Starting New Agency from the Ground Up

[rlee33]

I am looking to start an insurance agency for the first time. I am hoping there are some seasoned vets who perhaps have started where I am starting and made it, that can provide some good information on how to set up.

First off, let me give you a little background. I come from the P & C side, I have had several jobs, mostly customer service for P & C agents and I worked 2 years for Travelers in one of their call centers. Besides myself, I have my Mother who has worked as a P & C producer for over 13 years, my Brother who has worked as a P & C producer (mostly commercial) for about 10 years and my Father who has dabbled in life insurance and annuities for over 6 years.

So I know we have the experience to make this work. What I don't know is what I should be looking for when starting an agency (i.e. location, amount needed for business loan, best ways to market and brand myself in whatever community we choose)

I'm pretty much set on who I want to start with. TWFG has a 80/20 split, and while they don't help with all the overhead like Farmers and the rest, they do allow you to be independent and for the most part run your business as you like (unless you are a screw up)

Anyhow, I know it's a lengthy post but any help you guys could give me on how to focus my research time would be most appreciated.

Following the American dream,

Ryan

 

[bree4479]

You should be fine with all the people you have helping. Get your contact list ready and figure out how your going to get business. If you are looking for a location just make sure there is good traffic count and good visability to your store front. Make sure everyone knows there role and what they are good at. Go after business that you know something about. Develop a set of systems that everyone must follow! More importantly make sure you can get appointments and with who before you join TWFG. I would look to get appointment with Travelers rt. away since you know there products... Good luck....

 

[Michele120]

While most insurance agents know what to do when they are in front of people, the ones that fail are the ones who do not know how to get in front of people.

I recommend that you read and study everything you can about marketing and prospecting. If you rely exclusively on walk-in business for success, no matter how much you know or how experienced you are, your probabilities of long term survival are slim.

I know every agent will have a different opinion but I have trained many insurance agents over the last 20 years and have found that without people to sell to all the "objection handling" and other sales techniques are wasted.

 

[Sphynx]

I'm starting an agency. I found a decent E and O... good rating, price etc. Got everything except an appointment lol any suggestions would be grand!

Thanks