New agent starting out independent

[Darius Howell]

HI Everyone,
I'm looking for some guidance in the P&C insurance space. I tried to get hired on by a couple of companies in my hometown and they weren't hiring. So I decided I'll take my chances as an independent agent. I've been self employed for 4 years now as I flip houses. However i felt it was a smart idea to get my p&c license to pair with my current occupation plus my wife is a realtor.

I know the road is long, dangerous, and difficult however the reward of renawls is what im looking at with that being said i need advice on how to start an independent agency and the best practices to become successful starting out as an independent agent. Also would love ANY recommendations on books, audible, anything to shorten the learning curve. I know the rate of insurance people fail is around 92%. I would greatly appreciate any advice besides saying "you will fail."

 

[Markthebroker]

I don't know the exact numbers, but if you're starting out on your own with no experience, and you want to go indie, 92% failure is inaccurate. It would be higher.

I write commercial insurance, which is more complex and difficult than personal, but I've been writing commercial insurance for 9 years, and I have figured out and written many policies that other commercial agents couldn't figure out. I've actually made a bit of a name for myself on that end. Still, this week, I had to go back to underwriters to get clarification on a policy and a bond I didn't completely understand.

Go work for someone else first. Get training, and find out if this is a fit for you, on their nickel.

 

[Darius Howell]

@Markthebroker
Hi marki appreciate the advice and congratulations on the success you are having. However im not one to work for someone because it's im find with learning even if its on my dime but I need direction on how to identify my path and the REAL work it will take to get my name out here.

 

[Markthebroker]

With zero production, the carriers aren't going to take the time with you, even if they knew much about the retail end, which they don't. I've tried this road.

As far as actually selling, the webinars are pretty worthless. I've tried this road too.

I've given you the advice that the overwhelming majority of successful P&C agents are going to give you, but you want to take the harder more expensive way for some mysterious reason, which will mostly eliminate your chances.

So, how are you going to learn?

 

[Darius Howell]

I don't believe thats the only way to learn. Obviously its the easiest way to learn and the smarter way to learn. However that means going into an office to learn and at this moment in time thats hard to do. So im just trying to find an alternative solution.

 

[Markthebroker]

It's not the only way to learn. But if you're going to go independent it's the only way I've seen with any kind of consistent positive results, and I've worked with quite a few new agents. I'm not saying it can't be done, but the odds are overwhelmingly against you. If you're not going to be able to learn under another agent before you go out on your own, there's a lot of other things outside of insurance you could try with a greater chance of success. I've had a number of successes and failures in business and investments.

If this situation were like a house you were trying to flip, to make an analogy, this would be like buying the most expensive house in the most expensive neighborhood at the absolute top of the market, with no improvements that could be made, and overpaying for it, and then trying to flip it for a profit. Perhaps while blindfolded.

 

[Dawn Nelson]

@Darius Howell - Congratulations on your choice to become an Independent Agent! There are a great deal of free resources out there that can help you get your ducks in a row, as well as a few that are paid resources that can really help you get your business off the ground. Here are a few of my favorites that are free: agencybrokerresources.com/ and www.theinsuranceconnector.com. If you are interested in a paid resource, I would recommend browsing through the options available at www.readytolaunchbusiness.com - I have yet to find better pricing than these guys, especially for what they offer. Definitely look into the appointments package if nothing else, this is the best way to avoid commission splits and build your business. As far as advice goes - be gritty, hustle, grind it out, don't give up, and you WILL be successful! I'm 12 years in, it's tried and true lol!

 

[Darius Howell]

I really appreciate the encouragement @Dawn Nelson. I know I'm fighting an up hill battle but thanks your for the resources and positive attitude towards my endeavor. I will definitely check out the information you gave me. I really appreciate.

 

[Dawn Nelson]

@Darius Howell it's certainly an uphill battle, but it's a rewarding one!

 

[Markthebroker]

It's like you've decided to take up whittling blindfolded. Dawn just "helped" you by giving you a sharper knife.