New agent need advice

Jan 14, 2008

  1. dder04
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    dder04 New Member

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    Hi, I'm new to the insurance world and learning more as I go on day by day. I have read many of your posts and they have helped a lot. I have posted 2 threads, but hardly get any responses if any. So I thought maybe, if I write more about my self I can get more help.

    I am in the process of opening an insurance agency in El Paso, TX, I have worked in my fathers business which is a used car dealership for 5 yrs. Before that I worked at the gas utility company here in customer service for 3 yrs. I have wanted to open an insurance agency for a while now and I'm finally doing it, my sister is a notary public and registers vehicles for people buying cars from my dad or her own personal customers. Everybody need insurance to register a vehicle and she sends all of her business to an insurance company that is quite far from where were at, and she has a lot of business, and so does my father. My dad is behind me all the way and has lent me the money to start up and he also owns apartments in the back of his dealership and we remodeled one into an office.

    I have my p&c and life, health and accident license. I was going to go with Allstate, but at the end it didn't work out they said I was approved and the next day they said they had to think about it. I think being independent would be better for me, because I can help the customers we deal with more, by giving them better prices. I have my e&o insurance as well, and I'm just waiting for my insurance agency license, before I can get appointments. I have read posts where they say that you need a book of business to get appointments, has no one ever started out without a book of business? I know it will be work and I'm aware that I'm not not going to get rich quick. I hope you guys can help me by giving advice and sharing your comments.

    Thanks any help is greatly appreciated!
     
    dder04, Jan 14, 2008
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  2. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    Sounds like you've got a great setup and plan. I'm not a P&C guy, but I think I've heard that there are brokerages you can go thru when you can't get direct appointments, which I guess is hard without a book of business.

    You might get more action by posting this in the "P&C" thread.

    Good luck!
     
  3. Crabcake Johnny
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    Crabcake Johnny Guru

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    Sorry for the lack of response to your posts, we're not trying to just blow you off. I personally only write individual health so unless that's gonna be your target I can't be of much help.
     
  4. Bhains Insurance Broker
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    Bhains Insurance Broker Expert

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    Once you get your agency license,setup appointments with big preferred companies that are licensed in your state (i.e. Progressive, Safe-co,hartford,etc...). They will ask you lots of questions to ensure you will write good business. The reason for this is that they don't know you and they want to ensure you're going to do things ethically.

    I hope that helps.
     
  5. insureitnow
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    insureitnow Super Genius

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    You will probably find that non-standard auto companies will appoint you quickly without much reservation and without a volume commitment. MGA's for other P/C lines will probably do the same. I am not sure of the TX P/C market but, generaly it is difficult to get direct appointments with preferred P/C carriers. Look into siaa.net however, it was hard for me to see the value. I would suggest researching this forum for TX P/C agents and ask their advise. We have American Southwest out of Tx for nonstandard auto.
     
  6. hpfrench
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    hpfrench Expert

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    Sounds like your on track. Sorry about the Farmers. I'm with Nationwide, I'm actually part of a group of NW agents in TX and we have an office in El Paso. That particular office is going through some transition but if you want more info PM me. May want to look at Infinity for auto, homeowners, may want to look at Republic to get started. See if you can get in with Myron Steves for all surplus lines.
     
    hpfrench, Jan 16, 2008
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  7. hpfrench
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    hpfrench Expert

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    Oops, sorry about Allstate
     
    hpfrench, Jan 16, 2008
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  8. ims
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    ims New Member

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    I am not in the p/c insurance but I am in health and life. Once you are licensed, I will be more than happy to to set you up with several different companies like AIG, Genworth etc. If you are interested, PM me.
     
    ims, Jan 22, 2008
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  9. LGilmore
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    LGilmore Guru

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    When I added the pc to my license I too found it a bit disappointing.
    I talked with several carriers and they really don't want agents the same way life companies do... the pc side all seemed to want you to have a large book of business that you could move over to theirs before they would consider appointment.

    Well, also having a securities license and a deep understanding of due dilligence the thought of trying to move 500-1000 clients over to one carrier just so I could benefit made me a bit uncomfortable. I don't think if challenged, I could show moving "everybody" from a variety of companies into one carrier at one time was the best move for all of them.

    Due dilligence hasn't hit all forms of insurance sales but it will before too long. Never try to make money you'll have to give back in triple a few months to years later...
     
    LGilmore, Jan 22, 2008
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