Commercial-Indi Agency, Expectations and Limitations

[Rick Deckard]

I'm quite curious.....are you delinquent in taking your meds or is trolling subjects in which you have nary a clue just your nature? Be honest.

I'll repeat....read slower....I'm quite curious.....are you delinquent in taking your meds or is trolling subjects in which you have nary a clue just your nature? Be honest.

Hey Keys, with all due respect why are you posting like this? I saw your first entry, pretty solid and then you go round and round with Vols and you even hit the like on your own post?

You seem like you have a lot of good ideas and info to share, why lower your board cred by going after a poster? I don't know VolAgent that well but internet boards I have posted on usually means something when someone has 12,000 posts and sure it could be a troll but this board seems to be pretty solid with most wanting to help.

We can pick folks apart for over posting, I've wondered how some folks find the time. In the end it doesn't further what we want to accomplish here is all I'm saying.

Cheers!

 

[Key2Success]

Hey Keys, with all due respect why are you posting like this? I saw your first entry, pretty solid and then you go round and round with Vols and you even hit the like on your own post?

You seem like you have a lot of good ideas and info to share, why lower your board cred by going after a poster? I don't know VolAgent that well but internet boards I have posted on usually means something when someone has 12,000 posts and sure it could be a troll but this board seems to be pretty solid with most wanting to help.

We can pick folks apart for over posting, I've wondered how some folks find the time. In the end it doesn't further what we want to accomplish here is all I'm saying.

Cheers!

Rick, the key to your post is "you don't know VolAgent" that well" ....well I do! And if you'd care to peruse his prior posts with me....you will as well. He a self-proclaimed know-it-all that in truth, knows very little.

And....when dealing with a troll....a thumbs up is a forgone conclusion.

 

[insurance1822]

Excuse me, but I'm the #1 troll on these forms. Thank you.

 

[FL P&C Broker]

I did not realize the limitations of a small agency and also Commercial Insurance in general when I started this process but I am quickly learning there are many businesses that I simply cannot help. The Middle Market of $50,000-$100,000 in premium up to say about $1MM is not realistic. it feels like I have to target small business owners who the majority of the time are overlooked by most bigger agencies. They don't waste the manpower to go fight over a $5,000 account.

It hit me that if I continue on with a small independent agency that I am going to have to write a lot of policies to try and hit a decent amount of premium per month. Have others come to this realization. Are you hunting in areas where the premiums are well within your range or scope of what you can offer? Some of the bigger agencies can do things that we simply can't as small timers. These bigger agencies are always recruiting...I wonder why since they have it so easy, right? Everyone of those agents must be making 6 figures

I want to specialize in Commercial over Personal Lines but I am realizing it has a lot of challenges just getting into the right market.

Didn't you start out cold calling high net worth personal lines writing $50k/month and were extremely successful? I know you know how hard that is. Why not stick with what you are good at right now? I can tell you a $5k household is a lot less trouble than $5k commercial account. Not to mention how much more liability there is on the commercial account with all the different exclusions, etc.

If you can beat them, join them. You want the big accounts, you got to got to Marsh, Brown and Brown or a couple of the other big players. But at the end of the day it will be no different than any other corp gig which is what a lot of us are trying to avoid. Although I am sure there will be some valuable knowledge to gain by going that route.

 

[Key2Success]

If you can beat them, join them. You want the big accounts, you got to got to Marsh, Brown and Brown or a couple of the other big players. QUOTE]

That's just what they want you to believe!

 

[Lopezshow]

Excuse me, but I'm the #1 troll on these forms. Thank you.

Yes Yes let the man keep his title I rather enjoy his posts especially when he jabs Todd over being captive and at Farmers. I like Todd too everyone makes this board what it is great posts.

 

[Rick Deckard]

Didn't you start out cold calling high net worth personal lines writing $50k/month and were extremely successful? I know you know how hard that is. Why not stick with what you are good at right now? I can tell you a $5k household is a lot less trouble than $5k commercial account. Not to mention how much more liability there is on the commercial account with all the different exclusions, etc.

If you can beat them, join them. You want the big accounts, you got to got to Marsh, Brown and Brown or a couple of the other big players. But at the end of the day it will be no different than any other corp gig which is what a lot of us are trying to avoid. Although I am sure there will be some valuable knowledge to gain by going that route.

Thank You and really everyone who posted in this thread, lot of good stuff here. I have gotten off track some but I like Commercial with my business background. You're right though, Commercial could be problematic if not careful.

 

[rbadoux]

Embrace these smaller accounts. Who knows, they might stick with you for life.

Just make sure you don't spend too much time on each account.

 

[mr_furly]

Rick...what problems are you having that makes you think small agencies cant work $50K - $100K accounts?

I cold called a place a few months ago...and had a meeting with them today.
Their premium is in the $40K - $50K range.
Luckily one of the older brokers came with me, because I wouldnt be able to answer any of the questions they had.

Anyway...they are currently with a big name...but the big name agency hasnt developed a personal relationship.
Yes, they get them their COI's fast...but they havent come out to visit the business in years.
We were able to find areas where they may have had too much insurance, and not enough in other areas.

What im seeing is that these people need to trust you (I know some small agency guys with $200K - $300K accounts).
You may not get the account on the first pass...but if you keep coming at them, you'll eventually get the sale.

As new guys though...those big accounts will be able to sniff out the fact that youre not that experienced..but thats why its important the people in your agency know what youre doing.


Ive come to the conclusion that as a new broker...I have to focus on getting as many reps (meetings) as possible so that I can get my pitch down..and really learn how to sell.
Im seeing that there are a lot of business owners that have no relationship w/ their broker...and have no idea what good service even is.

For new guys like us...its about pounding the phones and getting any and all accounts we can grab. Service the hell out of those accounts (make them love you), and get all the referrals you can handle.

Remember...anytime you start a new venture...the first 6 months to a year are going to be like pushing a boulder up a hill.

 

[Rick Deckard]

Rick...what problems are you having that makes you think small agencies cant work $50K - $100K accounts?

I cold called a place a few months ago...and had a meeting with them today.
Their premium is in the $40K - $50K range.
Luckily one of the older brokers came with me, because I wouldnt be able to answer any of the questions they had.

Anyway...they are currently with a big name...but the big name agency hasnt developed a personal relationship.
Yes, they get them their COI's fast...but they havent come out to visit the business in years.
We were able to find areas where they may have had too much insurance, and not enough in other areas.

What im seeing is that these people need to trust you (I know some small agency guys with $200K - $300K accounts).
You may not get the account on the first pass...but if you keep coming at them, you'll eventually get the sale.

As new guys though...those big accounts will be able to sniff out the fact that youre not that experienced..but thats why its important the people in your agency know what youre doing.


Ive come to the conclusion that as a new broker...I have to focus on getting as many reps (meetings) as possible so that I can get my pitch down..and really learn how to sell.
Im seeing that there are a lot of business owners that have no relationship w/ their broker...and have no idea what good service even is.

For new guys like us...its about pounding the phones and getting any and all accounts we can grab. Service the hell out of those accounts (make them love you), and get all the referrals you can handle.

Remember...anytime you start a new venture...the first 6 months to a year are going to be like pushing a boulder up a hill.

Outstanding Post!