Looking for Advice: Liberty Mutual Vs. Farmers Agent

[todd02]

2200 policies in three years is a reasonable job but nothing earth shattering - I did more than that as did and do a number of other agents in our area. I am NOT saying this to put down todd02 bur rather to inquire to the others here why you would think its so hard? 61 policies a month is pretty lackluster.

todd02 - you can make a nice living with Farmers - but with your marketing plan you'd probably have doubled that as an independent - with none of Farmers hoops to jump through

This is my current PIF. I've lost about 400 over the last 3 years. True I could of probably written more but I bet my retention ratio is much better than an independent agent not to mention my brand recognition I don't have to pay for. For instance today I sold a client a home policy that was $675 MORE than national specialty.... Brand recognition is Huge!

 

[VolAgent]

This is my current PIF. I've lost about 400 over the last 3 years. True I could of probably written more but I bet my retention ratio is much better than an independent agent not to mention my brand recognition I don't have to pay for. For instance today I sold a client a home policy that was $675 MORE than national specialty.... Brand recognition is Huge!

So you got him to pay more than needed? Does he get something for this $675 extra, besides the Farmers name?

 

[Guest]

Lol it seems like a stretch? No sir I happen to have 1 full time CSR and 1 telemarketer and use Internet leads. I average 1 new client a day but usually aim for 8 a week. Avg household in my book has 2.7 2.8 PIF. I do what most agents won't do.... Stay until 7:30 pm doing sales calls and work sat... My goal is to burn myself out, find AP's that can duplicate what I do. Have yet to find one but no I didn't receive any policies... I know an agent near me who is at over 5k PIF his 3rd year. Most of his sales is referrals.

What's "AP"? (20 characters)

 

[pcbinsurance]

Agent Producers??????????

 

[agent m]

Would that be annualized premiums in this case?

 

[Guest]

Agent Producers??????????

Ahhh... Makes sense. The only acronym I've ever seen it used for is Annual Premium. And that didn't make sense.

We need to start a thread dedicated to nothing but acronyms and their meanings.

 

[jas789]

What's "AP"? (20 characters)

AP = Agency Producers

 

[nyc2phi]

Malek what carrier did you end up choosing now that we confused the hell out of you haha

 

[todd02]

So you got him to pay more than needed? Does he get something for this $675 extra, besides the Farmers name?

No I saved him $700 on his auto insurance for 6 times the coverage and lower deductibles. So overall I saved him money and now on his home policy he has 30% more coverage, since he was under a co-insurance penalty in his current contract being to under insured. Also has a multitude of other endorsements that are applicable to his situation that his independent agent didnt take the time to upsell to properly insure the client. I took 2 hrs to sell him what he needed/wanted vs his independent sellin him in 15 mins. Guess who is going to retain that client longer......

 

[biaomaha]

Todd, I too was a FIG agent for years and went indy last year. I also had new clients over the years that went exactly the way yours did, congrats and he should be a client for years. The problem and why ultimately I left (2900 PIF) was because there just far and few inbetween that we were so uncompetitive. Our agency as it grew became a service agency and although increasing marketing budget every year, as a business it just did not make sense for me anyway to not have more than one choice.