New Commercial P&C agent - could use some help

[Insuranceguy76]

The op is going to have to find what works for him.

I am 100% commercial p&c and would disagree with most of those statements. Most large contractors are more concerned about certs than an small amount of savings. Small ones, yes. Furthermore, though, many will stop paying their premiums and go under during the next recessions. Many even before that.

Truckers will absolutely leave you over a small savings. It is a terrifically difficult market, you need specialty markets. It's an industry I would advise against if you are still learning. It's a lot of work to do for a market that may collapse 10 years from now.

If he is a newer producer do you think he is going to get contractors that are out building bridges and dams??? I am talking about smaller artisan contractors here.

Why not let him try learning truckers as it seems like it is a specialty that could use some good producers! Doubt trucking will die anytime soon, i dont see a national railroad system being revised nor can we create fully automated trucks for probably another 30 to 40 years!

 

[Markthebroker]

If he is a newer producer do you think he is going to get contractors that are out building bridges and dams??? I am talking about smaller artisan contractors here.

Why not let him try learning truckers as it seems like it is a specialty that could use some good producers! Doubt trucking will die anytime soon, i dont see a national railroad system being revised nor can we create fully automated trucks for probably another 30 to 40 years!

Well, we can agree to disagree. He is free to follow whatever advice he wants.

 

[BADTROUT]

1. @Markthebroker speaks the truth... we disagree sometimes... but usually something trivial.
2. I'll be honest, I dont love the tax savings angle... what's always worked for me is a niche focus (that changes when I'm very comfortable with that type risk, UW, and my carrier pricing and selection). Any salesperson that mentions taxes makes my eyes glaze over and all simply tell them to move on down the line.
3. To the point... get there asap. A good business owner wastes time at $250 an hour. Remember theres no such thing as a free quote. In your sales calls you always want them talking more than you.
4. The thought of you mentioning your back office support being free after 50% commission was mentioned means your support is exactly not free. The mentorship is, unless you succeed.
5. I believe in paying a producer on a sliding scale, 75%new and 75% renewal for yr 1. Year 2, 70, year 3, 65 etc etc
6. 100% perseverance and dedication is necessary, but you need to adapt to techniques that work for you. Don't beat your head against the wall unnecessarily... the first GREAT move on your part is doing exactly what you are doing, reaching out for peer mentorship. @raxx I wish you the best!

 

[Web320]

Any niches I should maybe check out, you guys have any advice on that front?

Target an industry you have some knowledge on or are passionate about. Take a look at your current carriers, do any of them have a specialty market division or core competency? Maybe there is a regional carrier that is particularly focused on a niche you can dive into and get immediate support/lead assistance.

 

[Markthebroker]

Target an industry you have some knowledge on or are passionate about. Take a look at your current carriers, do any of them have a specialty market division or core competency? Maybe there is a regional carrier that is particularly focused on a niche you can dive into and get immediate support/lead assistance.

Good advice. One thing to be wary of, the people that work at the carriers are completely clueless about what they are competitive with, I have been seeing this consistently with all carriers for my entire career.

 

[Mr O]

Good advice. One thing to be wary of, the people that work at the carriers are completely clueless about what they are competitive with, I have been seeing this consistently with all carriers for my entire career.

I am new to insurance. However, I couldn't agree more. I ask underwriters all the time to tell me what they are great at. They spew off a long list of everything under the sun. You go to write on and suddenly they are declining or have a long list of caveats

 

[Wade Millward]

@raxx

(i worked as a freelance I.T. person/tech consultant)

Hopefully you're still in the game. This is so blatantly obvious to me. You were an IT person, tech consultant. I'll assume for now that you did this for quite some time and know the ins and outs. DO NOT CALL ON EVERYTHING. You are already a professional in a specific field, you should be focusing on this very specific niche, IT!!! It's a huge market and only growing. Go after SaaS, software, IT companies. All you have to understand is the exposure these companies have and translate it for them. Once you learn the exposures you'll have an "ah ha" moment because you already knew them! Ditch all of your lists, stop calling contractors,, stop calling manufacturers, what a waste of freaking time. You are already so far past all of the insurance agents that think they are experts in the technology industry because you have real life experience. A lot of us are lifers and only have insurance experience, learning about exposure and risk from the outside. Okay, I'm done ranting, keep at it, it'll be the best decision you ever made.

Also, you're boss is not doing you or himself any favors. He should be spending the time it takes to do it right the first time and get you making money asap.