Has anyone Recently Started with ERIE?

[SueNami]

Hello all! I was on the forum almost a year ago asking about buying a captive agency- I got some very good advice from the people who responded and it contributed to me doing nothing but stay where I am and prep and plan a bit more.

I am now in a very different position and have the savings and support to start a scratch agency. (Though I wouldn't mind opinions on that either!)

I would like to look into Erie and was wondering if anyone else has recently started up with them?

I'm living in PA, but would love dual licensing for MD as well as all of my business contacts are in MD. I am in a position where I would need to pull ZERO income from the agency for the first year and very little the second year, wanting to take a salary of ideally $60k the start of the third year.

I've heard Erie does an inflated commission the first three years which would be great as I have 3 producers lined up to help me sell.

What types of things will Erie offer? What will they look for in me? (I have lots of agency management -incl sales- experience, as well as a realistic idea of marketing and what it takes to keep a sales funnel full)

Any cons to Erie or reasons to consider another carrier?

I would ultimately like to build the agency at a rate of $400k per year minimum (I really think I'll do much more than that with the other producers on board) but with the goal of hitting 3mil book size within 5 years (I know the math doesn't add up, as I said I believe the $400k is very conservative)

Thanks all!

 

[Magicmarker98]

Erie is a great company and the fact that you’re away from the coast is even better. They are financially strong and place very high in claims satisfaction compared to their peers.

The key things you’ll need to consider is how much start up support will they offer. This is more important than people realize when starting an insurance business.

I wish you the best of luck with your decision. As I said, I have a lot of respect for Erie, but capital those first few years is critical. Bonus dollars can help you sleep at night.

 

[marc82much]

Hello all! I was on the forum almost a year ago asking about buying a captive agency- I got some very good advice from the people who responded and it contributed to me doing nothing but stay where I am and prep and plan a bit more.

I am now in a very different position and have the savings and support to start a scratch agency. (Though I wouldn't mind opinions on that either!)

I would like to look into Erie and was wondering if anyone else has recently started up with them?

I'm living in PA, but would love dual licensing for MD as well as all of my business contacts are in MD. I am in a position where I would need to pull ZERO income from the agency for the first year and very little the second year, wanting to take a salary of ideally $60k the start of the third year.

I've heard Erie does an inflated commission the first three years which would be great as I have 3 producers lined up to help me sell.

What types of things will Erie offer? What will they look for in me? (I have lots of agency management -incl sales- experience, as well as a realistic idea of marketing and what it takes to keep a sales funnel full)

Any cons to Erie or reasons to consider another carrier?

I would ultimately like to build the agency at a rate of $400k per year minimum (I really think I'll do much more than that with the other producers on board) but with the goal of hitting 3mil book size within 5 years (I know the math doesn't add up, as I said I believe the $400k is very conservative)

Thanks all!

If this is what you really want, ERIE is the answer. Do not overthink it. They are a great company, and you will prosper greatly as a result of their taking you and and getting you started. Now is the time, my friend. Go for it.