Interview with Farmers

[matfro]

Hey everyone!

My name is Matt, and I'm looking at jumping into the world of insurance. I have an entrepreneurial spirit, I'm willing to learn, and I feel that I could make a good career out of this. I live in California (Sacramento area) and I just had an interview with Farmers Insurance. So, I have a couple of questions...

Is Farmers a good way to get my foot in the door? I'm not set on anyone as of now and am going to check out other companies. It sounds like they'll help me get started with training to get my licensing and start selling for the first couple years, then I'm on my own. Should I go about getting my licensing on my own, or would this be a better way to do it? Sounds like I'll need to be working my full time job in the meantime while training with Farmers if I go that way. That brings me to my next couple of questions. How reallistic is it for people becoming agents to be working a full time job then training/selling on the side? How long does it typically take? I mean I could do long hours for quite some time, but I feel like I'll get burnt out and want to do something else. I'd love to find somewhere (probably a pipe dream) that would have a base pay, and I could bust my ass and go head first into it and prove myself. Is there such a company or possibility of going about it that way or any way similar?

If anyone has any pointers, helpful hints, or advice, I'm all ears. I really feel that I could be great at selling insurance, and I want to go about it the most realistic way without me having to litterally drive myself into the ground and kill myself. (well, maybe not literally)

Thanks!

 

[wildcat]

All of the Farmers training comes from the District Manager you are hired by. Most of them will not spend much time with you. State Farm will offer superior training and support. Look at most of the S.F. agents most of the books are very large. If you are looking to write personal lines, what you are looking at is fine, although there are many commercial brokerages looking for new agent. Commercial is a different animal, but big commissions. Choose the product line, then choose the training path.

Also, with Farmers you will have to get your 6 & 63.

 

[matfro]

Thanks for the input, I think I'll check out State Farm. I probably sound stupid asking, but what's a 6 & 63?

 

[xrac]

The Series 6 & 63 are the securities licensed required to sell variable annuities, variable life insurance, mutual funds, etc. These licenses make you a Registered Rep and subject to regulation by the Financial Industry Regulatory Authority (FINRA), is the largest non-governmental regulator for all securities firms doing business in the United States formerly known as the NASD.

 

[HomeService]

Farmers recruits newbies fairly heavily around here. Read into that what you may.

 

[Cahall12]

I have worked for State Farm (as a team member) and now starting my adventure with Farmers Insurance. Farmers is alot different than State Farm. I went through the series of interviews for State Farms Agency Program, but I did not like that I might set as a Agent In Training for a while before finally finding the right place. State Farm has a great opportunity, but it may require you moving. Farmers offers a little different of an opportunity. Farmers opportunity seems more like going independent, but having a single company to represent. Again, Farmers opportunity is a captive opportunity, but will not offer the level of support of that of State Farm. Why? At the end of your adventure with State Farm another agent will take over your book of business. The Good News? You start off with a nice commission coming in. The Bad News? Your kid will not be able to take over "the family" business after you retire. Farmers offers the opportunity for the family to take over after retirement. This was one plus for me. Going independent would be amazing, but you must be financially stable to afford it. Insurance is in no way a get rich quick scheme. Farmers offers the opportunity to use their money to get started. The issue with this is that if you do not meet their goals, than they will ask for this money back. If you do continue to meet their goals you are fine. It's all about you. If you are willing to work as many hours as needed to meet these goals go to farmers. If you are looking for good money over the next 30 years, and not worried about it after you retire, State Farm is there for you.

 

[jaminb]

I interviewed with farmers locally and did get a good feeling about the training. I went to work for an independent and have got alot of hands on training. Not saying it is a bad company, just maybe a the local management staff

 

[lvinsurance]

Farmers is a great company but depending on where you plan on starting it can be an uphill battle. In Vegas their auto/home rates are very off right now. They only want the best possible customers and will not help anyone under that. State Farm is the same way but much more stable system. Farmers is coming out with a new product between november and january called farmers 2.0 which is supposed to completely change the way they do business. Farmers will buy you out (your book of business) if you want to leave after a few years or transfer it to a family member. Only other advice is to stay away from subsidy (its only a loan that needs to be paid back one way or another.)

I worked as a farmers producer for many years and recently opened up my own indpendant agency.

 

[Cahall12]

Ivinsurance,

I am currently going through the program. What did you think of the company overall? The subsidy is nice to start off on considering it's hard to even get a small business start up loan. My understanding is that you get to keep all the subsidy money if you meet all of your goals in the first five years? I am currently in Ohio, where I have found that rates are current ok, much like Grange and State Farm. I just actually graduated college and am working toward a Masters degree, and found it almost impossible to afford being independent. I worked for State Farm as a team member, and wasn't impressed with their company overall. I am not taking anything away from State Farm, other than it wasn't a true fit for me. Also, what all do you know about this 2.0?

 

[Ron Van D]

Insurance is in no way a get rich quick scheme.

CRAP! Why didn't some one tell me this?