Hey Guest, you are sounding to have a great experience in the field of selling insurances. Why don't you join us? I'm sure this community can gain a lot from your expertise.
With the fierce competition in the market, it all will depend upon your performance. In addition, you're required to meet their sales obligations in each period, otherwise they may choose not to allow you to use their names.
However, I'd suggest that you do your own research regarding the competitiveness of the products offered by the companies and also contact some of the local agents for insights. _________________ Register Now to have your Insurance queries solved.
what product you intend to sell?and what the company offers in that line?
whether the company's products are competitive enough, as compare to its competitors?
what is the socio-economic condition of the market in the locality? is the market capable enough to pay the premium?
what is overall market scenario? whether there is enough demand in the market or not?
How much the other agents are making?
demand in the market, like- if you find that there is a huge demand for small business insurance in the locality, but no agent is offering the right kind of product, you may consider channelizing your business to that line.
Regards,
Dan _________________ Register Now to have your Insurance queries solved.
I'm looking into entering the insurance agent profession. However, I don't have any experience in this field, neither do I have the license. Well. I'm planning to get the license soon. But I've another issue, I've a pretty bad credit and wud like to know if it'll affect my prospect in becoming the agent?
Any advise will help...Thanx _________________ Register Now to have your Insurance queries solved.
I've a pretty bad credit and wud like to know if it'll affect my prospect in becoming the agent?
Absolutely, especially with the larger carriers I would think.... _________________ **************************************
Life gaurantees a chance NOT a fair shake
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Hi Arnold, your bad credit may or may not affect your prospect of becoming an agent. Though there is no direct correlation between efficiency and credit score, but employers are gradually putting emphasis on credit report as the criteria for employment. The general concept is that if you're bad in managing your finance, you're ought to be bad in managing your business. However, some employers won't mind recruiting you if you can prove your worth.
Credit score won't affect your job prospect. As far I know both State farm and AllState don't look into the credit score of the candidate while recruiting.
however, an independent agent should be good in managing finance. I've seen agents ending up in debts for bad financial management. _________________ Register Now to have your Insurance queries solved.
It seems to be an interesting discussion to drop in State Farm certainly offers good opportunities for aspiring agents. However, when the name of State Farm ensures minimum business, it is often difficult to meet the break-even point. Its not only because of the competition from the other companies agents, but also because of the competition amongst the State Farm agencies. Moreover, the turnover of the State Farm agents, for the initial years, remains pretty low.
However the success of all the State Farm agents can be attributed to the fact that State Farm follows the strictest policy of recruiting agents. They take the pain to train you for around ten months before you're all set to operate your own business. And, during this period you'll be paid by State Farm.
Hence, if you've decided to join State Farm, ensure that you also possess the hardest set of mind with the zeal to excel.
Let me throw some light upon the recruitment process of StateFarm. Juanita has mentioned its right that StateFarm train their agents for the necessary skills.
The recruitment process involves evaluation of sales aptitudes, background checks, face to face interviews and personality test. It may even take 2 years from ‘acceptance' to become fully operative StateFarm agent with own office. State Farm mainly look for the following characteristic in the candidate….
Ability to operate a business
Ability to sell insurance and financial products of the company
Desire to excel and self motivation
Dedication towards work and desire to be compensated best.
Strong written and communication skills
After approval you'll receive training from the in-house trainers of StateFarm.
Wishing you all the best!!
Darla _________________ Register Now to have your Insurance queries solved.
Its not the AA97 that is the bad contract its the TICA or AA04 contract that current agents are on that is causing them problems. They came up with the new contract in 2004 and almost every agent on it is still struggling. They have been many agents that have left State Farm due to it. I know agents that filed bankruptcy and have been divorced over it. They had meeting just this week with more lies and deceit from the company. You can't make any real money on this contract at best its a 50K a year job in your 5th year even if you are above average. There are rumors of a change to all getting the AA97 a good contract its not what the oldest agents have but still a good overall deal. Right now I would avoid State Farm like the plague unless you have $100,000 you want to invest with no guaranteed return. _________________ Register Now to have your Insurance queries solved.
I looked at both and choosing Allstate was an easy decision. As "Guest" stated above, with State Farm, you do not own your business. With Allstate, I own my book of business and when I retire, I can sell it and 100% of the proceeds are mine.
One side note, I would never sell back to Allstate. They will pay approximately 1.5 times the value of the book. Selling on the free market will bring me anywhere from 3 to 4.5 time the value.
State Farm certainly offers good opportunities for aspiring agents. However, when the name of State Farm ensures minimum business, it is often difficult to meet the break-even point. Its not only because of the competition from the other companies agents, but also because of the competition amongst the State Farm agencies. Moreover, the turnover of the State Farm agents, for the initial years, remains pretty low.
