being compensated for it according to plan I've decided to go out on my own.

I'm in Southern California, fully licensed currently (Series 7, 66, Life/Health, Property/Casualty). I am looking into either starting my own Independent office or utilizing something else such as Farmers Reserve agent program to get myself into business for myself. I've come up with several Pro's and Con's for each but I'm leaning more towards Independence. I'd like to hear everyone's feedback on this. I appreciate all your help and guidance, also I'm sure to have some follow up questions. Thanks

 

[Carlos Gil]

If you do decide to go independent we may be able to help you get started quickly.

Please visit Fiesta Insurance Franchise - Structure, Agency Automation, Training, Operational Support

 

[xrac]

With your background I vote for independence.

 

[Ruck4Life]

Go independent, you seem to have the knowledge and spine for it. You are fully liscensed and based on the area you are in you can probably see profits in your first year of operation fairly easily.

Hardest thing is obviously what you would market yourself as. Don't spread yourself too thin but use the knowledge you have to offer everything to your clients.

 

[wilbanks]

Go independent, you seem to have the knowledge and spine for it. You are fully liscensed and based on the area you are in you can probably see profits in your first year of operation fairly easily.

Hardest thing is obviously what you would market yourself as. Don't spread yourself too thin but use the knowledge you have to offer everything to your clients.

I am also new to this forum and am currently independant. I sell primarily annuities, but would like to sell myself our car and home insurance. Where could i do this? I have an FMO for annuity sales, but they don't have agreements with the P/C side. Who would you recommend for me to just sell myself the P/C? I'm not looking to get into that field as a seller to others in that it looks to me to be too time comsuming with claims and all.
thanks

 

[Norwayguy]

I am also new to this forum and am currently independant. I sell primarily annuities, but would like to sell myself our car and home insurance. Where could i do this? I have an FMO for annuity sales, but they don't have agreements with the P/C side. Who would you recommend for me to just sell myself the P/C? I'm not looking to get into that field as a seller to others in that it looks to me to be too time comsuming with claims and all.
thanks

If your not going into this field your not going to find the effort to be worth your time...To sell yourself a P&C policy you will first need a p&c license which is seperate and different than your Life & Health license...additionally most P&C carriers before they appoint you are going to be looking for a track record and potential future business so just wanting to sell yourself or yourself and some friends and family will not interest them. The carrier will also require E&O coverage before apoointing you and your current coverage will most likely not cover P&C sales so even though you are not likely to sue yourself to get appointed you would probably need the coverage....just visit a reputable independent Agent and get yourself the coverage and forget the 10-15% commission.

 

[wilbanks]

If your not going into this field your not going to find the effort to be worth your time...To sell yourself a P&C policy you will first need a p&c license which is seperate and different than your Life & Health license...additionally most P&C carriers before they appoint you are going to be looking for a track record and potential future business so just wanting to sell yourself or yourself and some friends and family will not interest them. The carrier will also require E&O coverage before apoointing you and your current coverage will most likely not cover P&C sales so even though you are not likely to sue yourself to get appointed you would probably need the coverage....just visit a reputable independent Agent and get yourself the coverage and forget the 10-15% commission.

thanks for the info. I am P/C licensed, but your comments make sense. I have sold myself and family life insurance, though.

 

[PotentialFarmer]

Hey there, thanks for the vote of confidence. Was wondering if you could give me a few specifics that you've found to work well in the marketing aspect of an initial start up. How much do you think is good to invest initially? I'm going to share space with a friend of mine who's a mortgage broker, he'll be giving me some leads where possible but one source isn't enough as I know. I've found little success with internet leads, could you perhaps let me know if you've found a place that has more potential success? Or do you believe my own marketing campaigns directed more about who I am and what I can do would be better?

 

[DavidD1]

Hi folks, I've been reading through several articles and I haven't seen much mentioned about Farmers Insurance. I'll give a little background first.

I've been in Registered Rep and or Investment Advisor and sold Life / Health since 2001. I moved from my last position doing this to work for a Farmers Rep as a 1099 to gain some experience and feel out how I liked P&C business. After working with him for a year and running his office for him, (absentee agent with myself and secretary as sole office runners) some of the numbers on my paychecks just didn't seem to add up. I was getting less than agreed upon, my contract changed drastically and I left. That was 2 weeks ago. Over my year working I took online training courses through Farmers on all their lines of business and feel I have a good working knowledge of the products and my marketing from past positions is solid as well. Combining these two things that I had run an office for a year for another agent (in which time I took his dying book that was shedding PIF for 2 years and started growing PIF and GWP) and not being compensated for it according to plan I've decided to go out on my own.

I'm in Southern California, fully licensed currently (Series 7, 66, Life/Health, Property/Casualty). I am looking into either starting my own Independent office or utilizing something else such as Farmers Reserve agent program to get myself into business for myself. I've come up with several Pro's and Con's for each but I'm leaning more towards Independence. I'd like to hear everyone's feedback on this. I appreciate all your help and guidance, also I'm sure to have some follow up questions. Thanks

The Farmers is a really tough thing...Slow to pay, very hard to work, very long hours - great persistency with Med Supps and no headache. Let mo know if you would like other info regarding this.

 

[Amber Scherloz]

I guess you've got all the experience that you need. I admire people who start from scratch and made a big leap to success. Being independent takes great responsibility and with your history you will do good on your own.