Career Change

[Tcm]

Hello,

Recently I finished course work for Fl.2-20 and take state next week. My plan for the first year in insurance is to sell solely to convenience stores. I have already built relationships with these accounts. "I was a cigarette sales rep for 15 years." Out of 250 to 300 mom and pops I believe 25 to 50 would give my a shot right off the bat. Others, would follow after proving competency.

By just concentrating on C-stores at first will give me a chance to focusing on mastering this class of business. Relationships and trust has are already been built. Most of these guys are hard to deal with on all levels until you put in the time and effort. In my case this work has already been done.

My question is this a viable plan? Do I need experience before diving in head first. Also, are convenient stores good accounts. What is an average premium for a gas station if they own the tanks building and the business vs. leased stores with non owned tanks ect. Just a general brake down.

Soon after getting licensed, I plan on emailing these guys to get a copy of their existing policies and finding out the company's writing them. Hopefully, convincing a company to contract with?

Im looking to learn from someone that has already been down this path rather than to trail my own.
Im open to any insight on road blocks or problem I might run into. To me it looks like a small gold mind, but I need someone to give me any heads up. I'm not afraid to sacrifice and effort nor ambition is a factor.

Always promise to pay it forward
Thank you
Tim

 

[dean8287]

Hi Tim,
I have a niche of a lot of grocery & Cstore business. First I think you will be able to get much more than 50 of the 300 to meet with you right off the bat. I would look into regional carriers and a company called Grocers Insurance. They specialize in this business and are open access so you do not need an appointment to start writing with them. When you start I would actually go out to get the policies. If you expect them to send it you will receive partial and incorrect info. After you get a lot of experience you can start to do this over the phone. Many of the franchised chains will have their own corporate insurance so avoid them right away. Each state will also have an association for this type of business so it is important to get involved. Premium is going to be in the 3000 to 6000 range for bop and WC so you are going to have to do a large volume to survive. The plus about this class of business is that there is basically no service associated with it. I would definitely expand into other classes to diversify your book a bit. If a company pulls out of this class, you don't want to be left without anywhere to go. Good Luck. This is a great business if put in the effort and hours.

 

[Tcm]

Thanks
Dean
I appreciate your insight.

 

[BlockO]

I have no experience in this niche, so I can't help with specific advice regarding grocers... but I do like the idea of choosing specific niches vs. trying to be the jack of all trades. However, I think it should be a long term goal, not a short term goal (due to not having experience).

My question is this a viable plan? Do I need experience before diving in head first. Also, are convenient stores good accounts. What is an average premium for a gas station if they own the tanks building and the business vs. leased stores with non owned tanks ect. Just a general brake down.

BEFORE you commit to any specific niche, you need to research the answers to those questions. You need to learn that niche inside and out before you can be all-in on it.

You also have to make sure that you have the right carriers for that niche you choose. You can be the best expert around regarding grocers insurance. But if your carriers either offer lousy coverage, or can't compete price-wise compared to other leading carriers in that area, you will struggle.

Finally, one down side of starting off 100% focused on a specific area is the lack of training. Where would you find someone to train you on just one small part of the industry?

I think you have a good idea in the long run. but for now, I think you need to broaden your horizons until you get enough training.

 

[Tcm]

----------

The lack of training seams to be the answer most people are giving me about starting my on show. This answer make me want it even more. To me it doesn't seam like rocket science? What am I missing. My allure to this industry is being my own boss. What I'm finding from some of the small companies are looking a glorified CSR. Or they realize that I'm going down a road to failure? No guts no glory right?

Anyway, the idea of signing a 2 year non compete agreement and not owning my book is not encouraging. My next 25 years to be on my terms. Hoping my lack in experience will be offset by my persistence and grit?

There is one company that has sparked my interest, Federated insurance. Anyone know anything about these guys? Could this be a good place to learn? According to Glass Door App. Employees stay with the company till retirement. Any insight on this is much appreciated .

I'm really liking this this forum platform. Trusting information from a someone that will soon become competition is no good!

 

[HCCIA]

Are you a member of the Big I? They have several markets and can quote most of this mom and pop stuff you are referring to. They can be pretty competitive too. Build your book then get yourself some of your own carriers. I believe it is bigImarkets.com

Good luck. I thin you will do great!

 

[Tcm]

I'll check it out.
Thanks
Tim