Just got laid off and thining of striking out on my own. I have looked at Farmers hoping to get access to Zurich's small biz products but does not look like they have th0se yet. I have spent the last 8 years woring for a mjor carrier as a WC adjuster and a supervisor of a group of UW assistants so I do have some industry knowledge. Also spent a few years with a personal lines (auto) carrier as a CSR. Prior to this I did the life and health gig but went corporate as my kids were always hungry. Now kids are grown and I have a little severance to assist.
I am considering going with SIAA as there is a local master agency which provides support in exchnage for a commission split. My concentration would be commercial. I would also link up with a senior market life and health company to provide quick hit income as well as building a book. I would not ignore persoanl lines and would write as I encounter. As a CPCU I have book knowledge and have a capable mentor. I know the owrk will be hard and I would have to see as many people as I can and network like crazy. I am licensed
I have also talked to a couple of brokers who would start me with a base + split commisions for the first year with expectations of approx $80k in agency commissons.
I also have opportunities to go back to the corporate environment.
Anyone care to comment? My mentor is waiting for me to decide what I want too be when I grow up
Also, any reccomendations on a "not too expensive" agency management software? I would prefer to go paperless.
"My mentor is waiting for me to decide what I want too be when I grow up."
Suggestion #1, get a new mentor.
#2, Get spell check
#3, Your past does not indicate experience or aptitude for sales and marketing. Selling insurance looks easy to underwriters and adjusters. The real world is different. This does not mean you can not sell. It means you don't seem to have done it.
The book knowledge of insurance is rather straightforward. Your mindset needs to be that you are in the marketing business and that takes a very different skill set than you have mentioned.
One he missed on was that you did not do your home work. If you want the Zurich Contract, you need to go to Foremost for their Independant Contract. Farmers and Zurich do not play well togeather. Just talk to a Farmers agent and he should tell you.
Thanks -I know my most recent experience does not show any marketing background; however, I do possess a sales background and am well aware that my success will be dependent more on how many people I talk to than how much I know. I just seems that many of the captives recruit so many from outside the industry and have such a high failure rate.
Whichever direction I take to enter the market I will have to hit it with all I got. I just want to make sure I start by going through the best door.
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If you looking for an Insurance company software this can be an option to consider. They specialize on insurance and I have heard their systems are very reliable.
Last edited by Josh on Fri Jul 23, 2010 4:05 pm, edited 1 time in total.
Reason:unrelated link removed
lucia wrote:If you looking for an Insurance company software this can be an option to consider. They specialize on insurance and I have heard their systems are very reliable.
No, we ain't looking. Trying to sell is ok when there is some connection to the question asked. Otherwise it's spam.
jeffmb wrote:Just got laid off and thining of striking out on my own. I have looked at Farmers hoping to get access to Zurich's small biz products but does not look like they have th0se yet. I have spent the last 8 years woring for a mjor carrier as a WC adjuster and a supervisor of a group of UW assistants so I do have some industry knowledge. Also spent a few years with a personal lines (auto) carrier as a CSR. Prior to this I did the life and health gig but went corporate as my kids were always hungry. Now kids are grown and I have a little severance to assist...........
I have also talked to a couple of brokers who would start me with a base + split commisions for the first year with expectations of approx $80k in agency commissons.
I also have opportunities to go back to the corporate environment.
Anyone care to comment? My mentor is waiting for me to decide what I want too be when I grow up
Also, any reccomendations on a "not too expensive" agency management software? I would prefer to go paperless.
Thanks
I really don't know how I missed this one when it started... Being an ex-FIG agent I (or my Radar) usually see them and at least read them. I started out life with FIG in '82 - left them in '89 and now I'm working on all three sides of them (Zurich, Foremost & Bristol West). From what I've observed, they are still not a company I'd want to be appointed with. I had Zurich before they bought FIG and Foremost before FIG bought them and got Bristol West when AIG went in the tank and 21s Century, The FIG/Zurich Direct Writer, acquired them serviced them until they decided what to do with the AIG I/A block.
Your options of working as a producer with the education you've outlined looks good. I would suggest getting involved in the CIC program. I've never been involved in CPCU but I understand that CIC has more practical aspects and by getting and keeping current with the CIC Designation and updates, you end up keeping more current than just having the CPCU designation.
jeffmb wrote:Thanks -I know my most recent experience does not show any marketing background; however, I do possess a sales background and am well aware that my success will be dependent more on how many people I talk to than how much I know. I just seems that many of the captives recruit so many from outside the industry and have such a high failure rate.
Whichever direction I take to enter the market I will have to hit it with all I got. I just want to make sure I start by going through the best door.
I would say focus on both, how many people you talk to in the short run and how many (quality) people you know in the long run.
jeffmb wrote:Thanks -I know .......; however, I do possess a sales background and am well aware that my success will be dependent more on how many people I talk to than how much I know. I just seems.....
....door.
I have to disagree with you on success will be dependent more on how many people I talk to than how much I know. That may be true, to an extent in the short-run, when you are getting started. However, in this insdustry your long term success will depend on what you know because that affects how well you do your job and meet your clients needs.
The reason I suggested the Academy of Producer Studies and the CIC program is because that education helps you meet your customers needs and explain to them why they need certain coverages and endorsements.
