Captive to Independent....

Dec 15, 2018

  1. Markthebroker
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    Markthebroker Guru

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    I spent just under $300,000 and 7 years to build up my p&c book to where I had a good income. Every independent commercial p&c agent I have talked to had a similar journey. Some say it took 5 years, some say 10. 7 years is the most common amount of time it took until people could pay their bills.
     
  2. Weedlebug
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    I don't think the learning curve will be an issue, it's finding a good agency in an area that is overflowing with choices.
     
  3. EugeneM
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    EugeneM Guru

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    Find a niche - what do you like doing? How you talk to a trucker is wayy different compared to a School Board. Always have the end game in mind - would you want a bunch of needy contractors calling you for certs? My dream is to mess with satellites and things that go into space... make it FUN, insurance is amazing!

    That willl narrow down the agencies you consider.
     
    EugeneM, Dec 19, 2018
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  4. Markthebroker
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    Markthebroker Guru

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    That's a really good point. You have to look for personality types you are compatible with, too. For me, it's mostly blue collar. I deal with them much better than white collar, and frankly we get along great. I called one of my clients the other day that was late on a bill. The conversation went more or less like this.

    Me - "Hey, Andrew!"
    Client - "Who's this?"
    Me - "It's Mark. Dude, you owe me money. Pay your bill, man"
    Client - "Oh, I didn't pay the bill? Damnit, ok, I'll pay it."
    Me - "Cool, how are the kids"
    Client "Kids are good. Did my wife call you?"
    Me - "Yeah, I'm working on quotes for her business. I'll take care of her. Thanks for the referral"
    Client - "Ok, bye".

    If I talked to my medical device manufacturer or my non profit like that, best case scenario, they'd fire me. Possible call the police. Different personalities. That conversation above, that's a real conversation. We basically yell at each other all the time. He has sent every single business owner he knows to me, and had them send their friends to me. Great referral source. I just bought him and his business partner a huge gift certificate.
     
    Last edited: Dec 19, 2018
  5. shawnmwalker
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    Both killer points! If space is your frontier and you are an insurance geek, there is a place for you. Go find that place. (Hint: Chances are that is not Premier!) and that's OK. This industry is amazing.

    Good Advice Eugene! Mark, way to hammer it home.
     
  6. EugeneM
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    @Shawn - XL Caitlin. All of those guys are pilot so thats my first step pilots license :)

    @Mark "theyd fire me, possibly call the cops" :D
     
    EugeneM, Dec 19, 2018
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  7. Weedlebug
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    Shawn, yep, I'm an insurance geek. I love the quoting and underwriting, then getting the sale and knowing I'm providing a service to someone.

    Wish there was a better option for us little fish to work on our own, but the cost is to much. so your correct, PGI is not a good match. PGI needs to have other packages for scratch agents.
     
  8. Allen Trent
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    ooops. you may have broke an insurance regulation & an IRS regulation. illegal in most states to do that unless you mean it was a physically huge gift certificate with only $5 or $10 on it. If really huge, IRS violation too for not issuing a 1099.

    Have to pay for all referrals whether the person buys or not, cant just give out money or gifts when someone buys insurance because they are not licensed in insurance to be compensated.

    Those regs are ridiculous when you consider almost every other industry can choose how they discount or give away stuff to customers or how they reward/entertain clients or people that send referrals.
     
  9. Markthebroker
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    Markthebroker Guru

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    Very good point Allen. If I had given him the gift certificate in response to, or in exchange for areferral then that's something I would probably have to worry about.
     
  10. Allen Trent
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    Actually, in most states rebating laws, it is illegal to give anything worth more than $5 or $10 to any customer unless it is written in the policy & offered to all customers.
     
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