by TLE » Thu Feb 19, 2009 08:11 pm
I am just getting started in the insurance industry and was wondering if I am going to be independent should I use a GA general agent.Do they help you if you are new and are they worth it or is it like being captive.
What are some good ones to talk to.
What are some good ones to talk to.
Posted: Sun Feb 22, 2009 12:03 pm Post Subject:
State Farm recently announced it was dropping out of the Florida market for virtually all forms of their P & C business EXCEPT:
#1) Auto Insurance;
and
#2) Life Insurance.
the main reason what i can assume about this move could be
As with vehicle it is law so people need to buy the insurance cover.and with life insurance it is need (basic) for every individual.
whereas what i see in other P&C products is either people are unaware about the different products available ( or even aware about it they won't find it urgent or there is not a big business available in these segment.
One more proposition could be for other P & C products , most of the time a big chunk product which are offered to corporate, so it doesn't require big marketing if the setup is already there.
this could be the reason companies are focusing more on those areas where they see untapped potential for business
:wink:
Posted: Sun Feb 22, 2009 08:25 pm Post Subject:
Gary....you have taken the words out of my mouth....Very very good points.
Let me expand on this a little more. And TLE please do not think that we are bashing P&C agent or that business. we are just trying to explain that it is a DIFFERENT business. And weather you believe it or not the only real similarity between the two is the work insurance in there names.
I used to work for Allstate as a life expert for there P&C agents....not the best gig in the world but we all have to pay our dues right.
one of the benefits of working with Allstate, Statefarm, Farmers...etc. is that they subsidize your business.....basically they pay new agents a salary and some of there business expenses until they get on there feet...normal about 2-3 years. Why would that do this? it is because P&C is a very very difficult and time intensive business to get into. I have actually worked with these new agents and they are always marketing and busting there buts to get enough polices so they can keep there subsidies. Most large P&C agencies (when i mean big i am talking 5000+ clients) have bought up smaller books of business in the area. Also most have suport staff to handle the intesive sevicing that goes with P&C....and there is a LOT of servicing. And i dont mean to insinuate that being a life agent is easy or that you dont need to bust your but.....but i do believe that the rewards are more with Life insurance (this is my opinion only).
It is also interesting that there is a fundamental deference in personalities between Life and P&C agents. IF you are in a room with 10 of each i guarantee in 5 min you will know what i mean.
I also agree with Gary in that if you have not yet gotten your license you should not even be worried about this yet. The skills to get your license do not correlate with real life. I believe there is a lot of experience here so if you have questions please do not hesitate....
Posted: Mon Feb 23, 2009 06:19 pm Post Subject:
I thank you all for the info. I was asking the question because before I take the test should I not know which one to take P&C or L&H. I have been reading the books on both but I thought I would ask so that if I go with one I only have to learn that area
I did not mean to say that I was so good as I can do both with out a problem just seemed if I can offer more services the better I just wanted to know if it is done alot and before anyone makes a choice I want all the facts this is a big choice for me.
Posted: Mon Feb 23, 2009 06:43 pm Post Subject:
I want all the facts this is a big choice for me.
hope you have got your choice!!! :wink:
Posted: Wed Apr 15, 2009 06:11 am Post Subject:
Actually P&C sales and L&H sales go hand in hand. I have been a multiline agent for over six years now and have had great sucess at selling both. As a P&C agent you have an advantage over these Life only guys that have to beat down leads to survive. As stated above, everyone has to have auto coverage and if you have a mortgage on your house you have to have home coverage. Your P&C book gives you a Life prospect list that you do not have to work hard to get, you have already taken care of your Insured's needs on P&C and hopefully have started a positive trusting relationship with them which is your foot in the door to covering their Life, Health, Disability and Annuity needs as well. Remeber, the more policies one has in place with you the more likely you are to retain that business.
P&C is the easiest line of insurance to sell because everyone has to have it. To be sucessful in P&C sales you do not have to spend a ton in advertising, the most sucessful way to build your business is by developing relationships with Mortgage Brokers, Realtors and Auto Dealers who will refer potential Insureds to you all the time.
Life sales are easy as well, when completeing the P&C sales you have the opportunity to do a complete needs analysis on your new Insured and see where he/she has a need. As long as you follow up and build a relationship with these people they will value your expertise and trust you as an adviser which gives you the advantage of being their FIRST choice to cover their specific need.
I wish you all the best in your adventure and I would encourage you to offer as many products to your clients as you can. This will increase your income both immediately and by retaining your clients you will make money well into the future. There is no reason to limit your potential by offering just one line of product, I work Mon-Thurs 9-5 and Friday 9-12 with all weekends and holidays off and am ranked in the top 10% of all Agents in our area so it isn't hard to do. Work smart not hard!!!!!
Posted: Wed Apr 15, 2009 06:59 am Post Subject:
Hi Gary,
If they don't need to have any previous experience then it has to be a superior training that would turn them to be good starters. Then I'd have reasons to believe that State Farm has a cohesive module to follow.
Steven
Posted: Wed Apr 15, 2009 10:23 am Post Subject:
Your P&C book gives you a Life prospect list that you do not have to work hard to get
Surely i agree !! because when one offer multiple options of insurance to any client then customer loves it because most of the guys prefer that they should get all the services under one roof.
So, it does offer good chances of serving both the needs of the clients, but again person has to be enthusiastic enough that he should offer both the services without compromising on the service factor.
If one has some assistant surely one can improve the service and thus business.Its nice idea to have all the things under one roof.
:wink: :wink:
Posted: Tue May 12, 2009 07:38 pm Post Subject:
I would think most in the life business use GAs if for no other reason to get better contracts. We do mostly FE and offer contracts over 100% for good agents.
Jim Sowder
Family 1st Insurance Brokerage
304-640-8914
jimsowder@family1stinsurancebrokerage.com
Posted: Tue May 12, 2009 07:45 pm Post Subject:
I would think most in the life business use GAs if for no other reason to get better contracts. We do mostly FE and offer contracts over 100% for good agents.
Jim Sowder
Family 1st Insurance Brokerage
304-640-8914
jimsowder@family1stinsurancebrokerage.com
Posted: Mon May 02, 2011 11:51 am Post Subject:
Hi
Yes i believe you can go for the help of a general agent. But first do a good research about them.
________________
Loss Assessors
________________
Add your comment