Interested in a Second Career in P&C

Mantrain

New Member
6
Hello all,

I hope I am posting in the right forum. about two decades ago after college I landed a job selling E&O insurance. The line of business I was in was very reputable ad highly gratifying. however I was working within a brokerage that had special contacts with specific lines of business. That company was called LRO and was purchased by a not so reputable entrepreneurial who was a GA for offshore auto line. CA changed the laws, ever thing went bust and I decided to go to chiropractic college.

Looking back that job selling E&O was my favorite job ever and I lost my P&C license as it had long ago lapsed. But I am coming to a point in my career as a chiropractor where I do not want to rely on it. I will cap out with income versus my body, what it can withstand as I get older, and moreover, I am curious how feasible it would be for me to transition slowly into a new business. I know I would need to get my P&C license again, and what else? Do I need a brokerage to sponsor me? How much money can I make realistically? How can I find a good local brokerage that will help steer me in the right direction, or should I do everything independent? I picture myself selling commercial policies to small and hopefully at some goes on to larger businesses.

It seems to me that making a living selling P&C would be so much easier than life insurance. Is this a correct presumption? I have this presumption bc all businesses need liability insurance etc.

Am I dreaming, or should I just stay put and be what I am now, a chiropractor taking home about $110k/ year, but worried that as I get towards 50 years of age my body will deplete and insurance coverage are getting worse -- not everyone understands or even likes chiropractors (but I guess I have made a living nonetheless). I think I should be able to do so much better than $110k/ year and P&C really interests me. It actually has been calling out to me since I left it to go back to school.

Would totally appreciate any insight...
 
^you'd be better served using your chiropractic experience to inflate pip & UIM claims to make a killing

hehe
 
^you'd be better served using your chiropractic experience to inflate pip & UIM claims to make a killing

hehe

No lie. I used to work at a law firm that kept a D.C. on payroll. We charged all our clients a 295 "consulting" fee which went to the chiropractor, who essentially copied and pasted a form letter that went in everyone's demand package, and every once in a while he would feed a line of BS to an adjuster.
He had such a posh arrangement.
 
No lie. I used to work at a law firm that kept a D.C. on payroll. We charged all our clients a 295 "consulting" fee which went to the chiropractor, who essentially copied and pasted a form letter that went in everyone's demand package, and every once in a while he would feed a line of BS to an adjuster.
He had such a posh arrangement.

M.D. solicit P&C brokers in my area to send them referrals. I heard they pay a finders fee of upwards close to $1000. Seems like a lot to pay as a referral fee to me..
 
I am in San Diego. Random thoughts on this whole thing:
Not sure I am thinking the grass is greener on the other side though. Ok if I had to do it all over again I would probably choose P&C bc the amount of time it takes to invest and what I take home, maybe I would be taking home more if I worked harder which is what I need to do to make P&C work. But it took a long time for me to make a living when on considers the schooling -- wow all those years in school I coulda just built a P&C book. If/when I get my license I would want to go big game hunting and I suppose I could use my age, experience and industry contacts for that. Thing is, I am already branded as who I am...

I think if I could find a mentor though it would work.
 
^^ comm.ins. is TOUGH. Depends on your Contacts...a lot of this business is "who you know."

Do you have contacts in the PC field?
 
Is there not a systematic way to build a book of business, IE for people not needing to make immediate money but wanting to build over time?
 
I purchased a captive book a while back and had no insurance experience. I went through a training program and had some staff that were already had some experience. I am making a good living. I am in the process of helping my wife start an independent in her name. Once I get help her get it rolling I sell out and run the IA.

I was in similar position so I had to go captive to get the experience and training. Once you a decent book and experience you should do well.
 
You have a similar thread in the Getting Started forum so I will re-post my thoughts over here.

The Good News: You have a fantastic story and I will tell you exactly who you should target.

-Doctor's offices and Lawyers(Liability is huge) because you should be comfortable speaking to these folks. I would not start going after manufacturing or BLUE COLLAR markets first unless you speak their language...being a chiropractor I really doubt you have a lot of conversations about the inner workings of a ball bearing on the back of a bumper bracket on a whatchamacallit or figdget widget.

-Tell everyone who owns a business your story and how you also are/were a business owner and "are they also finding Blank Blank and Blank issues"...you should know first hand what these owners or medical professionals experience.

Being a P&C agent is NOT easy. Even if you have leads pouring in, doesn't always equate to big dollars. The sad reality is one guy can write 50 policies for $2k a piece and another agent goes out and lands 1 good restaurant on the water with boat slips and liquor license for $100k in premium and they end up making about the same money but one of them had to do an awful lot more paperwork and processing. Can you guess which one?

Good Luck to you, I would transition over slowly.
 
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