Thinking of adding P&C to my agency to expand

[shawnmwalker]

UKTX is correct. it will be more expensive than the L&H side. That surprises some folks.

 

[BADTROUT]

I think the most important factor is you... you'll always have people that champion your efforts, and the naysayers... they are just words and what matters are what you actually do. You aren't an amateur, you have built an agency already. This is just like learning a new language, and if you embrace that concept, you'll do just fine. Adding the E&O should be very relative to the benefit... start with your current carrier and go from there but certainly don't let that hold you back. These guys are correct in the fact it will be different and you will have to think in a different mindset which can be difficult for many people... But I would respectfully disagree with it being "harder" because "harder" is such a relative term.

 

[UKTX]

I would also suggest getting your license LAST. Because that is the easy part.

Do the research before to determine if it is feasible for for you. You may find that what you initially perceived as a good idea may or may not be worth the headaches or vice versa etc.

This was my mistake.

I studied, got the license then went through the issues listed in this thread and then decided it wasn't for me.

In hindsight, the only similarity I found betwixt the two markets was that the word "Insurance" was on both licenses.

Disclaimer: Don't think I am being negative because that is not my intention. Just relaying the experience I had. It may be a total winner for you. Everyone is different

 

[BADTROUT]

betwixt

That is such a cool word... I'm going to go out of my way to use it today.

 

[AZDave]

So far you have found that you will have:
tough learning curve
more expense with E&O and maybe office?
forced to join a blood sucking aggregator for market access
selling low commission high service products to a very price sensitive market


Back in the day I sold a lot of health insurance for a captive company along with the auto/homeowners and life. I know times are quite different now, but when that Carrier you wrote the customer with has a rate hike of 20%, which they will, and your sitting there with your thumb up your bt because you have no other options, (cause your blood sucking aggregator doesn't have one) your entire account is at jeopardy.

Stick to what you know and find a P&C person who will throw you a bone for the referral.

Just my thoughts of the day!

 

[BADTROUT]

blood sucking aggregator

This is true for many, but not all... There are exceptions where their 90% is better than your 100%. I've used one, I've built one, I've seen every end of the spectrum from the "free" that's never free, and the "you're not living the dream until you've spent $60K for a job". In general, you are not wrong... and @axeman462 he has a point with finding a P&C person to partner up with being a win-win in many cases. Just noting that there are exceptions to the "bloodsucking" term... not all, but some. (For the record we are not in Florida).

 

[AZDave]

No offense to you fine aggregators on this Forum. I am a member of a great group, but I equally refer them as bloodsucking as well, once a month!.

 

[BADTROUT]

No offense to you fine aggregators on this Forum. I am a member of a great group, but I equally refer them as bloodsucking as well, once a month!.

I feel ya! But yeah just think of those fat stacks come bonus season!

 

[axeman462]

Well, I passed the State Exam yesterday. :-)

 

[axeman462]

So what is the next step? How do I get appointmented with carriers? Is like the L&H side where I need to go through FMO/IMOs or does the P&C side generally go direct with the carrier?

If I need to go through an FMO, are there any recommendations? I wish to remain independent, and refuse to assign commissions