I currently work in the Life Ins/Annuity side of insurance for about 3 years now. I'm 26 so it's a little difficult advising clients about there retirement money when they look at me as there son. I would like to start my own P&C Insurance Services so I can build a clientele. What would you recommend? I understand that P&C Insurers usually request a certain amount of business which is a hurdle I will need to get over. Does P&C business work like Life/Annuity where you have a MGA that can get you contracted? Any insight would be greatly appreciated. Thank you
How Should I Start Out?
- Thread starter sjj92660
- Start date
First off I am 26 as well and even in the P&C world you will face the same age issue. You look young in business... therefore people and prospects assume you know nothing. It becomes crucial to show you know your stuff so familiarize yourself with the markets you target.
Yes we have MGA's but most of them sell E&S markets. You will need to look into a cluster most likely.
Yes we have MGA's but most of them sell E&S markets. You will need to look into a cluster most likely.
Scotty,
I agree with you to an extent but also P&C is much more phone based then Life/Annuity. I have even done a lot of commercial business without meeting the clients. I am 25.
My insight on this is that age is not the problem, experience is. You might know the life side but p&c is a whole different animal. My advice would be to work for someone first under their E&O and learn the business before opening up shop.
I agree with you to an extent but also P&C is much more phone based then Life/Annuity. I have even done a lot of commercial business without meeting the clients. I am 25.
My insight on this is that age is not the problem, experience is. You might know the life side but p&c is a whole different animal. My advice would be to work for someone first under their E&O and learn the business before opening up shop.
JeremyTX
New Member
Good info. You should definitely get some training before trying the indy route. It is much more intense than have just one carrier and you could get lost in the shuffle. Or just start out with one or two competitive carriers at first. Either way you will probably need a Alliance, or MGA.
im starting to re think business strategy because i got bronchitis and the flu this weekend and currently.
i lost my voice and cant speak on the phone.
i am a one man shop with an office space.
i think i would go this route more now. find a indy that i can work for and make a fair split but that i can leave with my book.
being sick and not opening shop, got me thinking who will take care of my clients or who will do the service work when im sick. i had to speak on the phone with clients and underwriters whispering because i couldnt speak. also had a few clients come by the office and ask why i wasnt open.
i think working for someone, learning the ropes, then leaving with some clients with money to hire an assistant to man the desk while you go out and look for clients is best.
i lost my voice and cant speak on the phone.
i am a one man shop with an office space.
i think i would go this route more now. find a indy that i can work for and make a fair split but that i can leave with my book.
being sick and not opening shop, got me thinking who will take care of my clients or who will do the service work when im sick. i had to speak on the phone with clients and underwriters whispering because i couldnt speak. also had a few clients come by the office and ask why i wasnt open.
i think working for someone, learning the ropes, then leaving with some clients with money to hire an assistant to man the desk while you go out and look for clients is best.
You can find a lot of good information about P&C here: Insurance Agencies for Sale | AgencyEquity.com
- 15,041
Ask your cluster/MGA if you can roll the phones if you are sick or on vacation. If you are hitting your goals for growth, why step back? Instead keep growing until you can hire an assistant.
