i am very interested in becoming an independent isurance agent, but how do i find the insurance carrier companies? how do i know witch co. would be good to work with?
2007-03-20 20:43:22 · 0 answers · asked by sielogirl 1 in Business & Finance ➔ Insurance
Are you licensed? If not, the best thing to do is to find a job at a local independent agent as probably an assistant of some sort, then tell them you are interested in being licensed, they would normally pay for your schooling & testing & your licensing fees. Once you are licensed, you can work with the public and the companies and then you can decide 2 things, if you like it at all (some people are just not cut out for it) and what companies you like & don't like. If you are already licensed, I would do the same thing. Starting your own agency takes A LOT of money & it takes a while to get companies to appoint you. If you have already worked with some companies for a few years, get to see how an agency works, what you need to know, do, etc, you may have an easier time with it. Then, once you are appointed, remember you work on commissions - most commissions are 10-20% ($100-$200 on a $1,000 policy) so as you can see, it will take a lot of policies just to pay your own salary, never mind your utilities, computers, office supplies, support staff, you own insurance (E&O is expensive & normally has a $10,000 deductible which has to be paid whether the the policy pays out or not) etc. Commercial policies are complicated and shouldn't be written by anyone that doesn't know exactly what they are doing (most producers specialize in a few types of businesses and get to know them very well). Good luck to you, but I think I would try working for someone else first.
2007-03-20 23:23:14 · answer #1 · answered by Sue 6 · 0⤊ 0⤋
I've seen some very good answers, and just want to point out another avenue for you. Search for a small agency, such as a Mom & Pop, with owners nearing retirement age. They may not have a perpetuation plan in force, so you could go to work for them for a year or so, see if it's an agency you can handle with the contracts you desire. This time will also allow clients and insurance companies to get to know you. If everything is good, you can buy the agency. Many owners will be glad to take payments over time to reduce taxes, and the insurance companies will be familiar with you and happy the book will not be orphaned.
Talk with the people at the IIA&B in your state, they know many of the agencies, and may be able to get your resume out to prospective agencies.
2007-03-21 05:13:45 · answer #2 · answered by Noah Tall 4 · 1⤊ 0⤋
There is a way to get access to good markets without having a huge volume commitment. My agency is a small agency in North Carolina and we use a local company that basically serves as an agency cluster. They supply the markets to several insurance agencies. They may or may not help service the accounts. In return they will receive part of your commission for supplying the markets. A couple companies that I can think of right now that do this are SmartChoice, Keystone, and Iroquois. When you have a large volume of business with one company you can always get a direct contract with that carrier.
2007-03-21 02:10:24 · answer #3 · answered by Paul K 1 · 0⤊ 0⤋
Well, there's the trick, isn't there! It's really hard to get an appointment, depending on where you are. Example: In MA, it's almost impossible to get an auto appointment; in FL, it's almost impossible to get a homeowners appointment.
You need to contact marketing managers and just sell yourself. Most want a volume committment - so if you have an existing book of $250,000 sitting around, you'll have better luck. You'll need to start with small, regional carriers. Progressive is ALSO relatively easy to get an appointment with.
They WILL do a credit check before taking you on. They WILL look at your resume and insurance history before taking you on. They won't take you on unless they are reasonably sure you're going to write GOOD business with them, and that you're going to give them a minimum of $100,000 of business the first year . . . so you'd best have a plan in place.
It's not going to be about which are good to work for . . . it will be about, who's willing to take you on. You're not going to do the picking, they are. Sorry.
2007-03-21 01:29:55 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
Get your insurance license, then you'll get all kinds of notifications in the mail from many companies seeking independent agents.
2007-03-21 00:03:08 · answer #5 · answered by Paul McDonald 6 · 0⤊ 0⤋
There is a lot of quality advice on how to go independent at www.insurance-forums.net/forum Just read some of the newbie threads on the agent forum
2007-03-22 04:48:22 · answer #6 · answered by insureman613 3 · 0⤊ 0⤋
It depends on what kind of ins you want to offer. I am in my third year of health and life and making money.
I read the help wanted under insurance.
If life and health is what you are looking for, email me. I am not actively recruiting at this time, but am glad to mentor you if I can.
2007-03-21 06:31:37 · answer #7 · answered by Anonymous · 0⤊ 0⤋
you can log on www.lifeisgreat.com.my or www.insurance.com.my. I myself recruiting insurance agents for Great Eastern Life. If you interest can contact me
2007-03-20 23:06:58 · answer #8 · answered by Anonymous · 0⤊ 0⤋