Looking to start independent agency

[Fresh2Insurance]

Hey all,
I just registered with this site. There is a ton of information on here and its hard to find where to start.

I have been in education for many years and I am considering changing my career. I used to work for a family member who was a State Farm agent. I am licensed and also have an MBA. I'm not interested in working for State Farm because of his complaints with them. They do not seem like "a good neighbor" anymore IMO.

Anyways, I am considering starting my own independent agency in Wisconsin. From everything I have seen, Erie Insurance seems to be a great company so I am looking into them. Are there any others I should look into? I love the idea of owning my own book vs being captive like State Farm.

If I bust my butt for a few years what kind of salary can I be looking at in this business?
What companies should I be looking into?
Any other advice as I start this process is greatly appreciated.

 

[Markthebroker]

Hey all,
I just registered with this site. There is a ton of information on here and its hard to find where to start.

I have been in education for many years and I am considering changing my career. I used to work for a family member who was a State Farm agent. I am licensed and also have an MBA. I'm not interested in working for State Farm because of his complaints with them. They do not seem like "a good neighbor" anymore IMO.

Anyways, I am considering starting my own independent agency in Wisconsin. From everything I have seen, Erie Insurance seems to be a great company so I am looking into them. Are there any others I should look into? I love the idea of owning my own book vs being captive like State Farm.

If I bust my butt for a few years what kind of salary can I be looking at in this business?
What companies should I be looking into?
Any other advice as I start this process is greatly appreciated.

Generally speaking, the p&c market is about the worst it's ever been. California (along with Florida and New York) is the worst, but the market in general is really rough and you may want to use this time working for a broker as an employee and sharpening your skills until things improve, hopefully in a couple of years or so.

I don't know about how things are in Wisconsin specifically, so hopefully someone with some region specific insight can chime in.

Furthermore, generally speaking, education and success in the industry don't correlate. Both I, and another agent on here I know of are doing very well, and have very little formal education. I've seen very well educated people fall on their faces trying to make it in this tough business. Just and FYI.

Good luck and welcome to the forum.

 

[marindependent]

Second the opinion that you go work for another agent and get paid a salary for a year before hanging out your own shingle. As MarkTHEBroker has stated previously - the market is in a horrible state right now. Buckle it, California has a habit of sharing what it creates with the rest of the country.

Even if the pay your receive from the other broker is well below your standard - you will more than make up for it with free education for the first two years.

It is exceptionally rare for someone with no insurance experience to set up their own shop and stay in business for ten years. Best of Luck.

 

[Al3x Lee]

education and success in the industry don't correlate.

Too true. My dad didn't have a college education and excelled in his career. I have a college education and... well just look at me.

 

[Markthebroker]

Too true. My dad didn't have a college education and excelled in his career. I have a college education and... well just look at me.

Lolz. You know that extends to another issue I've seen in the industry, that I think we've all seen. There are people that know all the policy forms, how the policies are written, correct terminology, etc. but couldn't write a policy to save their lives.

 

[Al3x Lee]

Lolz. You know that extends to another issue I've seen in the industry, that I think we've all seen. There are people that know all the policy forms, how the policies are written, correct terminology, etc. but couldn't write a policy to save their lives.

We call those people technicians

 

[Markthebroker]

We call those people technicians

Ahhh. Here in Ca we call them account managers.

 

[marindependent]

Ahhh. Here in Ca we call them account managers.

Mark the Broker -isnt that your job title? And do you need to change your icon to MarkTheAccountManager?

 

[Markthebroker]

Mark the Broker -isnt that your job title? And do you need to change your icon to MarkTheAccountManager?

Lolz, no way dude. I would never make it as an account manager. I'm a producer, baby.

 

[Policy Monkey]

Lolz. You know that extends to another issue I've seen in the industry, that I think we've all seen. There are people that know all the policy forms, how the policies are written, correct terminology, etc. but couldn't write a policy to save their lives.

To me, the main difference between a producer and an account manager is servicing. I know P&C "producers" who write a ton of policies, but literally don't know the difference between hip and gable roofs. That happens when they don't service what they write (aka "clean up their own messes").