P+C or L+H

[Paul Schmidt]

Markthebroker, you asked "Hey Paul, how is the market these days in SC?" My answer is a hard market just like in most of the rest of the country, however with a hard market comes higher income. I am on the coast, Bluffton, SC 25 miles west of Hilton Head and I am writing more premium this year than last because of the higher premiums... That means more money.. Because it is a hard market there seems to be more clients out there wanting to shop rates, which in turn having so many different companies helps me win those clients more often than not.. So far my premium thru April 2023 is up 158K more than this time last year...

 

[Captain Khan]

Great topic and awesome discussion everyone. I am newbie myself. Currently studying for P&C. If anyone can suggest good self prep study material other than Exam Fx would be appreciated, Due to deployment unable to attend in person. Thanks in advance. Have a nice day sorry about off topic post.

 

[Jeremy Masters]

I would suggest Life and drop the health until you've mastered the Life. Quick money for those that can grind. (I'm in FE)

Product is important, marketing is important, but; unless you have the skill set to make sales, you can have a PhD. in the first two and fail out of this profession in a short month.

That last part is a warning! Do your research and ask the questions before you pull the trigger. Far too many THINK they can, very few CAN.

All the best.

Hey Life Hawk,
I'm a medicare (l&h license) agent in California. My partner is mostly handling that side of things and I'm strongly considering adding life options onto the old utility belt.
What I am struggling with is knowing which fmo/imo to go with. My Medicare experience was a bit rocky as I had to do a lot of figuring things out myself and I'd like some real support.
Support would be things like: answers to common questions, help during sales, but also direction as far as CRMs, leads etc. I feel like I'm collecting a lot of this already and I'm happy to pay a higher % override if it makes real sense here.

 

[Life Hawk]

I would suggest you contact @Newby. He represents FEX Contracting which might be a good fit, I would at least suggest a phone conversation.

Hope that helps.

 

[PrivClientSG]

As a new agent that got my all-line licenses (Adjuster, P+C and L+H) . I want to sell in one area of insurance so I can focus on learning those products and market to that niche. I want to be a broker not a captive, but that brings up the problem of not have training, experience or carrier access. I have been 1099 for a couple decades and I just can't do w2. So my question is, is there MGAs or ISOs that actually take new people and have training programs. Leads would be nice but I can do my own digital and social media marketing. Not interesed in the MLM format or any business model that is similar to that. Is it easier to get started in P+C or L+H. I guess that is what I am trying to determine.

How did you experienced brokers start out? What path did you take?

I can't speak to the P/C side of the business first-hand as I am not in that business. On the life side of the game, I am a lifer. That said, I don't know which is easier. I've only reached the pinnacle in one industry, so I can't speak to the other. Regardless, think about it this way, and my question to you is -- why would I support you, supply you with training, commit dollars and resources to you, potentially give you leads as well, etc., if I don't have any assurances you are going to put all your business through me? Not that it should be your focus, but look at the FMO business model.

FMO's by nature provide independent agents with various resources, and access to carriers. Some offer a lot of support, but "a lot" is a relative term. I would consider the carriers an FMO offers you access to, the support they provide, the training, if there is any, compliance, if that is applicable or an issue, and everything else they bring to the table. Many years ago, when I was in the early stages of the growth part of my career, and I was looking to work through some (specialty) FMO's -- for a variety of reasons. Yes, I wanted access to carriers, but I also wanted support. I worked with a few, key, specific FMO's, which I knew offered tremendous support, but of course they only offered that support on cases that were in their pipeline. I looked for an FMO that was able to offer me support in the marketplace I was in -- and more importantly, an FMO that viewed the relationship truly as a partnership.

One FMO went out of business and from that grew a PPGA contract directly with a major carrier. At that point, I picked up two major benefits, one being the highest possible payout (which I was getting before, but now included "overrides" and other bonus payments), which was nice. But the other was the support of the entire home office, and not just an FMO. Another FMO got taken over by Crump, which may be considered the largest FMO (on the life side) and/or "brokerage agency" in the country. I already had a relationship with Crump (due to some other speciality business I was writing) so that too was a benefit. Years later, a third FMO merged with a GA and I ended up contracting directly with the carrier via a PPGA contract as there was no support they could offer me that I didn't already have internally.

I can say a lot more, but you are brand new in the business. You haven't even decided what business you want to be in. There is so much to learn. Speak with seasoned, successful producers and learn. Do the work, and learn. Then do more work and learn more, LOL. Good luck!