New To The Game

[NEWBIE23]

Hello to All,

I'm new to this forum, and I'm very interested in breaking into the Insurance industry. I'm presently in the third stage of a five stage hiring process with Missouri Far* Bu**** here in MO. Is MOFB a good company to start with, when you have no experience? I'm responsible for getting my P&C Lic as well as my L&H Lic. My concern with this is, which company do I go with for self-study (pref online)? I've heard that MO no longer requires the class room course before testing, is this true?

Lastly, is it normal to have some fear and anxiety when considering this field? I've been in Sales for the last 10+ years of my work experience including Mortgages. Any feedback and direction is greatly appreicated. TIA

 

[senior-advisor-indiana]

It is definetly normal to have some fear and anxiety. So many people fail at this career. People that do not understand this career will tell you that is impossible and you will not make it. My family told me to find a new "job" the my first 2 years in the biz.

 

[NEWBIE23]

SA,

Thank you for your prompt reply! What lines do you sell, P&C, L&H etc? Which company do you think offers the best online/self-study program? Which company has the best pass rates in the first try? How long have you been in the business? What can you tell me about MO Farm B?

P.S. This company does offer a subsidy for the first 6 mos or more. Based on production, will determine how much it drops after the 7th month.

 

[1manshow]

Good luck with the exam. We use AD Banker self study for our new hires with pretty good success.

Hopefully, the company you have aligned yourself with is competitive in the P & C market. With good P & C rates, the door will swing wide open on the life and health end. If you have ownership in the client renewals you are writing, you will love the P & C business. I've been at it 20+yrs now and consider myself blessed to have found this industry. I graduated college as an engineer and could have never imagined making this much $$ as an engineer !

Get a good marketing plan and stick with it. Prospect, followup, prospect, followup,prospect,etc,etc you can't fail with that system. It was that simple 20 years ago and it's still that simple

 

[NEWBIE23]

1manshow,

Thank you for your feedback and encouraging words! Like you, I've graduated with a B.S. in Psychology and now I'm working on my MA in CJ. What I know as of today, I will take over the agent who left book of business (residual income) plus any new business that I obtain. I'm not sure how competitive Missouri Farm Bureau is, but if anyone work for them in other state, please provide some feedback. Are they very competitive with P&C, L&H? Is it a good company to work for?

How hard was it when you began the business 20 yrs ago? Thanks again!

 

[broberts]

imanshow,

I enjoyed reading your post to newbie. I currently own a small financial planning and investment firm and am looking at adding a p&c unit to my company. I have been told not to fool with this; yet the risk management area interests me.

I am looking at approaching a couple of potentially interested agencies that have expressed interest in me being a "sub-agent" with them. That way I can get my feet wet while having them as a back-office. I have also looking at a cluster like SIAA among others.

I would like my business to be 40% commercial small business, 40% personal, and 20% churches.

Am I crazy? I live in southern Indiana in a small town of 15,000 with an agency on every corner so the competition is fierce.

I appreciate any feedback.

Bruce Roberts
Regal Capital Management

 

[broberts]

1manshow,

I enjoyed reading your post to newbie. I currently own a small financial planning and investment firm and am looking at adding a p&c unit to my company. I have been told not to fool with this; yet the risk management area interests me.

I am looking at approaching a couple of potentially interested agencies that have expressed interest in me being a "sub-agent" with them. That way I can get my feet wet while having them as a back-office. I have also looking at a cluster like SIAA among others.

I would like my business to be 40% commercial small business, 40% personal, and 20% churches.

Am I crazy? I live in southern Indiana in a small town of 15,000 with an agency on every corner so the competition is fierce.

I appreciate any feedback.

Bruce Roberts

 

[1manshow]

Newbie, 20 years ago was much easier than today IMHO. No such thing as a "do not call" list. Mass marketing was pretty much non-existent compared to todays standards. And people actually trusted you until you mistreated them(in my experiences) I actually did my own telemarketing for the first four years with incredible success.

Not trying to be discouraging, the times are just entirely different today and we market ourselves much differently. When we send out quote packages today they include a resume of our agency and personnel and a packet of five or six pages of testimonials from satisfied clients. We never had to do that in the past because our reputation preceded us. Seems that nowadays we have to prove to everyone why we've been successful for over 20 years.

You need to ask the company to show you their market research on competitive position. They have all the info. you need as far as what markets/niche you can be competitive in. I don't know of one carrier we represent that doesn't have loads of market research on the competitive position of their products.


broberts,

SIAA is a good organization for gaining access to markets and owning your own book. For the $$ you will invest, I would be sure you are going to market and book enough premium to justify it. Service work is another consideration that should not be taken lightly. 40% mix of personal lines will require more service work than the commercial stuff with a smaller ROI on a dollar for dollar basis. If the agencies you are talking with will do the service work for a few points on the commission end it might be a better way to see if P & C is your thing. I would discuss the possibilities of you owning your renewals, etc before going that route. FYI, I am in a town of less than 10K with agents on every corner also and never let that even slow me down. @5yrs I hit $100K in renewals and am now at well over 3times that in a town of 8K+ so it can be a very profitable venture.


As far as you being crazy ??? Looks like Newbie has better credentials than myself in that dept maybe he/she can help you there.

 

[lanepro]

FYI, I am in a town of less than 10K with agents on every corner also and never let that even slow me down. @5yrs I hit $100K in renewals and am now at well over 3times that in a town of 8K+ so it can be a very profitable venture.

That brings up a pretty good point. You need to be prepared to have to work to make this thing profitable. If you give up before you get two or three years in you will never know your true potential. New business money is ok, but when you add all those years of renewals your income potential is limitless. Good luck to you!!