How Long Does It Take?

[MrExcitement]

I am currently with as a captive agent for P&C agency now writing policies for both home and auto and I feel like after 5 months I can pretty much write a contract with my eyes closed. (no non compete clause signed) The reason I am trying to go Indy so fast is that there is a huge push here in the State of Florida where the number one insurance company, State Farm, is on the brink of non renewing all of their homeowners policies over the next two years and people are shopping like crazy around here. I know several people in my neighborhood and surrounding areas that are asking me for home and auto quotes with no real effort. I feel that this opportunity maybe just too good to pass up. My situation is this I have few bills to pay and I am a recent college graduate living at home.*again* No major expenses.

Here are my questions...

1.Do you think this would be suicide?
2.Do you think that with this little experience I can go out and make it on my own.( I have probably written about 100 apps at my current location just to give you some idea of the volume we do.) (call center)
3.Would it be very difficult to learn how to write Life and Health policies since I am so used to writing P&C? (I am licensed for Life and Health as well)
4.How long until I really knew what I was doing on Life and Health?
5. Could I learn to write L and H in a few months of time from a few carriers classes?

 

[Paradigm]

I am currently with as a captive agent for P&C agency now writing policies for both home and auto and I feel like after 5 months I can pretty much write a contract with my eyes closed. (no non compete clause signed) The reason I am trying to go Indy so fast is that there is a huge push here in the State of Florida where the number one insurance company, State Farm, is on the brink of non renewing all of their homeowners policies over the next two years and people are shopping like crazy around here. I know several people in my neighborhood and surrounding areas that are asking me for home and auto quotes with no real effort. I feel that this opportunity maybe just too good to pass up. My situation is this I have few bills to pay and I am a recent college graduate living at home.*again* No major expenses.

Here are my questions...

1.Do you think this would be suicide?
2.Do you think that with this little experience I can go out and make it on my own.( I have probably written about 100 apps at my current location just to give you some idea of the volume we do.) (call center)
3.Would it be very difficult to learn how to write Life and Health policies since I am so used to writing P&C? (I am licensed for Life and Health as well)
4.How long until I really knew what I was doing on Life and Health?
5. Could I learn to write L and H in a few months of time from a few carriers classes?

You can learn anything, just keep in mind that P&C is essentially taking an order (because it is required by law) whereas in L&H you must make a sale

 

[MrExcitement]

So would I be foolish to try to go independent at this stage of the game?

 

[xrac]

So would I be foolish to try to go independent at this stage of the game?

You don't have a whole lot to lose. If you fail you can recover pretty quickly. The question is can you get the appointments that need to be successful, do you have the captial to set up an office (elsewhere someone said E&O for a P&C agency was something like $3,000-$5,000), and are you equipped to handle the customer service and administrative issues.

 

[GetInsurance]

I think you should go indy now. The sooner the better. You will learn from your mistakes, but thats part of the process.

 

[MrExcitement]

You don't have a whole lot to lose. If you fail you can recover pretty quickly. The question is can you get the appointments that need to be successful, do you have the captial to set up an office (elsewhere someone said E&O for a P&C agency was something like $3,000-$5,000), and are you equipped to handle the customer service and administrative issues.

I believe I can gather appointments from some pretty high rated carriers right away, however there is some research that will defiantly need to be done there. As far as an office setting is concerned my father owns a small piece of commercial property that he is willing to let me use free of charge. (its not what you know, its who you know) As far as initial set up cost I hope to be able to purchase E and O insurance for that price that was stated above and still have enough to purchase basic office supplies. Finally, as far as handling customer service and administrative issues that would have to be dealt with in time. We handle several of those issues right now, but I am planning on starting small, just a partner and myself. No great scheme to take out business loans or buying a book of buisness...Just good ol fashioned elbow greace and alot of it to get this ball rolling.

Thank you all so much for your helpful advice thus far and more advice is always greatly appreciated! You guys are great on this forum!

 

[kent1108]

If you want, email me at the email address below. I am also in Florida and doing the exact same thing you are. I may be able to help you out.

[email protected]

 

[xrac]

I believe I can gather appointments from some pretty high rated carriers right away, however there is some research that will defiantly need to be done there. As far as an office setting is concerned my father owns a small piece of commercial property that he is willing to let me use free of charge. (its not what you know, its who you know) As far as initial set up cost I hope to be able to purchase E and O insurance for that price that was stated above and still have enough to purchase basic office supplies. Finally, as far as handling customer service and administrative issues that would have to be dealt with in time. We handle several of those issues right now, but I am planning on starting small, just a partner and myself. No great scheme to take out business loans or buying a book of buisness...Just good ol fashioned elbow greace and alot of it to get this ball rolling.

Thank you all so much for your helpful advice thus far and more advice is always greatly appreciated! You guys are great on this forum!

If you can get the appointments you need you can probably succeed. However, my advice is do not take on a partner if you can avoid it. Most people live to regret partnerships. I have!

 

[MrExcitement]

If you can get the appointments you need you can probably succeed. However, my advice is do not take on a partner if you can avoid it. Most people live to regret partnerships. I have!

I think you might be right about the partnership. It might be wiser to try to get the guy I have in mind to work for me if I am putting up all of my money to go independent. My plan of action is to first start with my warm network of family and friends, but not be pushy about doing buisness with them. At the same time I would like to do some sort of marketing, possibly a direct mail campaign where I personally address envelopes to homes in my area.(hey I've got nothing but time) I would like to round out my days by going after some small business CGL policies if at all possible. Do you guys think this would be biting off more than I can chew at this point as far as the CGL policies?

 

[Agent5913]

"I am a recent college graduate"

That would be grease, not greace.

Good Luck, Im trying to do the same thing you are.