Need advice on going into the business....please help....

[AprilClayton]

Well.....I'm going to insurance school next week for property and casualty, and I need advice on going into the business. Whats better to start out at for newly licensed agents, a broker, or a company ? OR what field to start out in. I'd really like some professional advice, and thank you in advance for your time!!

April in Modesto, CA

[sanddog1]

To answer your question, not sure about what field your interested in? I guess if you're a gofer alfalfa is pretty good. If your looking for a good market or market segment try P & C, that's where the moolah is $$$
I have some advice, unless you have a bank roll that will last 3 years. Then go with a BROKER who has a good commission split program and where your able to buy your book of business. The only other option is allstate, statefarm, and the worst is farmers. You can not get appointed with Allied, Safeco, Zurich, Hartford, Travelers, CBIC, Finanical Pacific, CIG, First American Ins, etc. Must have experience and a book to roll.

[d's insurance store]

April, you didn't give any indication of where you are in life. Are you newly graduated from college and in your 20's? Then I would suggest working either for a local agency in personal lines (and that could include an Allstate, State Farm type of office as a producer) or going to work somewhere in the system for a larger insurance corporation, perhaps as a claims trainee. This would give you a beginners perspective about aspects of the business and you could decide if it's a fit for your goals and personality. It would also expose you to different categories in this giant machine we call insurance.

Are you farther along in life and this is a mid term career change...then perhaps you're move focused about what aspect of the business you want to zero in on. If you've made the commitment to gravitate into sales, then the vast majority of people in this forum will tell you the bigger dollars are in commercial production. I think personal lines is also viable, but it's much more of a transactional building process to reach the point where you'll be making a living wage.

I hope this helps. I don't think you'll find it difficult to find something to whet your whistle starting out as a newly licensed person.

Good luck.

[AprilClayton]

Thank you for your advice!!

I'm 22 and this is my first and only career move...I'm praying this will work out for me. I know not having any college education doesn't help, but my drive to be successful will hopefully show! Thanks again, and happy to hear anything else, negative or positive

[InsAgentSF]

Luckily college degree has nothing to do with insurance. The only thing that you really need is a desire to make big money. Not just by saying yeah i want to make money but actually do it. So do the following

1) Pass for the license
2) Try to get into a retail brokerage. If you are close to Foster City, i may be able to help you
3) Once you are settle, try to follow someone who is experienced. Do it for a few month, ask questions, write stuff down, be curious. You should read or do something that is related to insurance every day. I have been in business for 3 years and i educate myself every single day. Read Insurance Journal, read Independent Agent, read http://www.entrepreneur.com/
4) Ok now you somewhat know what to talk about and you are ready to make money. Set up goals and damn focus to reach them. For example, set up a goal to make 5,000 gross income (comm + Broker Fee) a month.
Write this goal on a piece of paper and hang it on your wall. Now you have a damn goal and you have to meet this goal. Whatever it takes. If it means working 15 hours, then so to be. After a while you will see that to close a big deal and a small deal takes the same time and effort, you will get to know underwriters and they will do little favors.
5) Source for leads:
a) Network with Allstate, farmers Agents
b) Go to craigslist and find a BNI chapter or a network group. Join them
c) Make sure that everyone who you talk to knows that you an agent. And most of all enjoy your work. Insurance is a great field to be in

[bindscott]

April

You might want to start by working for a retail broker first. Then talk to some other folks in the wholesale side (ie. MGA) and also take advantage of job offers from carriers. There are ups and downs in all fields and even insurance has many fields that are totally different from eachother.

My two cents:

RETAIL SIDE
Positive: No limit to how much $$ you could make. You could control your agency and even have an opportunity to sell your book if you decide to move on (Notice I used the word Could NOT Can). You don't pay any claims out of your pocket. Despite the fact that most consumers don't know the difference between underwriters and agents, you can always blame things on underwriters when things go wrong.

Negative: You have to put up with lots of BS's and A-holes. There are many clients that think they know more about insurance than you. You are pretty much sandwiched in between clients and underwriters. Carriers constantly change guidelines and make your job even more harder. Most underwriters don't care about how you crap your pants while giving bad news to your clients. Many clients threaten you with "I'm switching my policy to another agent" or "I'm gonna call the insurance commissioner". You must speak clear and nicely to all people who call you for a quote. (Last thing you want is to let your competition win your business). You must eat, sleep, socialize insurance. Some people (even your very own friends and family) might not answer your phone calls thinking you want to sell them more insurance.

MGA - WHOLESALE SIDE:
Positive: You don't have as many A-holes complaining all day. Salary is not great if you're a n00b but keep digging and you might see some comfortable remuneration in the long run (ie. profit share, bonus etc..). Management positions will be offered with higher education (I'm not talking about 4 year degree in History). Many retail agents are nice to you because they want special favors from you (remember, the nice part only last if you keep giving special favors). Benefits such as health, dental, vision and 401K's etc.... are reliable.

Negative: You have to put up with some inexperienced agents that bother you and time your work. You might be stuck with Mrs. Dailyperiod as your supervisor. You do NOT own anything unless you become one of the officers. Lot's of new things to learn and read. People expect you to be perfect. Occasional mergers and aquisitions might jeopardize your job.

CARRIER SIDE:
Positive: You work from 8 to 4 and get weekends and holidays (including Christopher Columbus day) off with paid vacations. Great health, dental benefits, retirement plans galore. Human resource department will constantly ask you if you're comfortable with your work environment. Everybody's so nice to eachother accept the people in your chain of command. You can work hard for 30 years and could look forward to a nice retirement with 0 balance mortgage.

Negative: Your workspace will always be a cubicle. Might get larger as you put in more years but people still talk around you. Your direct supervisor breaths down your neck every minute. Everything but going to the bathroom must be approved by your supervisors or management. There are 200 others that want your salary. Punishments by the management are common if you don't return calls. Absolutely no personal phone calls, running errands during work hours.


I've been there and done that. Now it's your turn to pick. Don't mean to be harsh but it's reality. Good luck to you my friend!!

[Leif]

April

You might want to start by working for a retail broker first. Then talk to some other folks in the wholesale side (ie. MGA) and also take advantage of job offers from carriers. There are ups and downs in all fields and even insurance has many fields that are totally different from eachother.

My two cents:

RETAIL SIDE
Positive: No limit to how much $$ you could make. You could control your agency and even have an opportunity to sell your book if you decide to move on (Notice I used the word Could NOT Can). You don't pay any claims out of your pocket. Despite the fact that most consumers don't know the difference between underwriters and agents, you can always blame things on underwriters when things go wrong.

Negative: You have to put up with lots of BS's and A-holes. There are many clients that think they know more about insurance than you. You are pretty much sandwiched in between clients and underwriters. Carriers constantly change guidelines and make your job even more harder. Most underwriters don't care about how you crap your pants while giving bad news to your clients. Many clients threaten you with "I'm switching my policy to another agent" or "I'm gonna call the insurance commissioner". You must speak clear and nicely to all people who call you for a quote. (Last thing you want is to let your competition win your business). You must eat, sleep, socialize insurance. Some people (even your very own friends and family) might not answer your phone calls thinking you want to sell them more insurance.

MGA - WHOLESALE SIDE:
Positive: You don't have as many A-holes complaining all day. Salary is not great if you're a n00b but keep digging and you might see some comfortable remuneration in the long run (ie. profit share, bonus etc..). Management positions will be offered with higher education (I'm not talking about 4 year degree in History). Many retail agents are nice to you because they want special favors from you (remember, the nice part only last if you keep giving special favors). Benefits such as health, dental, vision and 401K's etc.... are reliable.

Negative: You have to put up with some inexperienced agents that bother you and time your work. You might be stuck with Mrs. Dailyperiod as your supervisor. You do NOT own anything unless you become one of the officers. Lot's of new things to learn and read. People expect you to be perfect. Occasional mergers and aquisitions might jeopardize your job.

CARRIER SIDE:
Positive: You work from 8 to 4 and get weekends and holidays (including Christopher Columbus day) off with paid vacations. Great health, dental benefits, retirement plans galore. Human resource department will constantly ask you if you're comfortable with your work environment. Everybody's so nice to eachother accept the people in your chain of command. You can work hard for 30 years and could look forward to a nice retirement with 0 balance mortgage.

Negative: Your workspace will always be a cubicle. Might get larger as you put in more years but people still talk around you. Your direct supervisor breaths down your neck every minute. Everything but going to the bathroom must be approved by your supervisors or management. There are 200 others that want your salary. Punishments by the management are common if you don't return calls. Absolutely no personal phone calls, running errands during work hours.


I've been there and done that. Now it's your turn to pick. Don't mean to be harsh but it's reality. Good luck to you my friend!!

That sounds about right.

I'd get in at an agency to get your feet wet. Try to find an agency that has a producer training program and great marketing support (if you are wanting to go the sales route). Also, don't look down at picking up a job on the service side for a few months to learn the products and industry. I think the best way to learn something is to immerse yourself in it and a lot of scratch producers don't seem to know what they're selling. Some would argue it doesn't matter, just make the sell, but I think it would help out your success rate.

[92builder]

Come to Kansas. I'll put you to work.

[AprilClayton]

I'd love to!! Wish I was there!!