New P&C Rep Seeking Advice

[thesox1211]

Hello Everyone,
I'm a licensed P&C agent for about 6 months and recently passed my Life & Health license (one month ago) The only experience I have in the industry is working for a P&C company (independent) for 4 months but had no formal training. It was a lot of customer service, and a lot of learning the different computer programs; like FSC rater, Act, or Prime (AMS system) however I did some binding as I used my sales back-round (10 years owning my own telemarketing company) to close, however never got the "product knowledge" training.

I love the Industry and plan on opening up on my own. I have one direct appointment for Home and Auto, was able to obtain through the representative at the P&C company I last worked. And I have an approval from the DOI for my business entity name license, and have sent out quotes for E&O. Technically I'm ready to go, well once E&O is obtained.

However, because of lack of experience with actual "knowledge" in the business, I'm considering going with a wholesaler like TWFG; to not only have access to there carriers, but equally important to me is any support and training. Which is why I'd choose them over Insurance Noodle, or SIAA. Although I emailed and called SIAA but have yet to hear back. Agent secure needs a min of 3 years exp in which I don't qualify. These seem to be the most talked about Wholesalers with the best feedback according the hundreds of posts I read. I didn't consider Superior Access because of there Rep.

By going with TWFG, I'd lose my direct appointment, which I'm ok with if the support and training is something I'd benefit from. I guess the question is will I actually get the training or support I seem to think? or will it be enough to justify giving up a direct appt? I have a ton of sales experience, and was very successful with my last business of 10 years, so I'm not worried about the sales process, just more knowledge. Or would i just gain the knowledge by doing it on my own?

Any suggestions of what you think I should do? I'm ready to go, I just need the right situation. Maybe a Mentor? Oh, and I'm in So. Ca.

Any suggestions would be greatly appreciated..

Thank You,
Jeff

 

[1manshow]

1 Question...is your direct appointment with a reputable,stable, competitive carrier ?

 

[thesox1211]

Yes, a standard carrier.
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Also, I should add I understand I'll need to have an MGA even if I went the direct appt route because having only one to start wouldn't allow me to be as competitive as I'd like or need to be.

However, TWFG would not be the MGA by going this way because of the $5000 buy in and a two-year non-compete with current cleints not the carriers though. But they're appealing because they have many carriers for all lines; auto,home,commercial,life,health. I'd like to do all lines, not necessarily specialize in all, but be able to provide answers that i don't have in the beginning.(I know many business owners, attorneys especially which want me to quote there E&O. And some who offer health plans to become there BOR) That's another reason I was considering TWFG. They do all, where as Insurance Noodle specializes in commercial, although they have great carriers for home and auto. But no options for life and health.

I may be looking for something (as far as support and training) that doesn't exist from an MGA like TWFG? or is it just a matter of doing it on your own? I

Also I have about a year to support myself, factoring in expenses for a start-up with options to get more.

Sorry for the questions, I just don't know. And need to decide which direction to go ASAP.

Thanks again,
Jeff

 

[moeasadi]

I would recommend to write only home & Auto with direct appointment you got, and place your commercial either with a wholesaler or thru an independent agency.Your direct carrier have enough tools on their site for you to get trainning and know their products.

 

[thesox1211]

Thanks Moeasadi, I was thinking of doing that. I guess it's just a matter of rolling up your sleeve's and getting your hands dirty to figure out the most effective and lucrative process is for me.

I appreciate your response,
Jeff

 

[moeasadi]

When I started I thought I should have few carriers and all licenses , so I can write everything that comes tome.Later I Learned that I can only do so much.One good carrier like Travelers or Hartford will suffice to do lots of business.
and If you come across a risk you can't write you may always make an arrangement with other agencies or wholesalers to write it.Good luck to you.

 

[thesox1211]

Makes sense.. One quick question, how much experience did you have in the industry before you started on your own?

 

[1manshow]

I would recommend to write only home & Auto with direct appointment you got, and place your commercial either with a wholesaler or thru an independent agency

If that is the carriers niche ?? I also would also try to keep the direct appt. and negotiate with a wholesaler for access to their other markets.

Good telemarketing background could fill your pipeline with tons of xdates right from the start. Sounds like a good fit for a new P & C agent...assuming you can be competitive. The training part ? Once you license with the nationals Hartford, Safeco, Travelers, etc through your wholesaler, then you can sign up for product training at your expense...from my experience

 

[moeasadi]

Makes sense.. One quick question, how much experience did you have in the industry before you started on your own?

not much,about 6 months with Farmers. All carriers have Webinars that are very helpful.

 

[thesox1211]

So roughly the same amount of time as me.

One more question, do you think the value of owning a P&C company becomes greater with direct appointments for the contigency bonus, or having multiple carriers insuring more competitive rates to get the business?

I understand ideally it would be both, but what's the likihood of being able to maintain more than one direct appointment, with the volume requirenments to even qualify for the back- end bonus? Before you possibly get sqeeezed out from the carrier as it is by potentially not hitting your numbers.

Assuming it's (Trav, hart, safeco, kemper) aren't the min req $250-500k?

Thanks again to all the Insurance Pro's, I definitley hope to contribute on this forum soon. I've learned a lot from all of you. Oh, and will be signing up with Michael Jans, so I can hit hte ground running.

Jeff