Getting Started in the Insurance industry

[tins]

Fourth, how easy is it in reality to actually start an agency and make enough to pay the bills? I see and hear about all of these large numbers (e.g. "make 50K+ your first year"), but then I hear that a lot of agents "survived on bread and water" their first five years. I'm also paying off student debt. So... what is the reality when it comes to starting a career in insurance?

There are many successful agents on this forum. That being said, about more than half made very little money starting our careers:
http://www.insurance-forums.net/for...onths-your-were-selling-insurance-t52688.html
If you are looking for a career and need a need to make big money right away, there is that potential in the insurance industry, but it is more than likely that you will struggle and live on very little income over the first couple years.

 

[Agent Ave]

Hi KCinsuranceguy,

Welcome to the insurance industry! I hear that the captive agents (State Farm, Farmers, American Family, etc) have better training programs for new employees. Since you only represent one company, there is more focused attention on you to succeed. On the independent side there is less training because you represent more carriers and you own your own book of business.

1. Are there any good independent insurance agencies that offer good training to a newbie? I am near Kansas City.
- Sorry, unfamiliar with that market but you can look up the agencies and ask about their training programs.

2. Would you recommend going independent for someone who needs to make 2-3k starting by their second month?
- Going independent is going 100% commission. 1) You either need enough start up capital to make it, 2) Have a partner to support your new venture and make it, 3) Buy a book of business. If you buy a book, you can take a loan, example "Oakstreetfunding". They have down payments as low as 3% to help you buy a book.

- Go Captive: You will receive a salary and office but the book of business when you retire might go back to the carrier. If you can go captive, most likely will need to work for an agency to prove yourself first unless you meet all their requirements to open up shop for you right away.

3. How would one go about finding these companies?
- Look online to independent insurance agents & brokers of America, Inc for local agencies in your area.

4. Is Life and Health a good choice to try and make a good living through hard work on your first year?
- Any lines of business is profitable if you have the passion and persistence to sell it.

5. Anyone know about the market in Kansas/Missouri for L&H?

Thanks!

 

[jdeasy]

You do realize you are responding to a 5 year old post?

Hi KCinsuranceguy,

Welcome to the insurance industry! I hear that the captive agents (State Farm, Farmers, American Family, etc) have better training programs for new employees. Since you only represent one company, there is more focused attention on you to succeed. On the independent side there is less training because you represent more carriers and you own your own book of business.

1. Are there any good independent insurance agencies that offer good training to a newbie? I am near Kansas City.
- Sorry, unfamiliar with that market but you can look up the agencies and ask about their training programs.

2. Would you recommend going independent for someone who needs to make 2-3k starting by their second month?
- Going independent is going 100% commission. 1) You either need enough start up capital to make it, 2) Have a partner to support your new venture and make it, 3) Buy a book of business. If you buy a book, you can take a loan, example "Oakstreetfunding". They have down payments as low as 3% to help you buy a book.

- Go Captive: You will receive a salary and office but the book of business when you retire might go back to the carrier. If you can go captive, most likely will need to work for an agency to prove yourself first unless you meet all their requirements to open up shop for you right away.

3. How would one go about finding these companies?
- Look online to independent insurance agents & brokers of America, Inc for local agencies in your area.

4. Is Life and Health a good choice to try and make a good living through hard work on your first year?
- Any lines of business is profitable if you have the passion and persistence to sell it.

5. Anyone know about the market in Kansas/Missouri for L&H?

Thanks!

 

[xrac]

You do realize you are responding to a 5 year old post?

However, it was a very good post.

 

[jkass]

Hey guys, this forum is full of so much info i've been reading for two days and am just now joining.

I am currently a marketer for a Farmers Insurance agent, and I'm studying for my P&C license. After I get licensed he wants me to be a producer for him, which i'm not entirely sure of. It seems he makes most of his business through accounts other people sold and then gave to him when they retired. I am totally new to the sales world but am getting 20+ leads a week for him, of which he sold none.

I've also been reading around and heard a lot of the bad things people are saying about Farmers, and it doesn't sound like something I want to be a part of. (i've noticed how insanely high our auto policies are and can't in good faith try to push them on people). Would it make more sense for me to stick around and learn the trade or run off to somewhere else?

 

[AdvisorsIns]

Put in 6-12 months and then get out.

 

[chicago cubs]

Hi,
I am also new to the business and I am currently working doing marketing for an independent agent in TN . I am in the process of applying for my p&c license . I have had great early success with my leads that I am generating selling about 70%.
Now here is the kicker to my situation . I have a very rocky past I was an alcoholic for many years but have since turned my life around . I have a felony and several misdemeanor charges on my criminal record . I have been up front and honest with the owner/agent and he is still will to give me a chance . I am sure it helps that I am making money right off the bat . I am scared to death that the state is going to deny my license . I am going to great links to get as many letters of recommendation as possible as it suggest by the state . I am having good luck with those because I am very like able person and deep down I was always honest and had integrity about myself the alcohol just took that from me . I have letters from two mayors , state representative , judge , school teachers , police officers , business owners , and friends , my whole thing is I am prepared if they turn me down the first time , I will go to Nashville in person to the board of commerce is necessary.
So in closing I am just asking for some advice on anything I can do to improve my chances. I am very passionate about the insurance business . I plan on if allowed to do this rest of my life . I have read a lot on this forum the past few months and I have found the information to very helpful thank you to all the veterans agents for being so helpful . This is my first post I will be glad to share any more information that could give insight on my situation ... Thank you in advance for reading and any information you can provide god bless

 

[Suis]

Hey Cubbie fan,
I hope you get some help from the kind people on this forum. I can't give you any insight but I just wanted to say that I will pray for you and tell you to keep the faith.
Don't give up and just keep doing the right things. It looks to me like you already have a good start. You know all things are possible...!

 

[DivineFoodie]

Hey Chicago Cubs, I wish I had some words of wisdom too, but I don't. I will say that you getting letters of recommendation and just showing you've made changes to better your life should speak volumes.

I wish you much success. Unfortunately, a lot of us have "past" and while I can understand companies/organizations wanting to be careful, sometimes just someone getting a second (or sometimes third or fourth) chance can make ALL the difference!

Best of luck to you.

 

[JoKat]

Hey CC dont give up. I have a long past too. It took 4 months of FBI investigations, but they never asked a question. I just got my L/H lic last week.