First Year Struggles

[BighouseRay]

I have been marketing p&c and life for one of the top 3 companies in my area and it's becoming a struggle to stay afloat.

I have put most of my resources behind my business and I'm not gaining ground in fact I'm losing ground. On top of that I am a captive agent and the company has changed many rules and acceptance guidelines in my state. They are focused on the smallest of niches and even in that market we aren't priced to compete.

I am sure this is not new and many long time agents have been through this. What did you do? Bite the bullet and get out of your contract. Tough it out, and double down on the marketing to find that 1 in 1000 right customer. Switch products to life and health? I'm looking for some suggestions, to keep me in business.

 

[toehill]

Sorry to hear about your troubles. Are you cold calling businesses with a script asking to give them a quote? There is a lady on here named Melissa Ash or Ashe that had a good script for that for P&C. Maybe contact her and see if she can give you some ideas.


I would cut bait and run from the captive. Just my opinion. I sell Life & Health and am in my 1st year. I am having success. I wouldn't say getting rich but about where I expected for my 1st year.

 

[richink]

I went independent a few years ago after the company I was working for sold out, that's when I got my p and c license . P and c is more long term money the short term money is in life insurance I would try that if you could and try cross selling all your customers. I couldn't have made it on p and c alone. I wouldn't be captive if there was any way around it ( that's just my opinion)

Jason R Richardson LUTCF

 

[todd02]

I am also a captured agent with Farmers in Texas. When I started in 2009 our rates were CRAP! I made just enough w/ the help of their subsidy loan to brake even. Every company that wants to stay in business has to take rate and it is just a cycle. If they truley are the top 3 companies then they will become competitive again.

I just completed my third year and my agency grossed $210,000. Of course I re-invest 80% of that always to build but you get the idea. P&C is a get rich slow business.

 

[Josh]

I am also a captured agent with Farmers in Texas. When I started in 2009 our rates were CRAP! I made just enough w/ the help of their subsidy loan to brake even. Every company that wants to stay in business has to take rate and it is just a cycle. If they truley are the top 3 companies then they will become competitive again.

I just completed my third year and my agency grossed $210,000. Of course I re-invest 80% of that always to build but you get the idea. P&C is a get rich slow business.

Well said!
.

 

[toehill]

Well said!
.[/quote


So what you are saying is what I said bit the big one?

 

[Josh]

So what you are saying is what I said bit the big one?

I'm not sure I follow the question. Doing personal lines is a get rich slow business, that's what I was commenting on.

 

[JackThomas]

I have been marketing p&c and life for one of the top 3 companies in my area and it's becoming a struggle to stay afloat.

I have put most of my resources behind my business and I'm not gaining ground in fact I'm losing ground. On top of that I am a captive agent and the company has changed many rules and acceptance guidelines in my state. They are focused on the smallest of niches and even in that market we aren't priced to compete.

I am sure this is not new and many long time agents have been through this. What did you do? Bite the bullet and get out of your contract. Tough it out, and double down on the marketing to find that 1 in 1000 right customer. Switch products to life and health? I'm looking for some suggestions, to keep me in business.

Best decision I ever made us to go independent. Yes it was tough the first few years but now much easier.