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- #21
alwaysbelearning1
New Member
- 16
Interesting.
And this can be lucrative? Like can someone make serious money doing this and how much?
Starting a Commercial Insurance Agency from Scratch Advice Needed
- Thread starter alwaysbelearning1
- Start date
And this can be lucrative? Like can someone make serious money doing this and how much?
- 1,036
I've seen a lot of tech sales guys trying to jump into insurance lately..
To give you a sense of what it's like being a producer in this environment, let me use a historical analogy.
Think of it like Germany in World War II, fighting a war on two fronts—one in the east and one in the west. The two-front war stretched Germany's resources and attention, which made it extremely difficult for them to succeed.
The insured (your client): They’re expecting competitive pricing, broad coverage, and favorable terms, especially in tough economic times.
The underwriter (your carrier partner): They’re trying to manage risk and limit exposure since the market is tough on their end too.
Underwriters are being cautious and selective, which makes negotiations harder.
What's tricky is that sometimes the sale to the underwriter is even more challenging than the sale to your client. You can convince your client that they need coverage, but in this hard market, convincing the underwriter to take on the risk—and at a price your client can stomach—is a whole other battle.
Meanwhile, @Markthebroker is in a Berlin bunker while Russia (The underwriters) is approaching from the East, and the Allies (The insureds) are approaching from the West.
To give you a sense of what it's like being a producer in this environment, let me use a historical analogy.
Think of it like Germany in World War II, fighting a war on two fronts—one in the east and one in the west. The two-front war stretched Germany's resources and attention, which made it extremely difficult for them to succeed.
The insured (your client): They’re expecting competitive pricing, broad coverage, and favorable terms, especially in tough economic times.
The underwriter (your carrier partner): They’re trying to manage risk and limit exposure since the market is tough on their end too.
Underwriters are being cautious and selective, which makes negotiations harder.
What's tricky is that sometimes the sale to the underwriter is even more challenging than the sale to your client. You can convince your client that they need coverage, but in this hard market, convincing the underwriter to take on the risk—and at a price your client can stomach—is a whole other battle.
Meanwhile, @Markthebroker is in a Berlin bunker while Russia (The underwriters) is approaching from the East, and the Allies (The insureds) are approaching from the West.
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- #23
alwaysbelearning1
New Member
- 16
Simply put. Amazing analogy lol
Us tech guys simply don’t want to work for someone else anymore, only making their dreams come true not ours. We’re looking for opportunities to make money and be entrepreneurs.
I’m going to have a lot of money saved up in the next year or so. I’m looking for businesses to invest in and start to follow the dream.
- 5,447
Oh yeah dude, don't worry about it. You totally don't need to understand the business or anything like that. Super simple. Even a caveman can do it. Just throw some money at it and call it a day.
- 1,036
Mark uhh... I couldn't help but notice that you didn't react to the Adolf Markler picture. Everything okay buddy?
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- #26
alwaysbelearning1
New Member
- 16
lol ok I see your sarcasm!
But for real that is my plan. I want to research this topic before taking any action which is why I’m here. Right now from what I’m gathering on this forum is that it’s a terrible idea to pursue or even bother to even dive deeper into in terms of research and learning.
whatyouwantfinally
Guru
- 509
Here's some general advice, take it or leave it.
There's nothing wrong with being an employee. You're not just making someone else's dreams come true. The richest and happiest people I've known have been employees. There's a decent chance starting your own business will get you closer to your nightmares than your dreams.
Wanting to be an entrepreneur is understandable, but it's also why so many fail. To me, it really only makes sense when it's a business you already know inside and out. A well-informed, airtight business plan is something to be excited about and pursue. Just "being an entrepreneur" isn't.
Richard-PDIS
New Member
- 17
What's this about finding prospects is the "easy part"? Do share bc I'd like to hear how! Social media posts? etc.?
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- #29
alwaysbelearning1
New Member
- 16
I will respectfully decline this advice. I love my job but it’s not my longterm goal to be a W2 employee. I do agree that a business plan needs thorough review and to be executed well on.
I could not disagree more; rocket science is much easier. On the commercial side there is just so much to know and so much changing so quickly, I don't know how anyone keeps up.
It was suggested to me that I get deep into the American College CPCU, ARM and AIC programs as quickly as possible to give me a basic foundation from which I could begin to learn the commercial insurance business.
In my current agency, the owner's kids aren't going into the business because of a belief that the learning curve is just too long and too steep.
Perhaps to your advantage, tech such as AI is coming on fast and full force and most currently in the industry aren't going to keep up with the tech. Perhaps you have a big advantage there.
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