Hi. I have been talking to State Farm, Allstate and Nationwide to become an exclusive agent. I also have a friend who owns a good IA who suggests that I should also consider the IA route.
As far as State Farm goes, I'm not impressed with their push to sell their in-house mutual funds and bank accounts (with quota's).
Allstate seems to have a decent agency platform which apparently uses Lincoln Life (annuities) and The Hartford (commercial insurance), and on the investment side, they are more independent.
Nationwide is confusing, they say there is a new platform that allows you to write business to The Hartford, Travelers, Progressive, etc, but they are vague on everything else.
As far as an IA goes, I don't have a book of business and am starting from scratch. I heard of InsuranceNoodle, but I don't know of any other small agent platforms/markets to place business through. I personally belive in the IA model but don't know where to go...
My question is: Can anyone give me a run down of pro's and con's of each. I am starting my practice in CT but will be moving to Chapel Hill, NC in 2006. Thanks.
New Agent Advice
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BettyAllstate
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- Location: Connecticut
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Goodfellow,
I have been with Allstate now for almost 8 years IN CONNECTICUT.. as a producer, now as an agent. I left for a short time (4 months) 2 years ago to look at an opportunity with State Farm, which to my dismay was far from what I wanted in a career.
<span style='color:red'>
First, State Farm. Before I went to State Farm to inquire about there agency program & contract I was alredy with Allstate for 6 years and I am very industry savvy. I went to an agents office and worked there for 4 months before deciding the company was just not what I had expected. Here's what I found:
1. In all the training programs they offer they are extremely brain-washing. Being an outsider (Allstater) I knew there were other ways of doing certain things. However when going into SF they would rather you think "this is the only way" ----probably explains why they hire mostly unexperienced people & train them.
2. Goals & Objectives weren't too far off, they have weird goal structures & recognition programs.
3. The start up was very different (as an employee) with certain loan provisions for furniture and staff.
4. VERY SHELTERED. As you mentioned with the pushing of the Mutual Funds & Bank products. </span>
FYI--- They also have brokering for Health insurance - Fortis
Life INsurance they use Phoneix
<span style='color:blue'>Second, Allstate. My Favorite choice naturally. FYI our Life insurance is not written through Lincoln Life, it is Lincoln Benefit Life --Very different. And our Commercial is not written through The Hartford it is brokered through several companiesincluding Allstate Commercial. The opportunities are better with Allstate to have your own principles & practices that work for you. We have come out with a new program for you (new agents) that is wonderful for people coming into the business. Sort of an employee set-up to train for 18months then you open up shop on your own with the accounts you have accrued in the program. It is a great opportunity to take a stab at insurance and the industry to see if you would even like it! Email me for more info... CT is hiring now ! ! </span>
Sorry I know nothing about Nationwide's program...
Hope this helps.. Email me or call for more information
I have been with Allstate now for almost 8 years IN CONNECTICUT.. as a producer, now as an agent. I left for a short time (4 months) 2 years ago to look at an opportunity with State Farm, which to my dismay was far from what I wanted in a career.
<span style='color:red'>
First, State Farm. Before I went to State Farm to inquire about there agency program & contract I was alredy with Allstate for 6 years and I am very industry savvy. I went to an agents office and worked there for 4 months before deciding the company was just not what I had expected. Here's what I found:
1. In all the training programs they offer they are extremely brain-washing. Being an outsider (Allstater) I knew there were other ways of doing certain things. However when going into SF they would rather you think "this is the only way" ----probably explains why they hire mostly unexperienced people & train them.
2. Goals & Objectives weren't too far off, they have weird goal structures & recognition programs.
3. The start up was very different (as an employee) with certain loan provisions for furniture and staff.
4. VERY SHELTERED. As you mentioned with the pushing of the Mutual Funds & Bank products. </span>
FYI--- They also have brokering for Health insurance - Fortis
Life INsurance they use Phoneix
<span style='color:blue'>Second, Allstate. My Favorite choice naturally. FYI our Life insurance is not written through Lincoln Life, it is Lincoln Benefit Life --Very different. And our Commercial is not written through The Hartford it is brokered through several companiesincluding Allstate Commercial. The opportunities are better with Allstate to have your own principles & practices that work for you. We have come out with a new program for you (new agents) that is wonderful for people coming into the business. Sort of an employee set-up to train for 18months then you open up shop on your own with the accounts you have accrued in the program. It is a great opportunity to take a stab at insurance and the industry to see if you would even like it! Email me for more info... CT is hiring now ! ! </span>
Sorry I know nothing about Nationwide's program...
Hope this helps.. Email me or call for more information
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Grant
- Insurance Journal Enthusiast
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- Joined: Fri Jan 14, 2005 7:10 am
- Location: Orlando, FL
- Contact:
Betty,
Thanks for the Allstate information, I will pass that on to a buddy of mine who is thinking of joining Allstate.
goodfellow,
Being an IA is a little tougher to get started, but gives the freedom and very wide range of products. If you have the determination and hard work ethic an IA might be the route for you.
Grant
Thanks for the Allstate information, I will pass that on to a buddy of mine who is thinking of joining Allstate.
goodfellow,
Being an IA is a little tougher to get started, but gives the freedom and very wide range of products. If you have the determination and hard work ethic an IA might be the route for you.
Grant
Offer your senior clients a life settlement<br><a href='http://www.rtgconsultants.com/' target='_blank'>http://www.rtgconsultants.com/</a>
The Insurance industry is funny it seems as though their is a front of the house and a back of the house mentality. I say this with being a former owner of Banquet and Restaurnt Facility Front of the house being the financial side the (wait staff) back of the house being (Kithchen Staff) the Property and casualty side.
All depending upon who introduces you to the Business will determine your initial opinon of either side. Only the great ones work togther. other wise you are mediocore.
I was brought in on the financial Side. If I could do it all over again I would do it on the Property and casualty side with the straight forward and indepth questioning of a Financial side.
You see in my opinion done correctly you can become a Finacial Planning Property and Casualty firm. every Finacial Firm wants clients calling them. That is what the property and casualty sidebrings to the table.
With this in mind and with the mind set of a Financial Planner you must plant the seed consistently and you will have your clients meeting with you just like a Doctor. But instead of a annual Physical you will have a annual Fiscal review.
If I where to rate the firms who give you the freedom and options to really do right by your client. I would give Allstate the highest marks.
If you have a great agent you are not in GOOD HANDS but GREAT HANDS.
All depending upon who introduces you to the Business will determine your initial opinon of either side. Only the great ones work togther. other wise you are mediocore.
I was brought in on the financial Side. If I could do it all over again I would do it on the Property and casualty side with the straight forward and indepth questioning of a Financial side.
You see in my opinion done correctly you can become a Finacial Planning Property and Casualty firm. every Finacial Firm wants clients calling them. That is what the property and casualty sidebrings to the table.
With this in mind and with the mind set of a Financial Planner you must plant the seed consistently and you will have your clients meeting with you just like a Doctor. But instead of a annual Physical you will have a annual Fiscal review.
If I where to rate the firms who give you the freedom and options to really do right by your client. I would give Allstate the highest marks.
If you have a great agent you are not in GOOD HANDS but GREAT HANDS.