Starting new office in NYC for independent Agency need help

[insuranceforever1]

Good afternoon everyone,

I’m currently State Farm team member and considering to go independent in NYC.

I have some questions hope you could help answer them.
1. I don’t think I will get appointments 1by 1 from each carriers so best choice is join Siaa to get instant access for many carriers? If not what is better?

2. Once I get appointments from Carriers where do I get my crm, raters, and computer equipments to start my office?

3. Should I charge broker fee for each policy I sell on p&c /health/life products? If not ,why?

4. Is there anything I must know or if I missed something important you could add on?

Thank you so much in advance!

 

[fed up]

Obviously you have e not been licensed or employed long enough to even consider going out on your own.
To answer your questions:
1) if you have no book of business or have not been in the business long enough the chance of getting a direct appointment is zero. Join a cluster
2) look in your wallet and online. If you don't have any money you can't buy equipment or afford subscriptions
3)Broker fee? For what? You quote a P&C policy and that's what your customer expects to pay because they can get the same quote from the indy down the block
4) Learn the business under the State Farm agent for at least 2 years before you take a dive in the deep end

 

[marindependent]

Quick Question - Commercial or Personal Lines?

Once I get appointments from Carriers where do I get my crm, raters, and computer equipments to start my office?

You buy them.

I don’t think I will get appointments 1by 1 from each carriers so best choice is join Siaa to get instant access for many carriers? If not what is better?

I would speak with another independent agent in NYC. It is such a specialized market there and most agents on here, in other states, are not going to be of much help.

Should I charge broker fee for each policy I sell on p&c /health/life products? If not ,why?

You can, where allowed by law, good luck with that though.

Is there anything I must know or if I missed something important you could add on?

I would expect to lose money in this endevour. The indepent market channel is like quicksand, currently.

 

[Al3x Lee]

I would expect to lose money in this endevour. The indepent market channel is like quicksand, currently.

Now THERE'S some quality advice

 

[marindependent]

Now THERE'S some quality advice

Well what would you call the independent channel right now?

 

[Al3x Lee]

Well what would you call the independent channel right now?

Oh, I completely agree with you. I wholeheartedly meant that is great advice

 

[insuranceforever1]

Obviously you have e not been licensed or employed long enough to even consider going out on your own.
To answer your questions:
1) if you have no book of business or have not been in the business long enough the chance of getting a direct appointment is zero. Join a cluster.
I work as teammember for state farm agent about over 4 years I have no brokerage/independant experience . State farm is captive and very different from indi.
2) look in your wallet and online. If you don't have any money you can't buy equipment or afford subscriptions
I think I should ask what are some recommendation websites to get these.

3)Broker fee? For what? You quote a P&C policy and that's what your customer expects to pay because they can get the same quote from the indy down the block
I have called nearby indi agency and ask them how much broker fee they charge most charge between 50-300. But Im not sure how the number is determined seems every agency has their own way.

4) Learn the business under the State Farm agent for at least 2 years before you take a dive in the deep end

I worker for sf agent for over 4 years after consideration I think indi is beeter maybe I should work for indi agency?

Thank you for your response.

 

[Al3x Lee]

I worker for sf agent for over 4 years after consideration I think indi is beeter maybe I should work for indi agency?

Thank you for your response.

There are better and worse things about working for an independent agency.

What in your research and time at State Farm makes you want to make the leap?

 

[insuranceforever1]

Quick Question - Commercial or Personal Lines?

You buy them.

I would speak with another independent agent in NYC. It is such a specialized market there and most agents on here, in other states, are not going to be of much help.

You can, where allowed by law, good luck with that though.

I would expect to lose money in this endevour. The indepent market channel is like quicksand, currently.

There are better and worse things about working for an independent agency.

What in your research and time at State Farm makes you want to make the leap?

State farm want new agent to constantly produce life insurance, and agents need to comply with state farm marketing regulations they cannot post youtube videos, instagram and other social media tools without permission and it is strict to get get permission to market themselves. Lastly, state farm agents do not own book of business, when retire they cannot sell the book they built.

 

[marindependent]

constantly produce life insurance

Yep, they are often overpriced.

comply with state farm marketing regulations they cannot post youtube videos, instagram and other social media tools

Yes Sir

state farm agents do not own book of business,

OK, but many independents do not entirely own the BoB either. This is a really complicated subject, but you need to understand that gaining access to independent insurers typically requires help form other large agency/clusters

However - what you failed to mention is that SF does one heck of a good job training folks, typically. And, at least here in California, they are still writing insurance, and that they have an A++ FSR. Lastly starting your own Scratch Insurance agency is more like working at a Start Up then being an Employee with zero guarantee of income.

Best of Luck