New to P&C/L&H

Oct 21, 2018

  1. mmorrison
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    mmorrison New Member

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    Hello guys, I'm brand new to the community but have been following for a while this forum. A little background: work as a car salesman making $80k/yr working 65 hrs a week, live with parents, no kids, young, go to college full time (online and presencial).

    My friend that works at an insurance company makes over 200k a year, and work less hours and remotely (going to dealerships, getting referrals and so) and this inspired me to be in that position, so I've been studying getting ready to get licensed as a P&C/L&H producer for an agent, then get my own agency.

    As a car salesman, it's required to work many hours to meet some quotas (deliveries, follow-up, demo) and since my inception a year ago, I've been exceeding the quota by 200% every single month. However, I was thinking if I work smarter instead of harder, it will bring me good things down the road.

    So I applied to State Farm and received an offer as a Producer, with a nice schedule but a $30,000 base salary and 3% on the front on P&C, 0% on the back. And 30% on the front for L&H and 0% in the back. Meaning, no residuals and low commision that will get me (even exceeding quotas) at $60,000.

    However, I will like to hear my fellow insurance professionals and see if I should take this small cut in the salary but big break in the schedule as a learning experience and then move onto my own agency; or if I should start my own agency as an independent from the get-go. My sales experience is a rewarding one and very confident I can succeed.

    I'm in New Jersey and soon-to-take my licensing.
     
  2. myfakename
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    myfakename Super Genius

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    Find an independent agent to go to work for. Also there is practically zero possibility of starting your own agency. You dont even know what your dont know that this point. Thats dangerous in this business.
     
  3. fed up
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    fed up Super Genius

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    Auto sales--the customer comes to you. Insurance sales--you go find the customer. You are in a dealership, any chance they will let you do both? Write the customer without insurance, quote the one with? Will the State Farm agent let you send referrals and earn from those?
     
    fed up, Oct 22, 2018
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  4. mmorrison
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    mmorrison New Member

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    Just did. And posted my offer, is it reliable?

    Also, just a bit of more background. I already had a startup that exited. So business experience is checked, just not the insurance part.

    Not a problem networking, going out and shaking hands in different dealerships and hustle with leads. Just pretty much done with car sales; wouldn’t like to do both, already burnt of many many hours a week that will add even more.

    Have many ideas on how to develop a referral network, one of them is leveraging the actual connections inside dealerships and develop new ones.

    To add, already have an agent that pays me per referral.
     
  5. Markthebroker
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    Markthebroker Guru

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    After reading the very initial introduction, this scenario already doesn't make sense, and seems hard to believe.

    You work 65hrs a week and go to college full time?
     
  6. mmorrison
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    mmorrison New Member

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    Yes, 6 days a week. 10-12 credits at school, half online and half going to class.
     
  7. Markthebroker
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    Markthebroker Guru

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    Insurance sales involves building a lot of trust. One paragraph in, and I already don't trust the information being given to me; I'm not buying you. You may be good at car sales, but insurance sales may not be for you.
     
  8. EugeneM
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    EugeneM Guru

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    Dang Dude - with that work ethic nothing will stop you.
     
    EugeneM, Oct 22, 2018
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  9. mmorrison
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    mmorrison New Member

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    Might or might not. But can’t judge over the fact that it might sound impossible to you, yet I live that talk. Thanks for the feedback though.

    Thanks! Can’t wait to join the community and help people insure their belongings for present and future.
     
  10. Markthebroker
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    Markthebroker Guru

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    Your intro says New Jersey, your profile says Alabama.

    You first say full time college, then you clarify part time.

    You first say you got an offer as a producer, then clarify it's as an agency owner.

    You first posted a profile with a photo and a tagline, then changed it.

    That's why I don't trust your information, thus any responses based on your flimsy information can't be trusted. Stick to car sales.