erincarter
New Member
- 1
I think in cases like this it is always a good idea to get a second opinion from a legitimate agency.
Looking for advice from Allstate Agents
- Thread starter banker
- Start date
That makes to of us. Ray can you PM also? I would like to get some advice and pointers from you. I am trying to sell my BOB
AZAgencyProspect
New Member
- 1
Hi all!
Like a few others here, I have been considering the purchase of an Allstate agency for a while now. In fact I got very close a few years back, worked with the regional manager on selection, etc. but couldn't quite find the right fit. I still think this is the way I would like to go but one thing that caught my eye was the post earlier that mentioned the agent sold or turned in for TPP their book due to low life insurance production. This raises the question, what are the requirements around financial services (life, mutual funds, etc.) production? Further, what are the standards around P&C production? I am looking for a book that has an EP of 1.5-2.0M, so I would "think" maintaining that level would keep corporate happy but I am not sure?
Any advice would be much appreciated!
Thanks!
Like a few others here, I have been considering the purchase of an Allstate agency for a while now. In fact I got very close a few years back, worked with the regional manager on selection, etc. but couldn't quite find the right fit. I still think this is the way I would like to go but one thing that caught my eye was the post earlier that mentioned the agent sold or turned in for TPP their book due to low life insurance production. This raises the question, what are the requirements around financial services (life, mutual funds, etc.) production? Further, what are the standards around P&C production? I am looking for a book that has an EP of 1.5-2.0M, so I would "think" maintaining that level would keep corporate happy but I am not sure?
Any advice would be much appreciated!
Thanks!
The following is a quote from Ron who publishes the Runningclock. Anyone interested in Allstate should read his newsletter. Contact [email protected]. Asking what a book is worth is about like asking what color a car is or how long is a string? I don't mean to be flip with you but a great deal depends on these factors: Location (is it in a market that Alsltate is trying to grow or in one where the rates are too high to sell), size (What is the earned premium), tpp available on the book (books built as employees have less value if liquidated at TPP), Profitability(Is it a good solid book built by following guidelines), Percentage of brokered and non standard, Are you selling the building and fixtures, If you don't own the office is there a lease and what are its duration and provisions, Do you intend to retire or do you plan to reopen an IA, If so is it in the same area? There are probably a hundred other factors that determine its worth and not the least is will Allstate allow you to sell it to a buyer who can merge it into his/her book. That is going to become more and more important. You'll see what I mean if you read the following article.
http://www.chicagobusiness.com/cgi-bin/article.pl?articleId=32428
http://www.chicagobusiness.com/cgi-bin/article.pl?articleId=32428
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I recently took a class where three of the students were Allstate employees. All three were taking classes because they were afraid of losing their jobs.
What they told me was that Allstate had outsourced their customer service to India. Outsourcing customer service to India was not working so they brought it back to the U.S. Now they are looking for other departments they can outsource to India.
What they told me was that Allstate had outsourced their customer service to India. Outsourcing customer service to India was not working so they brought it back to the U.S. Now they are looking for other departments they can outsource to India.
- 1,432
I read something recently about Allstate dramatically increasing their sales quotas.
Is this correct?
Is this correct?
- 241
Allstate changes their sales direction yearly and the agent is neve getting the better end.
Allstate agents are "independent contractors" and thus are supposed to be able to control their own destiny.
Ridiculous quotas based on selling no commission policies such as renters or condo insurance greatly increases an agents end of year bonus. Sale of life insurance is paramount in achieving "expected results" and other factors such as persistency, growth and loss ratios are the equations which show whether an agent makes his "expected results".
Plenty of books for sale as veteran agents that built the company are concerned if they will be squeezed out with the company using other parameters to find them under par. Books are also depleting with the systematic non-renewal of homeowners policies on the east coast and raising auto rates.
A good book will still bring in 3 - 3.5 annual commissions but Allstate approval is mandatory and agents are learing on purchasing other existing books unless its a "fire sale" (agent being terminated and getting a 90 day letter to sell).
Allstate agents are "independent contractors" and thus are supposed to be able to control their own destiny.
Ridiculous quotas based on selling no commission policies such as renters or condo insurance greatly increases an agents end of year bonus. Sale of life insurance is paramount in achieving "expected results" and other factors such as persistency, growth and loss ratios are the equations which show whether an agent makes his "expected results".
Plenty of books for sale as veteran agents that built the company are concerned if they will be squeezed out with the company using other parameters to find them under par. Books are also depleting with the systematic non-renewal of homeowners policies on the east coast and raising auto rates.
A good book will still bring in 3 - 3.5 annual commissions but Allstate approval is mandatory and agents are learing on purchasing other existing books unless its a "fire sale" (agent being terminated and getting a 90 day letter to sell).
Seattleins88
New Member
You mentioned books being sold at a "fire sale" - what ratio do you consider this level? I am a new agent looking at Allstate(along with StateFarm,Met,amfam) and there are a few books in my area selling at 2x - not sure if there is room to squeeze it down more. I know that the 1.5x paid by Allstate is paid out over 12 months based on renewal premiums.
I am not a big fan of the quota's on the financial side and that your agency could be taken from you. Also seems they micromanage rather than allow you to be a true independent contractor and run your business according to your own plans.
I am not a big fan of the quota's on the financial side and that your agency could be taken from you. Also seems they micromanage rather than allow you to be a true independent contractor and run your business according to your own plans.
Yes much better to find which ones are legitimate first.
islabucasgrande
New Member
- 15
Going through the "illeg's" is too risky especially for those who don't have good background knowledge about it. I think it's worth taking every precaution.
