Considering opening my own agency

May 19, 2007

  1. Double Agent
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    Double Agent New Member

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    :goofy: Hi All! I'm new to the forum and have ALOT of questions. First, about me. I've been licensed in the State of Oklahoma for 10 years as a P&C agent. I've worked for an independent agency and am now the Personal Lines Supervisor. I've trained many a new employee. I think the time is coming for me to venture out on my own. I'm at that point in my life where working for the other guy is no longer rewarding or satisfying. Question is HOW? I have a good working relationship with several company reps. I don't think getting appointed will be a problem. I don't have a L&H license nor do I think I want one as I have never sold L&H. My expertise is in Home, Auto and Dwelling Fire. How does one start their own agency in Oklahoma? What are the licensing requirements? I know I must have E&O insurance. I am also a travel agent and operate a travel agency from my home so I already have all the necessary equipment to run an insurance agency from my home. There's not all that much difference between the two occupations. Can this be done? Can a travel agency and an insurance agency operate side by side. If it can be done, I'm willing to open a store front later on once my book of business gets built up. Is any of this possible and where do I start? My Progressive rep told me that I should consider buying an existing agency near my town. Problem with that is they don't exactly advertise in the classifieds. Suggestions and advice are warmly welcome! Tell me your thoughts on the subject.
     
  2. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    I have heard Oak Tree Financial will hepl out in purchasing and selling agencies. I don't have a clue how they work or if it is a good idea but it might be worth a shot. Thats all the iinput I can give on this subject as I am a L&H agent. I would love to start an agency in the senior market but I don't know how.
     
  3. Double Agent
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    Double Agent New Member

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    Considering my own agency

    Thank you very much Senior-advisor-Indiana. Maybe someone will offer some insite to my quandry as I'm sure I'm not the only person to face this. Everyone had to start somewhere. Come guys, open up. Is there someone out there from Oklahoma who has started from scratch? or maybe purchased a small agency? How did you find it? I'm just at a total loss here. Our isurance comissioner's website is of no help whatsoever. Looking forward to hearing from you all.:noteworthy:
     
    Last edited: May 21, 2007
  4. retread
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    retread Guru

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    Waiting for someone to hand the info to you isn't going to work. The information you need is on this board, but hidden in numerous posts. I spent several months wading through many inane comments only to find a jewel hidden here and there. I hate to have to say it, but that's the only way you are going to find what you are looking for.
     
    retread, May 20, 2007
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  5. Guest
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    What was the jewel (for you)? For me it was John P's post on B2B and "the math."

    Al
     
    Guest, May 20, 2007
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  6. retread
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    retread Guru

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    Yes, that one and many like it. But you have to look hard. There is a lot of fluff you have to wade through first before you stumble on them.
     
    retread, May 20, 2007
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  7. salpro22
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    salpro22 Guru

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    Hmmm, what do you mean by the math? Telemarketing, lead volume, etc.????
     
    salpro22, May 20, 2007
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  8. Guest
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    Guest Guest

    Exactly.

    The 'jewel' that I would like to 'leave' for others is that the success of people on this forum is not an indication that doing what they do will be successful for you. I'm convinced that selling health insurance in my part CA is more difficult than it is for John in his part of MD. I'm NOT the worst salesperson in the world. Having spoken with other agents in this area, they tell me that my experience is not 'unique.' This is just a hard market. This is a government town and it is hard to compete with CalPERS, STIRS, etc.

    I'm looking at life, LTC, annuities, the senior market, etc. It's hard to make a buck on IFP and especally small group in Sacramento... well at least for me.

    One thing that is not repeated enough on this board is that every geographical location is different for different products.

    Al
     
    Guest, May 20, 2007
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  9. Sam
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    Sam Founder Administrator

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    You might want to give the people at www.agencies4sale.com a buzz. Most of the stuff they have listed is P&C and I have heard that there is a lot more that never gets listed.
     
    Sam, May 21, 2007
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  10. Double Agent
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    Double Agent New Member

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    Thank you for all your useful information. I'll give it some very serious thought and continue searching the forum as I have for about 2 months now. One of my Reps warned me against going with Brooke. Is anyone out there with Brooke Agency? What has been your experience?
     
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