P&C Renewals: The Honeypot?

[Frank Bettger]

I'm new to insurance and torn between Life and P&C. Anyone care to discuss P&C renewals?
Are they the honeypot they seem to be, or does it take like a decade for them to build up to anything meaningful? How is retention? Do enough people stay on the books to make a living off renewals?
I've been asking similar questions in the general thread I'm hoping to hear from some P&C guys here, a view from the inside so to speak

 

[Guest]

Sorry, I cant answer you because I am too busy counting my money from my P&C renewals.

 

[Frank Bettger]

Sorry, I cant answer you because I am too busy counting my money from my P&C renewals.

I KNEW IT!!!

 

[Sales71]

Well u can expect to make 25 to 30k ur first year new biz and renewals. 2nd year 40+. And so on. Being captive at first might be a good idea for support. I am with all state going on 13 years will go IA next year once I sell my agency.

 

[BTFuzz]

I'm new to insurance and torn between Life and P&C. Anyone care to discuss P&C renewals?
Are they the honeypot they seem to be, or does it take like a decade for them to build up to anything meaningful? How is retention? Do enough people stay on the books to make a living off renewals?
I've been asking similar questions in the general thread I'm hoping to hear from some P&C guys here, a view from the inside so to speak

Life and p&c go hand in hand. Sell auto, home and life and you'll experience higher retention, larger commissions and a stable client base.

If you bust your tail for 10 years and write quality business you can have quite a, as you put it, honeypot of renewals...it takes time but well worth it in the end.

 

[Josh]

Well u can expect to make 25 to 30k ur first year new biz and renewals. 2nd year 40+. And so on. Being captive at first might be a good idea for support. I am with all state going on 13 years will go IA next year once I sell my agency.

What are you basing those numbers on?

After 13 years your making a cool $200k+/year?

 

[Guest]

Well u can expect to make 25 to 30k ur first year new biz and renewals. 2nd year 40+. And so on. Being captive at first might be a good idea for support. I am with all state going on 13 years will go IA next year once I sell my agency.

Who in their right mind would buy a captive agency, much less and ALLSNAKE agency right now??

 

[Josh]

Allstate isn't a bad gig, but I'm wonder what this "all state" is.

 

[Sales71]

Allstate isn't a bad gig, but I'm wonder what this "all state" is.

U guys are funny. U are right my renewals are high. Also I am at 90% retention. Allstate darn that auto correct.

 

[Guest]

Allstate isn't a bad gig, but I'm wonder what this "all state" is.

Have you not heard about ALLSTATE?

They are terminating small agencies, they only want LARGE agencies,

They are going to be going to a tiered commission, I heard as low as 8% for P&C.

If I recall, may have changed, didnt they stop writing Homeowners policies in Cali?