Partner with a Local P&C Agent?

[IndyAgentIDTMY]

I am an Independent L&H agent and was speaking with an agent in Florida today.

He suggested that I partner with a local P&C agent to share leads, give each other referrals and share the expense of doing Direct Mail postcards together as a "full service agency".

Any thoughts or suggestions on this idea?

 

[The New Guy]

That is one of the projects I'm working on as well.

I do mainly individual health, my office partners do mainly group.

I was looking at bringing in a P&C agent, commercial agent, medicare agent, annuity agent, and a life agent, plus partner with a attorney.

Each cross selling each others book of business within our specialities.

Pooling our monies for advertising and office expenses, running it under the Full Benefits name, and try to brand that name with local advertising.

Still very much in the concept stage.

 

[saieddie]

Good luck with that. How are you going to split expenses? If its even, the p/c guy is going to get the short end of the stick because his commissions are typically lowest.

 

[IndyAgentIDTMY]

That is one of the projects I'm working on as well.

I do mainly individual health, my office partners do mainly group.

I was looking at bringing in a P&C agent, commercial agent, medicare agent, annuity agent, and a life agent, plus partner with a attorney.

Each cross selling each others book of business within our specialities.

Pooling our monies for advertising and office expenses, running it under the Full Benefits name, and try to brand that name with local advertising.

Still very much in the concept stage.

That's fairly close to what I am thinking about, but I want to go simpler.

I really just want to partner with a regular independent P&C agent, mainly to pool our resources to prospect for and share leads as well as refer one another.

I just wonder if anyone else is doing this successfully?

 

[The New Guy]

Good luck with that. How are you going to split expenses? If its even, the p/c guy is going to get the short end of the stick because his commissions are typically lowest.

So we should subsidize the PC agent?

It cost the same to rent the building for me as it does for them. It cost the same to run 1/4 page ad for me as it does for them.

Can't walk into Office Max and say, I'm sorry I'm a P&C agent, your suppose to lower your prices for me.

If I had 4 or 5 other agents kicking me P&C business, plus my own efforts, I don't think I would be going hungry soon.

I've had the most interest from P&C agents for this concept so far.

Obviously, if you can't see the value in the product, the product isn't right for you.

 

[insuranceexec]

That is one of the projects I'm working on as well.

I do mainly individual health, my office partners do mainly group.

I was looking at bringing in a P&C agent, commercial agent, medicare agent, annuity agent, and a life agent, plus partner with a attorney.

Each cross selling each others book of business within our specialities.

Pooling our monies for advertising and office expenses, running it under the Full Benefits name, and try to brand that name with local advertising.

Still very much in the concept stage.

This is exactly how I started my practice; the only difference is that I was the annuity agent, and securities rep, and I had an accountant as well.
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Good luck with that. How are you going to split expenses? If its even, the p/c guy is going to get the short end of the stick because his commissions are typically lowest.

It is best to leave the P&C guy for last. Establish your practice and then bring him/her on and pay them a small salary to cross-sell all the books.
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That's fairly close to what I am thinking about, but I want to go simpler.

I really just want to partner with a regular independent P&C agent, mainly to pool our resources to prospect for and share leads as well as refer one another.

I just wonder if anyone else is doing this successfully?

Yes I am. I will elaborate more later, as I have a date with my wife and I have to go.

 

[warnerins]

I have been doing this with great success for a year or so. I interviewed a very pro-active NYLIC agent, gave him a desk and all access, got a corporate NYLIC license and have split a ton of business.

In my opinion, cross selling the client and cementing him to the agency with the multi-line, has been a win-win.

He prospects my clients for life and investments, I prospect his for P&C.

 

[SkyTower]

Well, I sold my first P&C to myself. Gotta luv it. Need to build clients quickly, any ideas?

 

[hlink20]

I am an Independent L&H agent and was speaking with an agent in Florida today.

He suggested that I partner with a local P&C agent to share leads, give each other referrals and share the expense of doing Direct Mail postcards together as a "full service agency".

Any thoughts or suggestions on this idea?

Partnerships like this can work as long as all partners are equally committed on all levels. Be sure to get in writing all agents and commitments, from all parties involved.

 

[JeffTranMM]

all of this partnering with P&C agents sounds very interesting.

I am currently a L&H agent with MassMutual. I am not a captive agent.

Now how do i go about partnering up with P&C agents and do what some of you are doing? is it a problem that i am with massmutual?

or is it just as easy as just partnering up and referring each other business?

just curious because i want to expand my market and network.