Getting Started in P&C

[amancu33]

Newbie here. I am looking to make a career change from corporate finance into the insurance sector. I am interested in getting started with commercial P&C. I have applied for a few jobs out there but they are all looking for experienced and licensed producers. Any recommendations on how to break into the business? Unfortunately I would need a decent salary while I start up as I am married with kids and can't afford a dramatic pay cut. Should I try to obtain my license while still working my 9-5? Any company recommendations that would take a chance on a motivated career changer like me? Any insight would be greatly appreciated. Thanks.
- - - - - - - - - - - - - - - - - -
BTW. I live in Rochester, NY.

 

[STIBROKER]

Unfortunately I would need a decent salary while I start up as I am married with kids and can't afford a dramatic pay cut.

Can you live on $12,000 a year........

 

[BTFuzz]

Newbie here. I am looking to make a career change from corporate finance into the insurance sector. I am interested in getting started with commercial P&C. I have applied for a few jobs out there but they are all looking for experienced and licensed producers. Any recommendations on how to break into the business? Unfortunately I would need a decent salary while I start up as I am married with kids and can't afford a dramatic pay cut. Should I try to obtain my license while still working my 9-5? Any company recommendations that would take a chance on a motivated career changer like me? Any insight would be greatly appreciated. Thanks.
- - - - - - - - - - - - - - - - - -
BTW. I live in Rochester, NY.

Yes, get licensed ahead of time. When you say commercial, do you know what industries your looking to penetrate or are you going in with the "shotgun" approach?

My suggestion, find a niche or a few niches and learn everything you can in, about and around them...be an expert in a few areas, you'll be better off.

 

[Aram Fingal]

Unfortunately I would need a decent salary while I start up as I am married with kids and can't afford a dramatic pay cut..

You will not find a company that will give you a "decent salary". If you don't think you can make it on commission only, you might want to pick a different career.

 

[VaDwayne]

You will not find a company that will give you a "decent salary". If you don't think you can make it on commission only, you might want to pick a different career.

Not true at all.....

 

[Aram Fingal]

Not true at all.....

I guess it depends on what he means by a "decent salary". I was assuming based on his situation that he would want more than $2,000 a month. Are there companies that will pay that to someone without a proven insurance sales history?

 

[VaDwayne]

I guess it depends on what he means by a "decent salary". I was assuming based on his situation that he would want more than $2,000 a month. Are there companies that will pay that to someone without a proven insurance sales history?

Probably not many, but yes I worked out a deal much better than that BUT they knew how hard I worked selling med supps and other products and hired me based on my work ethics.

 

[amancu33]

Thanks for the responses. I guess a followup question would be how long does it take to start closing sales and seeing commissions come in? Commissions that would be able to supplement the base salary and result in a decent living. I am willing to put in the time and effort and confident I can do well Just wondering what the average ramp up time (1-3 mo, 3-6 mo, 1-3 yrs, 3-5 yrs, etc) is since I can only survive so long with taking a pay decrease.

 

[BTFuzz]

Thanks for the responses. I guess a followup question would be how long does it take to start closing sales and seeing commissions come in? Commissions that would be able to supplement the base salary and result in a decent living. I am willing to put in the time and effort and confident I can do well Just wondering what the average ramp up time (1-3 mo, 3-6 mo, 1-3 yrs, 3-5 yrs, etc) is since I can only survive so long with taking a pay decrease.

Too many factors...but if you sell 100k and get 20% commish...that's 20k in your pocket. How long does it take to make that? Well, it depends on how good you are.