Looking to Become Insurance Agent - Info Request

Discussion in 'General Insurance Agent Discussions' started by jamesbrian1, Aug 6, 2017.

  1. jamesbrian1
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    jamesbrian1 New Member

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    Hello all,
    My apologies upfront if this is an amateur question and/or the wrong forum to post, but this is my first post and thought I would give this forum a try.

    I am in the early days of exploring the insurance agent opportunity. I've done cursory research on the captive side (Allstate, State Farm) and franchise model (Brightway). I would be interested if anyone can point me to some good threads here that discuss the pros/cons of either of these, the opportunity and business model?

    Also, does anyone know of a good Excel model to independently model the insurance agent business opportunity - I am looking for something reliable to plot out the costs, revenue build-up, etc.

    Many thanks in advance!
    James
     
  2. adjusterjack
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    adjusterjack Well-Known Member

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    Do you have any insurance education or experience?

    Do you have any insurance licenses?

    If the answers to those questions are no, then I think you are putting the cart before the horse.
     
  3. DHK
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    DHK Well-Known Member

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    He's beginning with the end in mind (Habit #2 of Stephen Covey's 7 Habits). While licensing is the first step in putting first things first (Habit #3), it's helpful to know where you're going first.

    I don't have any answers for him, but he's looking deeper than just taking the first offer. I think that's good.
     
  4. ktmorgan
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    ktmorgan Well-Known Member

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    Search is you friend. (I hated it when people used to do that to me :laugh:)

    Seriously though, there's thread with a link in it somewhere here that was written by a gent who had a "Scratch Agency" with one of those Captive Groups. I don't remember which group it was... State Farm, Allstate..they all seem the same to me. I remember reading it. It wasn't very pleasant. They always seem to hose him for some kind of penny-ante crap. It may be in the P&C Section.

    In terms of modeling w/Excel, I do a ton of that. Build my own client Dashboards ..etc. But you have to know what you're modeling first. As I'm sure you know your output is only as good as your input.

    I would suggest going to interview w/some local Captives and IA's. Offer to take them to lunch. Who knows, you're likely to get an offer from one who's seeking a green up-and-comer.

    Good Luck.


     
  5. GreenSky
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    GreenSky Well-Known Member

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    I have a question.

    Why do you want to become an insurance agent?

    Rick
     
  6. jamesbrian1
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    jamesbrian1 New Member

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    Thank you all for the feedback and questions.

    This is really early days for me, but it is an industry that I have always liked and been interested in. But yes, it would be a career transition. I do not have licenses, but I oversee insurance for our company and am pretty familiar with P&C, Life and corporate insurance products. But, yes, I know that I would have to get licenses and have looked into this as well.

    I am at the point of thinking of transitioning from employment to wanting to do something for myself. As I said above, I like insurance and the ability to help people protect themselves. I also like the idea of having the marketing prowess of a larger corporation supporting you, but being an entrepreneur at the same time.

    I understand some of my questions may sound presumptuous, but I am really just keen on learning more and being able to leverage the expertise of those in the group.

    Many thanks again,
    James
     
  7. TampaHound
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    TampaHound Well-Known Member

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    Based on the way my day is going.....

    Don't.

    Just don't.
     

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