Farmers Insurance - Giving Up Being Independent for Support

wfs

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I've done independent life sales for a while independently. I've loved the ability to chose from a variety of companies to be very competitive. I have always wanted to have a full-service agency where I can offer everything.

I have no P&C experience whatsoever. My only experience is life sales and investments. But I want to diversify and offer other products. Ideally, I would like to have the ability to give discounts for having multiple lines - life, homeowners, auto, etc... It is my belief that this can also increase my persistency.

So I have evaluated serveral of the major agencies and I have decided on Farmers. To me, it seems to have one of the best programs for the motivated entrepreneur. If anything, it can give me some solid P&C experience, should I choose to move back to become independent.

I know that there is more money (many times) in being independent, but without a support system and mentoring, it's pointless. Again, with no P&C experience, I will certainly need the support. I may find that Farmers doesn't mesh with me, but if anything, I can use this to learn.

And I love the fact that they don't sell health! That's the last product that I would ever want to sell.

Any thoughts on Farmers (other than telling me to stay independent)? :twitchy:
 
Friend of Mine is a farmer's agent here in MI for over a year and not really liking it. The home & auto he say's is usually higher than most companies. The same goes for the commercial insurance. The commercial side of business he said was pretty limted. Good luck to you!
 
I've done independent life sales for a while independently. I've loved the ability to chose from a variety of companies to be very competitive. I have always wanted to have a full-service agency where I can offer everything.

I have no P&C experience whatsoever. My only experience is life sales and investments. But I want to diversify and offer other products. Ideally, I would like to have the ability to give discounts for having multiple lines - life, homeowners, auto, etc... It is my belief that this can also increase my persistency.

So I have evaluated serveral of the major agencies and I have decided on Farmers. To me, it seems to have one of the best programs for the motivated entrepreneur. If anything, it can give me some solid P&C experience, should I choose to move back to become independent.

I know that there is more money (many times) in being independent, but without a support system and mentoring, it's pointless. Again, with no P&C experience, I will certainly need the support. I may find that Farmers doesn't mesh with me, but if anything, I can use this to learn.

And I love the fact that they don't sell health! That's the last product that I would ever want to sell.

Any thoughts on Farmers (other than telling me to stay independent)? :twitchy:

I would go to Farmers expecting to gain the experience and training I need. However, I would have my Plan B ready to roll because I think that you will eventually need or want to jump ship.
 
Other than independent, what other companies do you think should be considered? I was originally thinking State Farm, but I don't get a good feeling about their program.
 
Other than independent, what other companies do you think should be considered? I was originally thinking State Farm, but I don't get a good feeling about their program.

That is a tough question. Maybe American Family, Shelter, Nationwide, Farm Bureau, or Metlife.
 
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Look else where other than captive side of things. If you like having many companies to choose from being captive with Farmers is really going to be frustrating for you. Quote out a 30 year term life with them for 1,000,000 and see what the premium is? Try 45 year old standard non smoker and then run it against what you can get him now. See what the difference is and then see if you could sel that to Someone.
 
Farmers have messed around with their policies too much.

They raised their deductible to $750 (for example) on Auto to match the price of a competitors $500 deductible plan.

Farmers are OK to get your feet wet. Just don't plan on being there that long.
 
Look else where other than captive side of things. If you like having many companies to choose from being captive with Farmers is really going to be frustrating for you. Quote out a 30 year term life with them for 1,000,000 and see what the premium is? Try 45 year old standard non smoker and then run it against what you can get him now. See what the difference is and then see if you could sel that to Someone.

I am very familiar with this side of the business, but I am now looking to expand into P&C as well. I think the best way to learn this side of the biz is to go with one of the big P&C companies, then once proficient, return to independent with P&C if and when it makes sense.
 
I am very familiar with this side of the business, but I am now looking to expand into P&C as well. I think the best way to learn this side of the biz is to go with one of the big P&C companies, then once proficient, return to independent with P&C if and when it makes sense.

You do realize you will be captive to Farmers on life? So, if you are sitting there thinking that you'll just write outside, you are wrong.

If you are skilled at life, why go somewhere when it is uncompetitive, but you are required to sell it? The fastest way to get canned at State Farm, Allstate, Farmers, etc. is by not selling enough life. In fact, I get the impression they'd be perfectly happy if you never sold one home or auto, but sold the living daylights out of life.
 

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