Looking for Advice: Liberty Mutual Vs. Farmers Agent

[vistavette]

Mostly disgruntled agents that had little desire to work and build a business. They wanted to do almost nothing and blame the company raising rates for them not writing business. I'd take all of that with a grain of salt. I've been a Farmers agent for five years and my only regret is not doing it sooner. I love what I do and love this company. We have the best overall package in the industry. I feel there are advantages and disadvantages to every company. The biggest difference is what you bring to the table and whether or not this culture or the one on the other side is the best fit for you individually.

You are totally right about most of the poor reviews that you read about Farmers; most of these guys expect the phone to ring just by hanging a sign - they do nothing and expect everything to fall into their lap. As a large Farmers agent and almost 10 years into it my marketing plans made me one of the most successful Farmers agents in the state - despite the rates and all the other crap. Now management has become unbearable and the new requirements are horrible - I pulled the plug to go independent (starts next month)- screw Farmers.

It’s the same story with any captive (LM included)- I have friends who are agents for almost all of the captive companies and its the same stories with a different logo on the door.

I'm grateful for the opportunity I had - as a newbie no independent company will appoint you (none that you really want anyway). Going into Farmers with no experience afforded me the opportunity to try out my ideas and gain experience. Getting appointments to carriers now was a walk in the park - I have an impressive office, staff, and all the numbers to back it up.

 

[Guest]

Looking for Experienced Agents who worked or works for LM and Experienced Agents from Farmers to weight them both and help me decide which path to take.
Thanks

I have a buddy that works at LM. He makes about $75K a year, but he doesn't own his book and isn't building equity in anything. It is like a normal job, he works 9 to 5 and works in an office with 100 other agents. He never sees clients, everything is done on the web and over the phone. He loves it.

 

[vistavette]

Re: Looking for Advice: Liberty Mutual Vs. Fzrmers Agent

It sounds like you have drantthe koolaid and are doing well. I congratulate you but what you experience does not be the same in all parts of the country. What is your take on the UFAA lawsuit?



This is interesting; I didnt know about the suit. I can tell you that my Farmers office generates a ton of quotes and they are using/selling those to 21st Century (now a Farmers owned company) I number of times I've found policies in my book that have been cancelled and replaced with 21st Century policies.

 

[nyc2phi]

I have a buddy that works at LM. He makes about $75K a year, but he doesn't own his book and isn't building equity in anything. It is like a normal job, he works 9 to 5 and works in an office with 100 other agents. He never sees clients, everything is done on the web and over the phone. He loves it.

I know a lot of agents that make much more then 75K at LM. That is the average take home pay for an agent here and quite easy to hit even in your first year here.

You are right though and as I mentioned it is a job that you will have to sell year after year knowing that the following year you won't make anything off of what you sold the year before.

For a first time job in the in the insurance industry, looking to learn the business, it is a great place.

 

[Sales71]

I know a lot of agents that make much more then 75K at LM. That is the average take home pay for an agent here and quite easy to hit even in your first year here.

You are right though and as I mentioned it is a job that you will have to sell year after year knowing that the following year you won't make anything off of what you sold the year before.

For a first time job in the in the insurance industry, looking to learn the business, it is a great place.

So NYC2phi from those 75k in take home at LM they must have a very big commission on new policy sold since there is no renewals. What is the pay structure like if you do not mind sharing?

 

[Guest]

I know a lot of agents that make much more then 75K at LM. That is the average take home pay for an agent here and quite easy to hit even in your first year here.

You are right though and as I mentioned it is a job that you will have to sell year after year knowing that the following year you won't make anything off of what you sold the year before.

For a first time job in the in the insurance industry, looking to learn the business, it is a great place.

Around here $75k is a darn good livin'. The per capita income in this state is only $23k. So if you're making 75, you're living like a hog in the fat house.

 

[CaptiveGuy]

I know a lot of agents that make much more then 75K at LM. That is the average take home pay for an agent here and quite easy to hit even in your first year here.

You are right though and as I mentioned it is a job that you will have to sell year after year knowing that the following year you won't make anything off of what you sold the year before.

For a first time job in the in the insurance industry, looking to learn the business, it is a great place.

Yeah I made about $70k year 1, $105k year 2 and $135k my third year a big part were the quarterly bonuses. You can make good money there but the agency owners I know now all take home $200k+ after about 5 years and don't even show up to the office anymore.

Renewals are key. At LM you have to produce until you retire.

 

[Sales71]

Yeah I made about $70k year 1, $105k year 2 and $135k my third year a big part were the quarterly bonuses. You can make good money there but the agency owners I know now all take home $200k+ after about 5 years and don't even show up to the office anymore.

Renewals are key. At LM you have to produce until you retire.

How do you have an agency owner at liberty Mutual is it not
a cooperate office?
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[CaptiveGuy]

How do you have an agency owner at liberty Mutual is it not
a cooperate office?
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Sorry I meant the indy agency owners I talk to now. You are correct you don't own anything at LM. I'd pick them over State Farm, Farmers, etc. they gave me a good foundation in the industry to open my indy agency.

 

[nyc2phi]

yeah comm is comparable to industry average for captive but we do get a salary and like CaptiveGuy said the bonus is key. The more you sell the higher those bonuses get.