New Agent Seeks Advice/feedback....

[wjw0006]

I've spent the last week or so reading many posts and using the search function to find information. While I've been able to get the answer to many questions I had, I saw that there were some people who have been around for a long time and have been successful. I'm hoping you can provide some feedback for me....

Newly P&C and life/accident/health licensed agent. I've been in the insurance industry for 11+ years, primarily on claims for auto (personal & commercial). Four of those years was as a claims supervisor. I'm going into the sales end and thus the reason I just obtained my licenses. I have a bit of knowledge when it comes to underwriting and claims and a few designations as well (CPCU, CLU, RHU, and FLMI).

I'm looking in the DC area and not much is out there. I'm not going to start on my own because I need and want to learn the sales side a bit. While my underwriting and claims experience will help me possibly, I know that I have a lot to learn on the sales side and thus the reason that I do not want to just selling on my own. So I have an opportunity with Farmers in northern Virginia. Yes I have read many different forums (not just this one) about the bad side to Farmers and have also spoken to many people. At this point it's my only offer from a place that would "train" me on the sales side. Ideally I just want to make/exceed their sales goals and then leave.

Has anyone out there recently (as in the last year) started with Farmers and if so what area? How did it go? How many policies sold? How much did you earn?

Furthermore, if anyone knows of anyone in the DC area that is looking to take on someone that is hard working, eager, and has a great track record, please let me know. Also if you have any other advice, feedback, anything that may help me, please fire away. Thank you and nice to meet y'all....

WJW

 

[The Rabbi]

You have plenty going for you as an indy. There's not that much to learning sales with so many books in the library. I find the insurance agent to be an educator, qualifier and closer. Your biggest challenge is getting in front of people (marketing) and there's plenty of info on the forum. Skip the captive and make yourself into an independent agent. Agencies can't offer you anything but a contract. There are exceptions. You've already had a job for 11 years. You can start with Internet leads in your area and build from there.

 

[Glad2bHere]

I had a bad experience with Farmers so I don't want to go into a rant about that. Nuff said. What I DO want to say is that I am concerned that you characterize yourself as having only a single offer and that leaves me wondering if you are selling yourself short. I have been gravitating towards being a captive agent because I don't have the current experience that YOU have. If I DID have such experience the idea of becoming an independent would certainly be a lot farther forward in my mind.

I keep hearing about how anyone can make a career of the Insurance field if they can just make it through the first 12 months. I can tell you that if I had 11 years experience I would be more than willing to give it a go. Why not reconsider? Thoughts?

Best Wishes,

Bruce

 

[wjw0006]

Thank you guys for the replies. I may be selling myself short....I'm very risk adverse for some reason and always have been. Obviously with that mentality, making the jump into sales goes against that so-to-speak.

The reason I did not/do not want to just go on my own is because I've never actually sold a policy before. I thought about buying some leads and trying on my own but without actually writing anything before, the process is new to me. I do like the idea of being able to use insurance noodle and/or superior access for this but then I'd also have to get e&o insurance which for me would be expensive since I've never sold before. These were the reasons that I was/am considering going captive for a while with Farmers. Obviously the ideal route would to be able to find an independent agency that I could work for.....there's not much in the DC area however and it seems as though the best bet maybe the Farmers job.

If I did decide to just go on my own for a bit, maybe you could answer some questions regarding that. I've done reading on the forums regarding superior access and insurance noodle but my question is regarding payment. I would collect the payment and then submit it to the carrier that writes the business, is that correct?

 

[wjw0006]

Thank you all for the advice. I do not want to go down this route but believe that it's best to get my feet wet. While I have been around a while and have learned a lot in my years and my classes (i.e. CPCU, etc.), I still feel the need to get my feet wet on a captive side before trying to jump in on my own.

From what Farmers tells me, I'm already ahead of the game as I am already fully licensed/etc. The DC area which will be my target is populated as well so I'm hoping that this will make it easier than selling in a rural environment. Here is the email I just got from Farmers about the possible third interview....again, any feedback is appreciated:

You should already received the link for your background check. It's a very
simple process. However, do not use or include any COMMAS in the financial
section otherwise it won't go through. The background is already paid for,
just need to fill in basic information. For the second part, supposedly 2nd
interview, I have attached the ppt version for you to look over. Here's a
few things to keep in mind when going through these slides.

Slide 3: Next Cohor (training class) schedule is July 9th. However, you can
start working right away since you are fully licensed.
Slide 4: Over 100 marketing methods to use and grow business.
Slide 5: You pretty much heard of these turn-key systems, all of which are
used on a daily basis.
March of Dimes is typically a promotional/fundraising event
that enable to have face to face time with the community. All agents and
recruiters are present for such events.
Slide 6: Commission Structure is a huge thing. The sample is based in
Maryland but as you know, Virginia is much higher, which normally results
in higher payout for agents. Still, these numbers are competitive and
higher compared to other insurers. As you already know, renewal premiums
are there for life, as long as customers pay for their policies.
Slide 7: Subsidy Program ONLY counts against P&C Commissions, not Life.
This means that you will always receive Life commissions, FFS commissions,
and structured bonuses On Top of the subsidy. The amount increases every
year but over 90% of our agents do not need or use subsidy since the system
helps them generate much more than the minimum.
Slide 8: RTD or Run-to-Daylight. This gives you a way out of not paying
back the subsidy (that's if you used it). I am so sure you won't need the
subsidy since you already familiar with the insurance industry and how to
market such products.
Slide 9: On top of what being said, you will also receive Life Performance
Bonus (4 times per year), regardless of subsidy or commissions.
Slide 10: Another motivator is profitability bonus. Again, this is on top
of the things we discussed.
Slide 11: Achievement Clubs. We recognize our agents for the hard work and
efforts by giving out free trips and performance bonus (via check or direct
deposit) by year end.
Slide 12: State of the Art Technology for Agents, including Free Leads, as
well as local and national leads.
Slide 13: Farmers Marketing Tools and Programs. Again, these are here to
help you market our products and effectively attract customers from other
insurers, like State Farm and All State.
Slide 14: Contract Value (self-explanatory). Note: Other insurers don't do
this.
Slide 15: Family Rights Provision. As mentioned, this is one of the major
motivators, besides cheap products and higher coverage, for agents because
this allows you to choose anyone that you desired to continue your business
for generations to come. For other insurers, such thing don't exist, thus
agents lose all their business and renewal premiums.

If you have any questions and I know you do, please ask, shoot me an email
so I can get them answered before your final interview this

 

[wjw0006]

Here is the email I just received from Farmers explaining this power point. Let me know what you all think:

You should already received the link for your background check. It's a very
simple process. However, do not use or include any COMMAS in the financial
section otherwise it won't go through. The background is already paid for,
just need to fill in basic information. For the second part, supposedly 2nd
interview, I have attached the ppt version for you to look over. Here's a
few things to keep in mind when going through these slides.

Slide 3: Next Cohor (training class) schedule is July 9th. However, you can
start working right away since you are fully licensed.
Slide 4: Over 100 marketing methods to use and grow business.
Slide 5: You pretty much heard of these turn-key systems, all of which are
used on a daily basis.
March of Dimes is typically a promotional/fundraising event
that enable to have face to face time with the community. All agents and
recruiters are present for such events.
Slide 6: Commission Structure is a huge thing. The sample is based in
Maryland but as you know, Virginia is much higher, which normally results
in higher payout for agents. Still, these numbers are competitive and
higher compared to other insurers. As you already know, renewal premiums
are there for life, as long as customers pay for their policies.
Slide 7: Subsidy Program ONLY counts against P&C Commissions, not Life.
This means that you will always receive Life commissions, FFS commissions,
and structured bonuses On Top of the subsidy. The amount increases every
year but over 90% of our agents do not need or use subsidy since the system
helps them generate much more than the minimum.
Slide 8: RTD or Run-to-Daylight. This gives you a way out of not paying
back the subsidy (that's if you used it). I am so sure you won't need the
subsidy since you already familiar with the insurance industry and how to
market such products.
Slide 9: On top of what being said, you will also receive Life Performance
Bonus (4 times per year), regardless of subsidy or commissions.
Slide 10: Another motivator is profitability bonus. Again, this is on top
of the things we discussed.
Slide 11: Achievement Clubs. We recognize our agents for the hard work and
efforts by giving out free trips and performance bonus (via check or direct
deposit) by year end.
Slide 12: State of the Art Technology for Agents, including Free Leads, as
well as local and national leads.
Slide 13: Farmers Marketing Tools and Programs. Again, these are here to
help you market our products and effectively attract customers from other
insurers, like State Farm and All State.
Slide 14: Contract Value (self-explanatory). Note: Other insurers don't do
this.
Slide 15: Family Rights Provision. As mentioned, this is one of the major
motivators, besides cheap products and higher coverage, for agents because
this allows you to choose anyone that you desired to continue your business
for generations to come. For other insurers, such thing don't exist, thus
agents lose all their business and renewal premiums.

If you have any questions and I know you do, please ask, shoot me an email
so I can get them answered before your final interview this

 

[wjw0006]

My bad everyone - I didn't think my posts were going through as I did not realize that they had to be approved first. Sorry.

Anyway, I have an update. I passed on the Farmers gig. I relied on the advice I received from this forum among others and the fact that I had 10 different properties/autos quoted through a friend to compare Farmers rates in the area I would be selling versus others. The Farmers rates were not even close. That sealed it for me. Thanks for everyone's help. I'm so glad I stumbled upon this website/forum. It's a goldmine!

 

[xrac]

My bad everyone - I didn't think my posts were going through as I did not realize that they had to be approved first. Sorry.

Anyway, I have an update. I passed on the Farmers gig. I relied on the advice I received from this forum among others and the fact that I had 10 different properties/autos quoted through a friend to compare Farmers rates in the area I would be selling versus others. The Farmers rates were not even close. That sealed it for me. Thanks for everyone's help. I'm so glad I stumbled upon this website/forum. It's a goldmine!

Smart move! Good luck with whatever you decide.

 

[Ann H]

If your primary experience was in claims, you've had the best education possible. The best way to learn the ins-and-outs of insurance is to work claims. That experience puts you miles ahead of the ones who really know marketing & sales, then "learned their product" by reading. Your prospective clients will hear the credibility in your voice as you explain why one policy will be superior to another policy when it comes to claim time.

If you are risk adverse, sell to people who are also risk adverse. Sell to yourself and people similar to you. Use your own voice and don't try to be a slick sales person if you are actually analytical, logical and cautious. Sell to people who value analytical, logical and cautious.

My prediction is that you will succeed big time. Good luck.

 

[oicu812nbama]

is erie in virginia? i've heard positive things on here about them. that would be an alternative if you can't find an independent agent to work for imo