by m.hoekema » Tue Jan 13, 2009 08:58 pm
I have 10 years retail car industry. Over the years I have gained a tremendous amount of personal and business contacts and I would like to earn a minimum of 100,000 dollars my first year. I don't mind the long hours and hard work. I am looking to make a business for myself and build a financial career on my abilities and enjoy life in 5-10 years with my renewal income
Posted: Wed Jan 14, 2009 10:10 am Post Subject:
We have an Allstate agent around this board may be he can offer you some guidance on becoming an allstate agent and other associated processes. Have anyone seen Lifeisgood lately in this board? :)
With my limited knowledge I can suggest that to operate as an agent you have to obtain the license to sell policies first from the department of insurance. It requires you to clear an exam. You will find the details about licensing in the state insurance department website.
Next step would be to get appointed by Allstate and set up an agency.
Posted: Wed Jan 14, 2009 10:33 am Post Subject:
Well, there are fewer other aspects to look into before becoming an Allstate agent....
Determine the value of the book of business. Not everyone will assign the same value to the same book of business. Hnece, you need to determine the ture worth of it.
Quote your salary reasonably. Its not sufficient to say that you want to reach to such and such figure. A new kid in the block may earn around $50k on his first year.
Hope it would give you some insight of the insurance business.
Posted: Wed Jan 14, 2009 02:13 pm Post Subject: Allstate agency
While becoming an allstate agent I've had to go through a lot of hurdles. You must must must put money into the agency I am a fast growing agency with 3 licensed agents we have written in under 20 months close to 889k in P&C premium and 750k in financial depostits. With staff,rent,leads,util,etc....you will need to grow the book and grow it quickly otherwise that enhanced comp package goes away, you starve and Allstate takes your policys back and dont get roped into the "selling part" of your agency yes you own the book but they have to approve the buyer....it is a good deal but if you want to earn 100k then by year three you need a minimum of a million dollar book to pay just 100k in renewals....which would require service as well so you would need exrta for expensis so the goal would be to get to 1.5-2.0 by year three....so in your buisness plan do the numbers back your self in to what you have to write every month so that by the end of year three you will have the comp there on renewals....its a marathon not a srint...get rich quick went out in the 80's....or you can sit back write 5-10k a month in premium all by your self and enjoy the first few years of 44% comm and make 100-150 if you to the financials too but then in year three your renewal base would be 30-50k a year with base comm on new business....please look hard and plan on investing every dollar. There are certain things that you must notice while Becoming an Allstate agent. This would help you in the future.
Posted: Wed Jan 14, 2009 03:36 pm Post Subject: thank you.
I have left the retail part of the auto industry and I sell GAP, Service contracts, Credit life and disability and Ancillary products to dealer owners to over to their customers in the F&I offices. I travel a 5 state region and I am looking for stability and something I can let my son grow into in about 15 years or so if he would choose to. I understand the marathon portion and I would put every dime that I could back into my business. My wife is a fantastic sales person and she works for a bank as a vault teller and leads the entire bank staff in investment leads. I would include her into my staff and prepare her for investment license.
Posted: Thu Jan 15, 2009 01:45 am Post Subject:
The parent/child thing can really be good that name carried on in some cases can really be a legacy you leave to a child. I have met some agents that took over there parents 2-15 million dollar agency's
I came from the dealer industry background and I used dealers as a good lead source for P&C. The biggest part of our success has been due to my s staff they are fantastic. Also ask to meet your EFS to partner with prior ro opening or find one to start with you they can make or break you and management are not real up front with that, find out what amount of production history they have had and how you will work with them.
With Allstate you need to work the politics of doing just enough of everything to be profitable and meet your Guideline goals all while maintaining good retention, dealing with rate increases, and growing. It truly is a good opportunity and I couldn't be happier in becoming an allstate agent so successfully. In the first 8 months my income to the agency was 168k and the last 12 months was 234k and I showed just a5k the first year and 20k last year after expenses.....but 4 staff, rent leads, 5k phone book ads, and everything else piles up....which is considerably less then what I made at the dealership but I work less my book is owned I started scratch so my buyout is all mine....Some day 5-7 years I would like to do a Independent simply to focus on dealers, doing gap, credit life, worksite and health products, and retirement accounts...but that takes some revenue..
Oh how I survive my fiancée' works as a practitioner with out her none of this would be possible. So keep your wife working you will need that income. Or go find a 2-2.5 million dollar book and by that. It's like buying an annuity.....what ever you do good luck.
Posted: Thu Jan 15, 2009 06:58 am Post Subject:
HI Allstate agent, you can become a part of this growing community by signing up yourself and there are no charges involved to it also :D
We often receive queries from aspiring agents seeking guidance and suggestions about becoming an allstate agent
and the challenges, and professionals like you, who have first hand knowledge of the insurance industry can really become helpful to them. Also, I'm sure that you would enjoy guiding people with insurance problems, am I right?
Posted: Thu Jan 15, 2009 09:43 am Post Subject:
I do understand your eagerness to earn so much in the first year itself so that you would carry on successfully for the successive years.But just to let you know it is not only about hard work and long hours. You'd also need to gain all those years of experience before you could even dream big. Again success is not about 5-10 years of a smooth career...lets not forget about the hard times that our industry goes through. Insurance agents would need to create an interest in the minds of their prospects apart from explaining the benefits..so I think its time that you take a fair measure fo the uphill task that lies ahead. Learning a few things in advance might just help in becoming an allstate agent or to get attached with similar other agencies.
Posted: Mon Jul 20, 2009 05:50 pm Post Subject: Independant Agency
My advice is to stay clear of Allstate....The contract while may look apealing at a glimpse, is really a one sided contract with little benefit to the Agent. I opted to go with an Allstate agency due to not having any experience in Insurance and thinking that Allstate will provide much needed support, advice, and management. Unfortunetly that isn't the case at all. The so called "business consultant" they speak highly of is nothing other than a regional sales manager that hounds you to sell Allstate Financial. The obvious choice is to open an Independant Agency however it takes a lot more money to open an Independant agency due to the fact that commisions are not subsidized initially, but if you can ride it out for the first two years while producing decent numbers you will be much much much better off in an Independant Agency. Mind you this is coming from an Allstate Agent that happens to be a very fast growing agency that writes 70 polices a month which totals around $50,000 in premiums per month with about $30,000 being auto thus renewing 2 times in a year. Good luck if you're looking forward to becoming an allstate agent of late.
Posted: Sat Feb 26, 2011 07:21 pm Post Subject: Ex Felons
ex -felon wants to get P&C licensing with Allstate has a past felony 32 yrs old, but he now has creditabilty, skills and a new beginning. Can he work for ALLSTATE ? Does he get finfger printed after he finishes the 16 week training?
Posted: Sat Mar 26, 2011 06:17 pm Post Subject: Free Hentai Movies
Free Hentai Movies - hentaiblog.org
Add your comment