Posted: Sat Oct 11, 2008 7:03 pm Post subject: Received producer-license and need help with many question
I am intersted in becoming an independent agent. I have years of insurance experience in many areas; however, I don't know if I need to have a lot of capital. I plan to do it from home at the beginning since I currently work from home for my current employer. I live in Missouri and have found conflicting information regarding the requirement of funds. I will have three others coming on board as well. Any advice on how to get started and if we definitely, as an independent have to have a large amount of funds to get stated. Thanks
PM me and we'll talk. Too much information to put here - also depends on the company you go with. I can tell you about Allstate specifically. _________________ Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. - Ferris Bueller
it-cc, are you wanting to be an independent that sells for many companys? or a captive with one? I'm guessing an independent....also do you have a no compete claus with your current employer? are they aware you are wanting to branch out on your own? _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Thanks for the response. I will continue working from home as a real estate agent and loan officer. There will not be a conflict of interest in those areas. As we all know, those fields can be difficult and at the moment is very slow. Many are getting completely out of the fields. I plan to hold on to them but will be able to hopefully transition completely into an independent agent (not captive). I do have years of experience in the insurance industry (worked in healthcare for years and property/casualty adjusting and claims as well) that I am ready to use and now that I have my producer's license, can hopefully do so.
By advance - Paid more upfront - Generates initial capital more quickly. The downside is that the percentage of actual comission is lower and you have to usually contract through a Feild Marketing Organization.
As Earned - Get paid actual monthly comission. Money comes in much slower but you can contract directly with many carriers for a higher comission percentage.
The second is marketing.
The biggest capital expense is marketing. It is best to have some money set aside for this initially. This includes things such as buying leads, advertising through mailers, internet, media, and using telemarketing.
Have a good variety of these so you can learn which ones work the best.
I would also invest time in learning web based selling. Face to face meetings are great but having the option of doing business online will save you lots of time and travel expense. _________________ Thinking about becoming a health insurance agent or just getting started out as one?
