Hello. I am a 20 year veteran insurance professional. I have worked in all capacities in small and medium size agencies in NJ..I am considering buying an established Allstate Agency in NJ. I would love to hear from other Allstate agency owners about the pros and cons of buying/owning an Allstate agency.
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Is the expectation that current Alstate Agency owners are publicly going to present their honest information on this open forum?
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Not sure if you can pull this off but if you can purchase the book and be an independent you would be much better off. Currently Allstate 800 competes with exclusive agents for customers, will steal your quotes, and offers a better rate. Why do you think he is selling?
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I'm not a P&C guy, but have spoken with more than one Allstate agent in my area and the biggest complaint from several years ago is the quota requirements for non-P&C products such as life insurance and investment products. Not sure if anything has changed in that regard, but it's possible. Also know that you have one arrow in your quiver so to speak. You are only able to offer Allstate's product and pricing. If they're competitive, great. But if they aren't, good luck on convincing people to stay when they can save money elsewhere. Especially since they don't have a relationship with you.
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Allstate is now allowing contracts to the Indy channel and paying 3 - 5 % more in commissions than the captive's get. That would piss me off.
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