Getting Started In P&C

Jul 29, 2008

  1. Billy T
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    Billy T New Member

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    For you P&C experts, I am wondering when you start out with a company what should you expect from them. How does the commision structure work what kind of support you should be getting. Any help would be great thank you.
     
    Billy T, Jul 29, 2008
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  2. djs
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    djs Super Moderator Moderator

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    Are you talking going captive, i.e., State Farm, AllState, Farmers, AAA, etc, or going independent and picking up new carriers?

    There is no single answer either way, but knowing this part will help what answers you get me much more relevant.

    Dan
     
    djs, Jul 29, 2008
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  3. tentel
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    tentel Expert

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    I have only worked for independent agencies. My experience has not been great in terms of assistance with marketing and leads. Every agency promised me the world in terms of leads and marketing assistance, i.e. money. But once I got in there, they changed their tune. Unfortunately, I think that many agencies are unwilling to change with the times and implement modern strategies for increasing sales. For me, this was very frustrating because I see the Internet as the key to my success and none of my bosses are willing to go with me.

    As far as pay structure is concerned, they all seem to be about the same in terms of percentage payout. They have to be to remain competitive.
     
    tentel, Jul 29, 2008
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  4. saieddie
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    saieddie Guru

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    Yep, details details, but in general, the more you sell, the more you make.
     
    saieddie, Jul 29, 2008
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  5. Billy T
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    Billy T New Member

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    I would be starting as a captive agent at first, and then eventually do my own thing. I have talked to one company and the answers are not so clear from them. So when working as a captive agent what is a normal split of the new business you bring in. I have no experience in the P&C side of the insurance field, what are some of the questions I should be asking. When leaving a company is it possible to leave with your book of business. Thank you for your time in advance.
     
    Billy T, Jul 29, 2008
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  6. 1manshow
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    1manshow Guru

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    Billy T , In reading between the lines I'm assuming that when you say starting as captive you mean an "in house" producer ? Captive to me means working exclusively with a "captive" company such as State Farm, Nationwide who normally hire you as an exclusive agent for their company.
    In my experience, no one will let you leave with your book of business without a prearranged purchase price. Even then, the only one I've seen with that type of contract are the clusters like SIAA and Smart Choice.

    If you're just getting your feet wet in the P & C side you can expect the agency who provides your markets to take at least 30% of the commission. Our agency takes 30% on new and 50% of renewal commissions for all sub agent producers. We provide the companies, systems and support...the producer sometimes provide an adequate supply of new business to make it worth everyones while. We also require a non-piracy, non compete agreement from all our producers that restrict them from soliciting that book of business for two years.

    Hope that helped ???
     
  7. Billy T
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    Billy T New Member

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    1man show thank you, that does help. That is the kind of answers I am looking for. I have been getting so many answers that just seem to beat around the bush and not really answer the question I am asking. If you think of things you could have done better in the beginning that may help I would be glad to take any advice. Thanks again for your time. Billy
     
    Billy T, Aug 5, 2008
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  8. 1manshow
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    1manshow Guru

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    One piece of simple advice. Find your niche, prospect nonstop, and put in place a good system for reliable,consistent follow-up.
    The rest is a piece of cake:) Too bad it took me twenty years of trial and error to figure it out !
     
  9. OHInsAGNT
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    OHInsAGNT Super Genius

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    You do realize that if you are looking to generate ALL your life supporting income on the internet it is incredibly difficult? It's as hard or harder than cold calling in my opinion. The question is do you prefer to build your client stream behind a computer waiting for someone to raise their hand or on the phone talking them into it. If you don't like the phone, the answer is obvious. Personally, I do both.

    Buying leads is a different ballgame. You'll need $$$ to get started that way.
     
  10. Billy T
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    Billy T New Member

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    Thank you for all the advice keep it coming, if you think of more. I am talking to a company know who does not do commision it is all salary and it sounds like not a good one at that. Is that normal I would like to be commision. Thanks again.
     
    Billy T, Aug 17, 2008
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