Looking to go Independent

[Soaringagent]

You might want to have something on the side. Your first few years might be difficult, but it just takes time to build accounts.

 

[Chkndinner14]

Hi everyone! I have about 10 years P&C experience working on both the retail and wholesale side of the industry. I am now thinking about starting my own agency. Although I do have experience I don't know if this would be a good idea and also what it would cost me? I am employed now but this has always been my dream...I've just been too afraid to make that jump. Any suggestions???

I am going to assume that you are talking about opening a P & C agency since you posted in the P & C forum. I would love to give you some direction. I need some more information to make any suggestions.

1. What are you going to try and sell? PL, CL, High Risk Auto, Have a specialty in a certain market(commercial)
2. If you are going to start an agency, what are you starting, captive or independent?
3. If independent, what companies will give you a contract?
4. As far as how much money you need, who knows? Depending on what you are wanting to do, it can be from 6 months living expenses to over $100,000 if you are going to open up with staff, rent, etc.

Give some more information, and we can give you some more help.

Thanks
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[dslgov]

Hi everyone! I have about 10 years P&C experience working on both the retail and wholesale side of the industry. I am now thinking about starting my own agency. Although I do have experience I don't know if this would be a good idea and also what it would cost me? I am employed now but this has always been my dream...I've just been too afraid to make that jump. Any suggestions???

Independent is the way to GO! I was a captive agent for 20 years and when my rates became non competitve my agency lost about 25% of my revenue over a 5 year period. Jumped ship and signed up with an agency with multiple P&C Carriers. If your interested and licensed in the state of Indiana, Ohio, Michigan or Arizona email me and I'll tell you how to do the same.

Don

 

[J.R.]

Independent is the way to GO! I was a captive agent for 20 years and when my rates became non competitve my agency lost about 25% of my revenue over a 5 year period. Jumped ship and signed up with an agency with multiple P&C Carriers. If your interested and licensed in the state of Indiana, Ohio, Michigan or Arizona email me and I'll tell you how to do the same.

Don

That's funny. Somebody posted the same comment today under a different name. Hmmmm...I think I hear black helicopters

 

[Insurance Phoenix]

Hi everyone! I have about 10 years P&C experience working on both the retail and wholesale side of the industry. I am now thinking about starting my own agency. Although I do have experience I don't know if this would be a good idea and also what it would cost me? I am employed now but this has always been my dream...I've just been too afraid to make that jump. Any suggestions???

I went independent about one year ago after 7+ years with a P/C company and 5+ years with a life company.

One question - are you wanting to get your own contracts (own your own agency) or write through an existing independent?

Trust me - with the right agency either situation can be a winner for you.

Take a month or two and do the following research:
1) Visit with existing independent agents. Get a list in your area from the Independent Insurance Agents & Brokers website.
2) Visit with these agents about the independent career, and get names of Reps from companies like Travelers, MetLife, etc. They may want to negotiate bringing you aboard with their company. That might be the best opportunity for your first year or two, before breaking completely off on your own.
3) Visit with the Marketing Reps to gauge the potential of getting contracts (if you work for another independent you don't need to do this).
4) Take a home loan or whatever you need to have at least 6 months money in the bank. It depends on your current monthly debt load as far as how much money you need.

Good Luck!
Phoenix Arizona Life Insurance

 

[Insurance Phoenix]

Hi everyone! I have about 10 years P&C experience working on both the retail and wholesale side of the industry. I am now thinking about starting my own agency. Although I do have experience I don't know if this would be a good idea and also what it would cost me? I am employed now but this has always been my dream...I've just been too afraid to make that jump. Any suggestions???

DID YOU EVER GO INDEPENDENT? INQUIRING MINDS WANT TO KNOW.

arizona auto insurance / arizona home owner insurance