- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Anyone here in the insurance business?
Posted on 10/16/15 at 3:39 pm
Posted on 10/16/15 at 3:39 pm
I'm switching careers already(23) and it looks like I'm getting in the insurance business. I was talking to a good friend in it about a month ago telling him the career I'm in now isn't working out. He's in the insurance business now and asked me to go into business with him. He's 30 years my senior and said it would be good going in with people different ages since we know different people. It's P and C and and we would start out doing individual and working our way into businesses. It would be in south Louisiana. What do you guys think and does anyone have any advice?
7
Posted on 10/16/15 at 3:45 pm to nugget
I worked as a claims adjuster for a few years. No idea on the sales side of things, but will say the big companies treat the agents like royalty and the claims workers like trash.
I hated every minute of it. That's all I got. I don't think my experience is indicative of how the agent side of things is.
I hated every minute of it. That's all I got. I don't think my experience is indicative of how the agent side of things is.
Posted on 10/16/15 at 3:48 pm to The Spleen
I woul be independent. Me and a guy that's already in the business would do our own thing.
Posted on 10/16/15 at 4:39 pm to nugget
You can make a good living if you have a very large pipeline of qualified prospects. You have to know a ton of people who are either qualified prospects and/or can introduce you to the same.
Posted on 10/16/15 at 5:43 pm to The Spleen
quote:
the big companies treat the agents like royalty and the claims workers like trash.
Probably because the agents bring in money and the claims workers give it out.
Posted on 10/16/15 at 5:59 pm to foshizzle
Have a friend who is in insurance. Retiring guy at company handed him his book of business at 28 years old so I think things worked out well for him.
Posted on 10/16/15 at 11:59 pm to nugget
quote:
What do you guys think and does anyone have any advice?
Can be a great career.
You don't start in personal lines then move to commercial. You can't be an expert in both successfully.
Louisiana is over brokered like crazy.
Small independent agencies are dying off. Large agencies have too many resources. Plus I can get carriers that you cant. I'm going to win on coverage and price.
Best of luck
Posted on 10/17/15 at 9:19 am to nugget
Banks and national firms are ruining the industry for smaller agents, just like anything else. Good luck.
Posted on 10/17/15 at 12:49 pm to donRANDOMnumbers
quote:
Banks and national firms are ruining the industry for smaller agents, j
This wouldn't be because of regulation would it? Seeing a lot of that. Regulation disguised as "consumer protection" increasing costs to the point smaller companies can't compete and increased barrier of entry
Posted on 10/17/15 at 10:50 pm to Mr.Perfect
How did my previous post get a downvote. Spot on statement
Posted on 10/17/15 at 11:13 pm to nugget
Selling P&C at 23 with no insurance knowledge is going to be really hard, especially to businesses
Posted on 10/19/15 at 10:16 am to RebelExpress38
You should ask the agent what is his renewal base to get an idea of the agency viability. This will give you an idea of the potential. Is he giving you a cut of the existing renewals? I am retiring this year from multi-line sales. It has been VERY rewarding.
Posted on 10/19/15 at 12:40 pm to nugget
Little ignorant here, but what is
quote:and why should I give you money for it?
P and C
Posted on 10/19/15 at 12:56 pm to JamalSanders
Property/casualty.
An extremely predictable business, and very good business to own. I'm not sure I would start at a large agency without at least vesting in a book of business, if not opportunity to buy in. The larger agencies pay p/c producers relatively little. The resale value of a smaller agency is almost 5 times top lines. You'd never get this for a larger agency, in any state, anywhere.
Depending on the service structure, if you're not getting offered at least 45% new business, and 30% renewals, you should walk away. You can make maybe 1-2 million in a career at lower levels, but the cost is too great, and 1-2MM isn't enough for a good agent. Agent being very different than producer. A producer generally could never run an agency, they are almost exclusively sales.
I own an extremely small agency. 4 main carriers. We are so much more profitable than the larger boys it isn't even comparable. I write some national accounts as well.
I started at one the the largest regional agencies in the country. I now own a minescule agency in comparison. I'm so much better off. I compete better from a pricing perspective. et. etc. ad infinitum.
But I think I'm pretty good at what I do. It's not unusual for me to quote an account at $100K of premium, do it correctly, and earn the business for $150K in premium. Almost everything I write as new business, which I don't do a lot of lately, I write for more premium than the incumbent. I also charge consulting fees as high as 50% of premium in some instances. The difference between selling something, and being good enough to be used as an expert witness in the subject matter.
So I target people who want an advisor, and I avoid those that want to save a couple of dollars. Usually business owners, of which I am one, who care about protecting their net worth, and are not hugely price sensitive. Buy cheap, buy twice. Buy cheap, many times I can predict failure. In any business, not just insurance.
Edit - I'd also make sure I got paid for persona lines. It is the #1 value in any agency or book of business sale. When agencies sell, and I scoop in to buy them, I discount large commercial, as does everyone else, personal lines, especially mortgage billed homeowner's policies are with much, much more. Commercial lines is revenue. personal lines is profit.
They'll never tell you any of this when they hire you as a salesperson. I just sit back, wait for Skippy the sale's guy to quit, and basically swoop in, fix their mistakes, and take over accounts from larger agencies who think they compete with me.
An extremely predictable business, and very good business to own. I'm not sure I would start at a large agency without at least vesting in a book of business, if not opportunity to buy in. The larger agencies pay p/c producers relatively little. The resale value of a smaller agency is almost 5 times top lines. You'd never get this for a larger agency, in any state, anywhere.
Depending on the service structure, if you're not getting offered at least 45% new business, and 30% renewals, you should walk away. You can make maybe 1-2 million in a career at lower levels, but the cost is too great, and 1-2MM isn't enough for a good agent. Agent being very different than producer. A producer generally could never run an agency, they are almost exclusively sales.
I own an extremely small agency. 4 main carriers. We are so much more profitable than the larger boys it isn't even comparable. I write some national accounts as well.
I started at one the the largest regional agencies in the country. I now own a minescule agency in comparison. I'm so much better off. I compete better from a pricing perspective. et. etc. ad infinitum.
But I think I'm pretty good at what I do. It's not unusual for me to quote an account at $100K of premium, do it correctly, and earn the business for $150K in premium. Almost everything I write as new business, which I don't do a lot of lately, I write for more premium than the incumbent. I also charge consulting fees as high as 50% of premium in some instances. The difference between selling something, and being good enough to be used as an expert witness in the subject matter.
So I target people who want an advisor, and I avoid those that want to save a couple of dollars. Usually business owners, of which I am one, who care about protecting their net worth, and are not hugely price sensitive. Buy cheap, buy twice. Buy cheap, many times I can predict failure. In any business, not just insurance.
Edit - I'd also make sure I got paid for persona lines. It is the #1 value in any agency or book of business sale. When agencies sell, and I scoop in to buy them, I discount large commercial, as does everyone else, personal lines, especially mortgage billed homeowner's policies are with much, much more. Commercial lines is revenue. personal lines is profit.
They'll never tell you any of this when they hire you as a salesperson. I just sit back, wait for Skippy the sale's guy to quit, and basically swoop in, fix their mistakes, and take over accounts from larger agencies who think they compete with me.
This post was edited on 10/19/15 at 1:01 pm
Posted on 10/19/15 at 1:37 pm to foshizzle
quote:
Probably because the agents bring in money and the claims workers give it out.
I get that. I was just taken aback at the disparity in the treatment, especially when most of the agents I talked to had no clue what they were doing.
Posted on 10/19/15 at 1:50 pm to Iowa Golfer
As always, a through answer.
Posted on 10/19/15 at 1:55 pm to JamalSanders
To not be through, is to not have any money as a general rule in life. These and more snippets of Iowa wisdom on a Monday afternoon as I enjoy a cigar, and see Iowa's football schedule has so far been tougher than Alabama's schedule in terms of beating ranked teams on the road.
Posted on 10/19/15 at 2:06 pm to nugget
You're gonna have to be very aggressive. I had a guy bring boudin, donuts, cookies, cracklins, boudin balls, etc to our office once a week for 3 months before he got the hint that we weren't even gonna talk to him.
Boy I miss the food though
Boy I miss the food though
Posted on 10/19/15 at 3:11 pm to Iowa Golfer
quote:
To not be through, is to not have any money as a general rule in life. These and more snippets of Iowa wisdom on a Monday afternoon as I enjoy a cigar, and see Iowa's football schedule has so far been tougher than Alabama's schedule in terms of beating ranked teams on the road.
Please explain your logic on how Iowa has better wins than 'Bama....or do us all a favor and take your douche bag self to an Iowa/Big 10 board....no one wants your Iowa wisdom or football opinions here...
Posted on 10/19/15 at 3:15 pm to whodatigahbait
quote:
whodatigahbait
You can just not be a dick.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News