Getting Out of my Farmers Contract??

Discussion in 'P&C Insurance Forum' started by Laur818, Dec 10, 2016.

  1. insurance1822
    Offline

    insurance1822 Guru

    Posts:
    1,624
    Likes Received:
    4
    State:
    Alabama
    Don't start over. With all the quotes you're generating, you simply open an IA on the side. Move one of your producers to the IA side. We opened our IA with the soul intention of trying to write the 11 out of 12 leads were weren't closing. Four years & 4MM later...it's a goldmine.

    You're still young & have plenty of time. Open the IA.
     
  2. indienoise
    Offline

    indienoise Guru

    Posts:
    915
    Likes Received:
    3
    State:
    South Carolina
    I agree that having an interest in both would be ideal...If you can swing it, do it.
     
  3. INDYTIME
    Offline

    INDYTIME New Member

    Posts:
    4
    Likes Received:
    0
    Im leaving my Farmers contract after 6 years of service with them....Whats the best way to start an IA? Would some of you recommend joining a aggregator or just go try to get some direct appointments? Captive sucks!
     
  4. rbadoux
    Offline

    rbadoux Expert

    Posts:
    56
    Likes Received:
    0
    Just get out. Don't dig yourself a deeper hole.

    ----------

    You dont need an aggregator. Start your IA, get your business license, E&O and bond (if applicable) and start filling out applications for an appointment. There are many commercial lines MGA's who would appoint you as a new agency.
     
  5. insurance1822
    Offline

    insurance1822 Guru

    Posts:
    1,624
    Likes Received:
    4
    State:
    Alabama
    Why would anybody leave Farmers? they are so good.
     
  6. VolAgent
    Offline

    VolAgent Guru

    Posts:
    13,278
    Likes Received:
    78
    State:
    Tennessee
    Aren't they though?

    I was talking with a Farmers agent just yesterday. He told me there is another commission cut coming and that they are being pressed to do more life insurance and financial services.

    From what I understand, the compensation on that is rather like a captive life agent, so if that is the money maker, and the products aren't that special, why stay with Farmers or even join?
     
  7. Ark2017
    Offline

    Ark2017 New Member

    Posts:
    1
    Likes Received:
    0
    Following- similar situation, would like all info available
     
  8. BADTROUT
    Offline

    BADTROUT Super Genius

    Posts:
    185
    Likes Received:
    46
    State:
    Colorado
    If you are considering a group or an aggregator there are MANY predatory ones out there... Contract too long, no share of bonus, restrictions if you leave... Check out Horizon Agency Systems.
     
  9. Warrior
    Offline

    Warrior Expert

    Posts:
    63
    Likes Received:
    4
    I am a former Farmers Agent. My advice to you is this: GET OUT!!!!!

    They will drag you out until you are over your head financially. Farmers only cares about the sale no the client and certainly not the agent.... Unless you are making them money!

    If you do not want to own your own agency, be your own boss, then get out asap. The contract reads that you District Manager must pay back the $2500 IF YOU QUIT.

    If you like the idea of owning your own agency, get in with an independent agency for a couple of years and learn the ropes. Then go out on your own.

    I am now an Independent Agent and I love owning my own office and my clients are mine.

    TRUST ME.......GET OUT NOW!!! FARMERS IS THE WORST COMPANY TO WORK FOR!!!
     
  10. rbadoux
    Offline

    rbadoux Expert

    Posts:
    56
    Likes Received:
    0
    Quit now. Don't use their money to start a company in their interests.
     
Loading...

Share This Page