Farmers Insurance - Giving Up Being Independent for Support

[HomeService]

I wish we had American Family here in TX. That was my first insurance company on my first car when I was 16 growing up in Iowa.

 

[wfs]

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.

I know I'd be captive on the life side as well. Still have not made any concrete decision yet, exploring all options.

 

[Air Jer]

American Family if they are in your area. You can make a nice career with them.

 

[dcmarine1]

Starting out

I have had some experience many years ago with Primerica Financial Services, and have been out of that business for many years. I am looking for a career change from management in Industrial manufacturing, and going back to the insurance industry. I have been contacted by both Farmers and State Farm. Can anyone speak to me about pro's and con's? Investments, training, own agency, etc?

 

[newbyagent]

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.

I could be mistaken, but for the record I believe Farmers will let you write outside of their company, if they deny a risk first. Not that it helps too much in a life sales scenario.

 

[proadvisors]

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)?

what if you could have all the support of being captive and stay independent? I am asking because I use to work @ Farmers the commissions were very low 40% on life 10% on p&c. The only support they gave was a subsidy the first few years and that wasn't much. I now work with a group of indies where you get all the support you need, the commissions are high and you have training 3 times a week. I did not like Farmers when I was there. I just kept thinking in the back of my mind that I could do a better job for my clients etc...They aren't bad or anything just to be their product lines
are not competitive.
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I have had some experience many years ago with Primerica Financial Services, and have been out of that business for many years. I am looking for a career change from management in Industrial manufacturing, and going back to the insurance industry. I have been contacted by both Farmers and State Farm. Can anyone speak to me about pro's and con's? Investments, training, own agency, etc?

I was at pfs many years ago. I am indie now and worked at farmers before it is not the way to go IMO

 

[VolAgent]

I could be mistaken, but for the record I believe Farmers will let you write outside of their company, if they deny a risk first. Not that it helps too much in a life sales scenario.

No longer. They are strictly captive. Read the contract, ask the district manager. I did look at it at one time before I realized how bad it was.

The older agents are allowed to do outside business if Farmers turns it down. But as you said, still doesn't do you much good with life.

 

[PiKnowledge]

Re: Starting out

The same goes for me too, I was with PFS before for two years and than went independent myself now for almost ten years. There are many independent agencies out there that has offers support, management, training and so forth; while offering many carriers to really help you get your clients insured one way or another.

 

[Surfy]

You could try being an agency producer for a Farmers agent for a while. The agency takes a chunk of your production for a while but it will get your foot in the door and you can see things from the inside.

Plus, if and when you leave, you won't owe Farmers a gob of money for the training and for the money they fronted you while trying to get started.

Surfy

 

[proadvisors]

i was a agency producer...the only good thing is i saved a list of all the clients i sold insurance too there...lol