Good Start to the Day...

[Herkster]

Three new policies signed and in force!
Have some crop insurance stuff to do and have a nice farm prospect (with a couple personal lines policies) on the horizon that will have 15-20k in total premium.

Missed out on a seed dealership this week, which would have been about 5k in total premium.

How's everyone else's new year starting out? I could still stand for mine to pick up a bit, but crop insurance is going to start taking up a lot of time in the coming months.

 

[nyc2phi]

I've had a good Dec/Jan. 40K in Dec and already 30K in January. Biggest source for me has been referrals. I've been offering gift cards to spread the word about me I remind them about it just about every other week.

 

[Herkster]

I've had a good Dec/Jan. 40K in Dec and already 30K in January. Biggest source for me has been referrals. I've been offering gift cards to spread the word about me I remind them about it just about every other week.

I don't have the ability in Iowa to offer gift cards (rebating laws), and we are located in three different small towns. We've had an office, our main office, in this town of 500 for like 80 years. I'm trying to build our ag policies in the other rural areas, which has been a struggle thus far.

The nice part is, I'm not commission only. One wouldn't be able to survive as commission only in these parts. There just isn't enough around or enough in premiums to make that fesible. I get a % of the new sales, and a portion of renewals for a couple after.

 

[1manshow]

crop insurance? i never thought it'd be worth the effort

we're working into the school market this year...in which 95% of renewals are 7/1...and almost all are over 6 figure accts. Really looking forward to the stress of getting 20+ quotes presented in such a short time period

nyc2phi...great strategy...hope you continue that even after you've reached your peak

 

[Herkster]

Crop insurance is worth the effort for sure, unless you're in my area, then don't do it

Just kidding. It can be a very lucrative line of business if you are in an agriculturally based area like I am. Nothing but towns of 500-750 people, some smaller than that, big local businesses are equipment dealerships and local coops. We have guys that farm from 500 acres to 10,000 acres, some more.

Just found that I'm getting a look at a farm policy that is currently written with Auto Owners, which I've never ran into yet. Hopefully NWAG will be able to beat them on price, which I'm almost sure they will.

 

[nyc2phi]

From what I remember Nationwide is a big competitor in that line of business. Do you have trouble with them out by you?

 

[MrGolf]

From what I remember Nationwide is a big competitor in that line of business. Do you have trouble with them out by you?

Nationwide has their agribusiness program that is pretty competitive, written on Farmland paper I believe. I just gave a proposal to an oil jobber in what I thought was a very competitive price of $240,000. Nationwide did it for $210,000 and there were a ton of exposures in this policy (locations, sales, loan leased equipment, etc.). I was floored.

 

[Herkster]

Nationwide has their agribusiness program that is pretty competitive, written on Farmland paper I believe. I just gave a proposal to an oil jobber in what I thought was a very competitive price of $240,000. Nationwide did it for $210,000 and there were a ton of exposures in this policy (locations, sales, loan leased equipment, etc.). I was floored.

Nationwide Ag is our big carrier that we use, Allied for personal lines policies. They are very competitive but lose that edge once we start talking covering semi's used for grain hauling. For some reason, farm bureau insures these for 30-50% cheaper premium than NWAG, and they can't be profitable doing it. I know this because I worked for NWAG on the underwriting side of things, so I know the loss ratios and TCR when it comes down to it.

Farm and crop insurance are my two main focuses..