Choices

hjayson

Expert
24
So I've been contacted by Northwestern Mutual, Farmers, and State Farm for a position. Any advice on the pros and cons of each. I'm brand new to the ins world and would like to choose the option that will teach me the most.
 
So I've been contacted by Northwestern Mutual, Farmers, and State Farm for a position. Any advice on the pros and cons of each. I'm brand new to the ins world and would like to choose the option that will teach me the most.

Northwestern will probably teach you the most, state farm will probably be the least stress and a guaranteed paycheck.
 
Depends on what type of insurance you want to market. We need more information about your goals and desires.

Well I like the options of p/c because you have more to offer your customer, but it sounds like Health and Life makes you more money. I'm looking to help people while being able to support my wife and kids. Northwestern teaches you a lot in a short time but doesn't seem to offer much support on the leads side. Being brand new to the financial world is a big worrying. Farmers is eager to hire me as well but I've heard quite a few bad things. State Farm just entered the game, but Northwestern has made and offer to me and will pay for all my licenses I need. I don't know who has the best support system for new agents.
 
Once again, it depends. "Best support system" is subjective.
If you choose Life, NMFN is as good as it gets. If you have a warm market of people to market to already, you are on your way. The training they give is top notch.
As someone who has teetered back and forth between L&H and P&C over the last 10 years, I would advise to not do that and choose just one and learn as much as you can about that segment.
If you choose P&C, I would also look at the other players in that space and don't settle for the two you mentioned.
Do you have a sales background?
 
Not really, I've been in the food service industry my entire career. I'm not afraid to good door to door or pick up the phone. I'm actually better at that then asking all my friends and family honestly. Anyone know the average that an agent makes at NWM?
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PCB which did you feel was more successful LH or P&C?
 
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Not really, I've been in the food service industry my entire career. I'm not afraid to good door to door or pick up the phone. I'm actually better at that then asking all my friends and family honestly. Anyone know the average that an agent makes at NWM?
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PCB which did you feel was more successful LH or P&C?

What the average agent makes is not particularly relevant. There is a HUGE spread between what some people make and what some other agents make. Some agents roll into the business with lots of high net-worth contacts and friends, others roll in with nothing. The more you have in place for marketing and the better you can work a marketing plan the more likely it is you'll make money. Most NWM agents aren't with NWM for very long and don't make any money to speak of.
 
For someone brand new, I would suggest going the P&C route---Personal Lines would be easiest to learn. Of course, everyone needs auto and home insurance. Don't expect earning a lot initially as that is all about building a book that will hopefully last years.
Personally, unless you have 30-50K start up money saved up, I would suggest finding a local, established shop (such as Allstate) and become a salaried producer with bonus opportunities. Then you can learn the ropes and basically eliminate the start up costs of starting your own shop from scratch. They will (or should) cover your licensing and E&O expenses so you can focus on selling. MANY agencies are looking for producers.
My personal situation would not be a good barometer as I've parlayed various insurance jobs with travel sales (vacation rentals, etc) over the past decade.
Depending on where you are located, you could hook up with a call center that specializes in insurance sales. Progressive, USAA, Esurance, Met Life, etc etc all have those around the country. That's a solid way to learn and get licensed in multiple states.
 
For someone brand new, I would suggest going the P&C route---Personal Lines would be easiest to learn. Of course, everyone needs auto and home insurance. Don't expect earning a lot initially as that is all about building a book that will hopefully last years.
Personally, unless you have 30-50K start up money saved up, I would suggest finding a local, established shop (such as Allstate) and become a salaried producer with bonus opportunities. Then you can learn the ropes and basically eliminate the start up costs of starting your own shop from scratch. They will (or should) cover your licensing and E&O expenses so you can focus on selling. MANY agencies are looking for producers.
My personal situation would not be a good barometer as I've parlayed various insurance jobs with travel sales (vacation rentals, etc) over the past decade.
Depending on where you are located, you could hook up with a call center that specializes in insurance sales. Progressive, USAA, Esurance, Met Life, etc etc all have those around the country. That's a solid way to learn and get licensed in multiple states.

PCB has given good advice.
 
I was recently interviewed with NWM and impressed with their training. I have no knowledge of the industry so I need a solid company who will invest me in my training and pay while I learn the ropes. It will never be easy, you may as well get started now and struggle then look back 2 years from today and laugh at everything you made through.
 
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