New, looking for direction

[Newtsmn]

Hi all! It seems like a wealth of knowledge can be learned from this site! I've been looking at posts for some time and decided it's time for me to get moving.

I'm wondering if there is a niche or business segment that can be done over the phone and electronically? I've read a bit about final expense, etc. Is anyone aware of a legitimate life insurance position that is done remotely?

I'm re establishing both my P&C and life/health in the state of MN this month after an extended time in another financial industry.

Any thoughts would be very much appreciated!

 

[Markthebroker]

I know for a fact that personal p&c and commercial p&c can be easily done remotely, as I have done both for years and rarely leave the office.

Life/Fe though? I doubt it. I am sure there are others that can chime in, but that seems tricky to me.

 

[Newtsmn]

Hi Mark,

Thank you for your response!

My goal is to eventually have a P&C independent agency (worked for one for my first job out of college). Thought it would be a good idea to add some Life Insurance exposure first though (for income streams).

I know it's a big jump to start out Indy...but I plan on working with a cluster/group/etc to get going.

I started, ran for 7 years, and sold a different financial company previously...and spent the last 10 in another financial industry...so I'm starting late for PC (early 40's).

 

[Markthebroker]

I think commercial p&c is the best way to go. And I have a bunch of strong arguments why I am right.

Others say that their way, or another way to go is best. They also have strong arguments why they are right - so there you go.

In California, the health market is terrible. Personal p&c is small, high turnover, with lots of competition. But if you can transition from personal to commercial, the numbers and the loyalty get waaay better.

Welcome to the rabbit hole my friend!

 

[Newtsmn]

Thank you again! Yes, commercial is very interesting to me...but I still have a lot to learn before I would be proficient with them. With experience, I hope to build the knowledge!

 

[indienoise]

Commercial can be interesting...and it can be tough. Carriers want to see numbers to give you contracts, and many won't work with a one man operation. Brokerages can offer markets to you, but are often more protective of what they write and can be slow. And you simply won't be able to compete with regional carriers if a risk fits their niche...so you need to research carefully what you're marketing.
Not to say it can't be done...it most certainly can! You will just need to be very, very intentional.

 

[AZDave]

"I'm wondering if there is a niche or business segment that can be done over the phone and electronically? "

For P & C, I think this has a lot to do with your market. I'm in big metropolitan Phoenix with customers on the go and very willing to get insurance over the phone/email/DocuSign and done. I rarely have customers coming to see me anymore. To work out of a virtual office, such as a Regus set up, works here.

If my agency was in MN, other than the twin cities, I think the customers would want to see the store front or name on a shingle somewhere. But were talking selling P&C to the locals.


Just my thoughts.

Good Luck!

Dave