Hello all,
I'd like enter the insurance industry and after reading much of this forum, I still have some questions about the direction and the process I should take. First a bit about myself. I've been in sales ever since my first job out of college. I started off working for Wells Fargo and was with them for for 10 years. From the consumer loan division to auto finance to the mortgage sector, I held various managerial positions throughout my career there. As a branch manager, I was required to obtain Life, A&H, and P&C licenses. I've done my continuing ed and have maintained my license ever since, even though I don't actively practice selling insurance. In fact I haven't sold any insurance in over 8 years.
In addition to my insurance license, I also have my loan originator license and I have an active real estate brokers license, as I currently hold the role of managing broker for a real estate company with a partner of mine. We're currently focusing on rentals here in Chicago with the sales market being flat. Having said that, I've come to a point in my life that I'd like to focus on building a book of business, something that will provide me with residual income.
In terms of my financial situation, I've been very fortunate considering the state of the economy. My wife has a great job and together we've been able to do well for our family. However, I feel it's time to enter a new phase in my professional career. Enter insurance.
I have a few managers that can continue to run the real estate business while I focus my attention on insurance. In due time I'll just sell my share in the business.
In addition to having a strong sales background, one of my strongest attributes is my customer service skills. People just seem to like me and trust me. Everything I've ever done I've always been able to get business through referrals. I've turned away business in the past because I am so honest, and I sleep better at night knowing so.
I feel like because of my financial situation, I'd like to open up an independent agency. I'm fine if it takes time to build, I just want to grow it right. I'd like to concentrate on P&C to start off and I feel that the strong relationships I hold with many franchise dealerships from my days with Wells Fargo will only help. I've always been a proponent of if you're going to sell something, then you better know your product. One of my concerns is learning the products. Would you suggest working for another independent first, or would it be possible to learn the products and services "on the fly"? I'm a workaholic and I research the hell out of stuff, so I'm sure I can learn the products, especially if I'm directed to the proper resources.
Just so I understand the process, here are a few questions (bear in mind I'm in Chicago):
1) Will carriers work with any or most independent agents, even new ones without a book of business? When I worked with a mortgage broker after Wells Fargo, we were able to sign up with all the major lending institutions. I'm wondering if the concept is the same in insurance. If so, where can I find a list of carriers that I can sign up with?
2) Where would an independent get to place, say, car insurance policies, since most of the options are through brand recognized captive agents? Are the rates competitive?
2) Are there any special requirements to become independent, such as net worth and/or physical brick and mortar office space?
3) Once you write a policy, does the agency collect the premiums on behalf of the carrier or do clients send premiums directly to the carrier? I assume all carriers are different in this regard?
4) In Illinois can you have your casualty license WITHOUT having property? Or is it one in the same? I have to dig up my license to make sure I have both. I know I have the casualty part. Not sure about Property.
Sorry for the long, drawn out first post but I figured I'd at least get who I am out of the way first. Any and all advice/help would be much appreciated. Sorry if some of the questions are "dumb" or don't make much sense. Right now I'm trying to make sense of it all myself.
I'd like enter the insurance industry and after reading much of this forum, I still have some questions about the direction and the process I should take. First a bit about myself. I've been in sales ever since my first job out of college. I started off working for Wells Fargo and was with them for for 10 years. From the consumer loan division to auto finance to the mortgage sector, I held various managerial positions throughout my career there. As a branch manager, I was required to obtain Life, A&H, and P&C licenses. I've done my continuing ed and have maintained my license ever since, even though I don't actively practice selling insurance. In fact I haven't sold any insurance in over 8 years.
In addition to my insurance license, I also have my loan originator license and I have an active real estate brokers license, as I currently hold the role of managing broker for a real estate company with a partner of mine. We're currently focusing on rentals here in Chicago with the sales market being flat. Having said that, I've come to a point in my life that I'd like to focus on building a book of business, something that will provide me with residual income.
In terms of my financial situation, I've been very fortunate considering the state of the economy. My wife has a great job and together we've been able to do well for our family. However, I feel it's time to enter a new phase in my professional career. Enter insurance.
I have a few managers that can continue to run the real estate business while I focus my attention on insurance. In due time I'll just sell my share in the business.
In addition to having a strong sales background, one of my strongest attributes is my customer service skills. People just seem to like me and trust me. Everything I've ever done I've always been able to get business through referrals. I've turned away business in the past because I am so honest, and I sleep better at night knowing so.
I feel like because of my financial situation, I'd like to open up an independent agency. I'm fine if it takes time to build, I just want to grow it right. I'd like to concentrate on P&C to start off and I feel that the strong relationships I hold with many franchise dealerships from my days with Wells Fargo will only help. I've always been a proponent of if you're going to sell something, then you better know your product. One of my concerns is learning the products. Would you suggest working for another independent first, or would it be possible to learn the products and services "on the fly"? I'm a workaholic and I research the hell out of stuff, so I'm sure I can learn the products, especially if I'm directed to the proper resources.
Just so I understand the process, here are a few questions (bear in mind I'm in Chicago):
1) Will carriers work with any or most independent agents, even new ones without a book of business? When I worked with a mortgage broker after Wells Fargo, we were able to sign up with all the major lending institutions. I'm wondering if the concept is the same in insurance. If so, where can I find a list of carriers that I can sign up with?
2) Where would an independent get to place, say, car insurance policies, since most of the options are through brand recognized captive agents? Are the rates competitive?
2) Are there any special requirements to become independent, such as net worth and/or physical brick and mortar office space?
3) Once you write a policy, does the agency collect the premiums on behalf of the carrier or do clients send premiums directly to the carrier? I assume all carriers are different in this regard?
4) In Illinois can you have your casualty license WITHOUT having property? Or is it one in the same? I have to dig up my license to make sure I have both. I know I have the casualty part. Not sure about Property.
Sorry for the long, drawn out first post but I figured I'd at least get who I am out of the way first. Any and all advice/help would be much appreciated. Sorry if some of the questions are "dumb" or don't make much sense. Right now I'm trying to make sense of it all myself.
