How Do I Start My Own Agency

[legitxeris]

Please advise.

I have 7 agents under me. My override is 30% of whatever they sell. They come to me for advise, apps, brochures, everything. The problem is: I am under an IMO, my contract is 105%-115%.

Do I need a broker license? What steps are required for me to become more independent?

Thanks,

 

[YouGotMyMoney]

Does that mean you have them set up for a 70-80% contract?

 

[insuranceexec]

What lines of business are you currently working? How much production can you validate?

 

[legitxeris]

yes the agents under me make 70-85%. Most of my business is final expense, what do you mean "how much production can you validate"

 

[360]

yes the agents under me make 70-85%. Most of my business is final expense, what do you mean "how much production can you validate"

How much production can you prove that you and your agents wrote via reports from the carrier? Such reports will generally break down how much business was submitted, how much was issued and how much of it is still on the books.

 

[HarryRenard]

You should ask Vadwayne this, he is the go to guy to set up an agency, he got all of his agency experience from the eastern mennonite university.

If you donate $25 to a christian charity (that meets his criteria) he will spend 3 hours on the phone with you.


BTW- He a contracts I am sure he can do much, much better.