Ready to open my own agency?
Posted: Mon Oct 27, 2008 12:29 pm
Fellow Agents:
I've been an insurance agent for several years now, and have experience in highly successful captive and independent agencies. Personally, I love the independent side of insurance! Long story short, I'm thinking about opening my own shop and value the wisdom that many of you have from many years and experiences in the industry. I currently do contract sales for a small independent in South Texas and work from my extra bedroom at home. I go into the agency about twice a month to drop off paperwork and pick up a check. The agency provides me with an agency management system, E&O and comparative rater. I do my own marketing, and provide everything else. When the agency gets a file from me it is complete, and already scanned into the agency management system. It costs me from $1200 to $1500 a month on average in lost commissions to be a part of this agency, and that cost will only go up when my renewals start. I'm having a hard time seeing the value in being a part of this agency as opposed to starting my own shop. Do I open my own shop? I have relationships with about 5 companies that said they could get me directly appointed. I'm thinking that I'll need an agregator as well in the begining? Any thoughts??? I appreciate your input!
Regards,
Scuba
I've been an insurance agent for several years now, and have experience in highly successful captive and independent agencies. Personally, I love the independent side of insurance! Long story short, I'm thinking about opening my own shop and value the wisdom that many of you have from many years and experiences in the industry. I currently do contract sales for a small independent in South Texas and work from my extra bedroom at home. I go into the agency about twice a month to drop off paperwork and pick up a check. The agency provides me with an agency management system, E&O and comparative rater. I do my own marketing, and provide everything else. When the agency gets a file from me it is complete, and already scanned into the agency management system. It costs me from $1200 to $1500 a month on average in lost commissions to be a part of this agency, and that cost will only go up when my renewals start. I'm having a hard time seeing the value in being a part of this agency as opposed to starting my own shop. Do I open my own shop? I have relationships with about 5 companies that said they could get me directly appointed. I'm thinking that I'll need an agregator as well in the begining? Any thoughts??? I appreciate your input!
Regards,
Scuba