Thoughts?

Jan 5, 2019

  1. Nomadd917
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    Nomadd917 New Member

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    I am currently an underwriter for a super regional carrier that uses the independent agency mod. I have been underwriting for 8 years with this company doing nothing but P&C insurance. I am contemplating starting to sell insurance for an independent agent part time during my free time to supplement my income and to possibly switch to sales full time if it works out and I develop a book to replace my current salary. The agency would also offer options to buy ownership of the agency down the road. My ultimate goal in insurance is to own and run an independent agency.

    In my current underwriting position I do not have any sales responsibility at all, just typical underwriting duties. Review applications, review policies after claims, review endorsements, and build relationships with my assigned agents. i am assigned and work a territory that is almost a 1,000 miles from where I currently live and work.

    The independent agency I would sell for does not have a contract or represent the company I work for in anyway. The offer for commission splits is extremely competitive and geared towards retention.

    What sort of conflict of interest , if any, would this pose? Would this jeopardize my current job?

    Thoughts?
     
  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Yes, it's a conflict of interest. Why? Because it's an outside business activity that is in the same field or industry.

    Over 15 years ago, I wanted to get into a business of giving seminars on financial planning and selling books, tapes, software, etc., while I was working at a large national bank. This was before I was insurance and securities licensed.

    I checked with my HR department - just to ask about it. Now, of course, the HR department isn't going to be on my side as their job is to protect the interests of the company and protect worker's rights, etc. As a manager, I had a decent relationship with my HR consultant, so I felt confident in just asking the question and not having it backfire on me.

    His response was something like this: "You cannot engage in a separate business endeavor that appears that you obtained your expertise from your current employment."

    I would recommend that you check with your HR department and simply ask the question for your own knowledge.
     
    DHK, Jan 5, 2019
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  3. Nomadd917
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    Nomadd917 New Member

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    The company policy on conflicts of interest only pertain to work with vendors the company uses or using your position for financial gain.

    The only other policy for my employer that would apply is in regards to outside employment. It states you can have employment outside of the company but it cannot interfere with your ability to be present at work and that the company is first priority on your time over all other outside employment.
     
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