College athletics to insurance business?

[Alloutblitz]

Hello, I am a long time reader of the forums and just created an account on here to gain insight on the insurance industry.

I’m a former college athlete who’s been working as a coach in college athletics for the past 10 years and I am considering a career change into insurance. A few colleagues have made the switch and been very successful.

I’ve had a current State Farm agent offer to hire me as an agent aspirant for $45k annual salary in the past year. A good friend of mine is working for farm bureau and currently on track to make $70k in his first year selling insurance.

I am looking for insight and advice on the industry. I know there is more money to be made in the independent side rather than working for one of the large companies. I. My simple thinking it would be easier starting out with a large company to have their name and marketing behind you until you can build up a book.

 

[fed up]

Good idea to have the name behind you as you learn the ropes as well.

 

[shawnmwalker]

Well you have a decision tree here. I'll lead you down one path, but it is biased.



"Begin with the end in mind"- 7 habits of Highly effective people.



Decision #1:



What end of the Ins Spectrum do you want? if you answered P&C keep reading. If ''Other" wait for the others to respond



Decision #2: Captive or Independent.



Captive:

Pro: They will teach you a lot but inevitably you will go Indy at some point in your career. Another Pro, they will subsidize your life for a time.

Con: The District Manager will push too hard or force life on you or cut your commissions or change your contract, or, ext, ext. Your Captive will take rate increases and kill your production and you will have one price point while others dissect your book one policy at a time.



Independent: :

Pro: Control expenses. Get higher commission. Higher conversion. Higher retention. All of those factors equal more money.

Con: Starting out. Getting knowledge. Your personality type could sink yourself.



Decision #3:



Once you decide Indy is for you, in the next week or 22 yrs from now. The question will be how to do it. Your options include:



Buy an agency.

Join a group.

Become a producer for an agency.

Get direct appointments.

Get an agency that provides the back end service so you can hunt full time.



You decide which one is best for you.





Decision #4: What group should I join?



There are a lot. Consider the following. NOT ALL GROUPS ARE CREATED EQUAL! They range from good, better and best.



Any group claiming to be best of class should provide the following:

1. Transparency
2. Training and support
3. Carrier Alignment
4. and a great Contract

Give me a call, shoot me am IM. Good luck and have fun with your choices.



I have been in Insurance for 15+ years and the great thing in this industry is you can choose to never stop learning. Your learning curve is never ending. Meaning you will never get bored.

 

[Alloutblitz]

Well you have a decision tree here. I'll lead you down one path, but it is biased.



"Begin with the end in mind"- 7 habits of Highly effective people.



Decision #1:



What end of the Ins Spectrum do you want? if you answered P&C keep reading. If ''Other" wait for the others to respond



Decision #2: Captive or Independent.



Captive:

Pro: They will teach you a lot but inevitably you will go Indy at some point in your career. Another Pro, they will subsidize your life for a time.

Con: The District Manager will push too hard or force life on you or cut your commissions or change your contract, or, ext, ext. Your Captive will take rate increases and kill your production and you will have one price point while others dissect your book one policy at a time.



Independent: :

Pro: Control expenses. Get higher commission. Higher conversion. Higher retention. All of those factors equal more money.

Con: Starting out. Getting knowledge. Your personality type could sink yourself.



Decision #3:



Once you decide Indy is for you, in the next week or 22 yrs from now. The question will be how to do it. Your options include:



Buy an agency.

Join a group.

Become a producer for an agency.

Get direct appointments.

Get an agency that provides the back end service so you can hunt full time.



You decide which one is best for you.





Decision #4: What group should I join?



There are a lot. Consider the following. NOT ALL GROUPS ARE CREATED EQUAL! They range from good, better and best.



Any group claiming to be best of class should provide the following:

1. Transparency
2. Training and support
3. Carrier Alignment
4. and a great Contract

Give me a call, shoot me am IM. Good luck and have fun with your choices.



I have been in Insurance for 15+ years and the great thing in this industry is you can choose to never stop learning. Your learning curve is never ending. Meaning you will never get bored.

Great insight @shawnmwalker I really appreciate your in-depth response and plan to reach out to you.

 

[Markthebroker]

Best of luck to you. I have seen a number of pro athletes transition well into sales. I am not entirely sure why, but I think that athletes are usually competitive, focused, think well on their feet, and are often good at taking in their surroundings and reacting quickly - all things that serve well on a sales call

 

[goillini52]

Best of luck to you. I have seen a number of pro athletes transition well into sales. I am not entirely sure why, but I think that athletes are usually competitive, focused, think well on their feet, and are often good at taking in their surroundings and reacting quickly - all things that serve well on a sales call

This pro athlete's doing pretty well in the insurance business.

Integrity Marketing Group | Team

 

[Alloutblitz]

Best of luck to you. I have seen a number of pro athletes transition well into sales. I am not entirely sure why, but I think that athletes are usually competitive, focused, think well on their feet, and are often good at taking in their surroundings and reacting quickly - all things that serve well on a sales call

Thanks Mark, I appreciate it. Looking forward to a challenge.

 

[Alloutblitz]

This pro athlete's doing pretty well in the insurance business.

Integrity Marketing Group | Team

No doubt!

 

[Alloutblitz]

I appreciate everyone who has responded so far and look forward to hearing from others who are in the industry

 

[rousemark]

Hello, I am a long time reader of the forums and just created an account on here to gain insight on the insurance industry.

I’m a former college athlete who’s been working as a coach in college athletics for the past 10 years and I am considering a career change into insurance. A few colleagues have made the switch and been very successful.

I’ve had a current State Farm agent offer to hire me as an agent aspirant for $45k annual salary in the past year. A good friend of mine is working for farm bureau and currently on track to make $70k in his first year selling insurance.

I am looking for insight and advice on the industry. I know there is more money to be made in the independent side rather than working for one of the large companies. I. My simple thinking it would be easier starting out with a large company to have their name and marketing behind you until you can build up a book.

Hmmmm... A coach turned insurance salesman that is successful... Will never happen... Oh, wait there was that one guy..... what was is name? ..

Oh, yeah, AL Williams. I guess you could say he had a small amount of success in the business.