New P and C Agent Needs Advice

akarusso

New Member
Hi Everyone,

I am a new p and c agent. I was working for a major bank as a financial adviser. In 2009 we were all downsized. I already had about 20k a year in renewals from group health insurance clients, that I acquired as a side business. When I was downsized I decided to get licensed and start my own P and c shop out of a small office in a building. My office is not on a retail strip or a busy area. It's on the second floor of a residential area.

So I passed my exam with flying colors. Joined the PIA and signed up to take the CIC courses. I was appointed with Progressive and pay a decent price for 1mil in E and O coverage. I went to most people I know for business, and I realized commercial is great because of the higher premiums but personal lines suck. I found myself competing for nickels. Seems like no one cares about having a person to call. I use a lot of mga's some are great others treat you like an ***.

So far without any background in insurance and 2 years in, I managed to scrape about 85k in premiums. I know pretty crappy but I am learning.

NOW THE PROBLEM. I have hit a 20 foot brick wall. I have exhausted all my warm sources, and I am having a hard time moving forward. To the point where it's frustrating.

I am a go getter but also I get easily discouraged I am married and have a children, I am 33 years old. I am by myself in the office.

Please from all the experienced agents, advice advice. please don't be shy. All help will be appreciated. I don't know where to go next and I don't want to close the down my business.
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BTW. I do not have a marketing plan.
 
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The last line says it all.

Develop a marketing plan that utilizes cold sources. Cold call, mailers, leads, etc.
 
I tried the cold calling route. Did not work very well. Also very discouraging. Maybe here in NYC people hang up the phone faster.

I know marketing is everything. But other than referrals which are great, dont have a single clue how to market my office other than cold calling.
 
Get out the wingtips and pound some pavement. Cold walk, walk into as many businesses as you can and try to meet the owner or the person who handles the insurance. Find out when it renews, x-date. Then try to win it when renewal rolls around.

Buy home and auto leads, hire a telemarketer, network. There are a million things you could be doing.
 
Where to start is the big question. I was buying leads but it seems by the time I received a quote back the lead was sold. Or even worse the lead was bogus. I currently have my wingtips on and I am walking.
 
Commercial is VERY tough to get started in. It does pay better once established, but you'll run into more resistance in the account. Personal lines is usually pretty easy to write, but you'll need more than just Progressive to write with, or you'll run into a brick wall (I'll replace virtually any Progressive auto policy you write in my area because its not a great deal).

You have to write a value proposition. Why should someone use YOU as their agent? From your post, I'm pretty sure you don't have a solid answer to that question. Once you have that, the rest can start to fall into place. It doesn't get easy, but it helps provide a focus.

Dan
 
djs. I agree with you. One reason the individuals that have allowed me to write their commercial busies is because they trust me. I have their group health insurance and they know that I will do right by them. It took a while to gain their trust but once I had it it was easy. The issue is staying motivated. Also I was thinking of hiring producers, but I dont know where to start.

I sometime think that having a retail space will help.
 
Talk to bob, from hometown quotes, he is an old time P&C agent. He will give you some good advice. also check out the cluster thread. and learn about custers.
 
A retail space is a waste of money. Get focused on your value and get prospecting. The people you want to talk to are not going to walk into your office and ask for a quote.
 
Retail space is USELESS, especially if pursuing commercial.
Office space is the way to go.

Motivation is very hard by yourself. Anyone who says they can always stay motivated when working by themselves is lying, either to you or at least to themselves. It's something you have to work through. Set goals, drive the goals.

Don't waste time hiring producers, this is avoidance behaviour at this stage. Hire a marketing person (some call this telemarketer) and get busy.

Dan
 
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