by HASS » Thu Feb 05, 2009 08:27 am
Hello all. I am thinking about starting my own Independent Brokerage Agency in the next few months and looking for as much advice as I can get from all the experienced individuals on this website. I plan to start small and work out of my home office starting with life and health lines.
I am 40 years old and have a BS in Business Management with experience the Military, Construction, Management and Sales. After my company downsized due to the current economic crisis I am looking for a career change and am looking at Insurance. I have no experience in Insurance other than as a consumer.
My perception is given the current economy and the new administration in the white house that the Health Insurance Industry will experience tremendous growth over the next few years and Agents and Brokers will be in high demand.
I have researched the market in my area and don't see many Independent Brokers but see alot of Captive Agents working out of State Farm, American Family and Farmers. I have no interest in being Captive and see more benefits to being Independent.
I have a million questions and have spent hours and hours researching the Insurance Industry online to prepare myself. Any advice is welcome and I will be posting my questions soon. Thanks.
I am 40 years old and have a BS in Business Management with experience the Military, Construction, Management and Sales. After my company downsized due to the current economic crisis I am looking for a career change and am looking at Insurance. I have no experience in Insurance other than as a consumer.
My perception is given the current economy and the new administration in the white house that the Health Insurance Industry will experience tremendous growth over the next few years and Agents and Brokers will be in high demand.
I have researched the market in my area and don't see many Independent Brokers but see alot of Captive Agents working out of State Farm, American Family and Farmers. I have no interest in being Captive and see more benefits to being Independent.
I have a million questions and have spent hours and hours researching the Insurance Industry online to prepare myself. Any advice is welcome and I will be posting my questions soon. Thanks.
Posted: Wed Feb 18, 2009 11:58 pm Post Subject:
Charm,
I am in the south-western corner of the Twin Cities in Belle Plaine and taking classes in St. Paul. Day 3 of Principles is over and it's a lot of info to learn. Just found out today I need to take an additional 8 hour class on Long-Term Care Insurance if I want to sell LTC. I will set my sights on that after I pass the state exam. So far, everything is going good.
Tomorrow we take our fist practice exam so I gotta study, later - Hass
Posted: Thu Feb 19, 2009 01:46 am Post Subject:
I'm following Gary's orders to stop everything until I get my license.
:D That's funny! :wink:
Not orders Hass...just the truth.
Once you get your license let me know and I can get you contracted with one of the top Independent Marketing Organizations in the USA.
We had 66 people in my class on day one and had 41 on day two, not sure why so many bailed this early.
:shock: Wow,... lost a third of the new students by day two! :shock:
I'm not surprised.
Out of 100 agents who get licensed only about 10 will still be in the business after one year.
After two years only about 2 will remain.
That's the 90% - 90% - 1-2 punch, kill rate.
Selling insurance is simple, but it's not easy.
Posted: Thu Feb 19, 2009 09:30 am Post Subject:
Hi Gary,
Selling insurance is simple, but it's not easy.
IMO selling insurance would only become a bit easier when you've successfully created the 'coverage need' within the mind of your prospect.
Don't you think it would be better if the insurance adviser would convince his prospect regarding the unforeseen consequences rather than focusing on benefits comparison with their competitors?
Crossbreed
Posted: Mon Feb 23, 2009 09:15 am Post Subject:
Hi HASS,
Gary is right, you are taking a good business approach doing it from home. (and I agree, your avatar is really cool). You have found a good place to get advice. Good luck on your exams.
And welcome Charm.
Hope to see the both of you around for a good while.
It is a tough business to survive through the first two years, but everyone that I know that has been stubborn enough to tough it out that long is getting pretty well off financially. (including myself, just made it past the two year mark myself)
Good luck to the both of you.
Posted: Fri Feb 27, 2009 10:34 pm Post Subject:
Took the MN state exam today for Life, Accident & Health and .............. I passed! Whoohoo!
Posted: Sat Feb 28, 2009 04:13 am Post Subject:
Took the MN state exam today for Life, Accident & Health and .............. I passed! Whoohoo!
Congratulations Hass :) Now which way?
~Jeremy
Posted: Sat Feb 28, 2009 11:41 pm Post Subject:
Jeremy,
Which way to go? Good Question. Not 100% sure right now which path I will take. I am attacking this on two fronts simultaneously until I determine which way is best.
One front, I am pursuing my own Independent Agency and getting all the necessary paperwork, education and misc. together. This is my first choice and where my true passion lies. Owning my own independent agency is why I pursued insurance in the first place.
Second front, get some experience in the insurance industry then go Independent. I have a few applications out and if it seems like a good fit I will work no more than one year for some company before venturing out on my own.
At this point in my life, I'm far too autonomous to work for someone else and I learned I can't be happy reporting to someone else. I'm a Type "A" personality and prefer to do things my way. I'm very excited about my new career and the possibilities the insurance industry offers. I don't know where I will be in 5 or 10 years but, wherever this takes me, I'm going to enjoy the ride. :D - Hass
Posted: Mon Mar 02, 2009 11:52 pm Post Subject:
Hey everyone -
Hass it sounds like we're in the same place - except at opposite ends of the metro :lol:
I took the Principles class this weekend - have one Fri nite to go then the Life/Health/Accident class - then ----- THE TEST! :shock: (then the P/C side)
Unlike Hass - my whole class (around 60-65) stuck it out. But, I swear 3/4 of the room was from Primerica! What's the skinny on THAT?
There's a whole lot to absorb. Yesterday was a bit brutal - the P/C side of it but all in all it was a very good class. Now I have to go see if I remember any of it.
Hass -did you buy any of the CDs and, if so, did they help? I got the life/health/accident one and am hoping it'll be worth it!
Charm
Posted: Tue Mar 03, 2009 12:44 am Post Subject:
Charm,
Who are you with? Not sure, but Primerica seems a little Amway-ish to me. We had about 6 of them in my class. I bought the Life, Health & Accident CD and I believe it helped. I studied a total of 20 hours outside of class for the exam and did fine. My next class is the LTC class which I will pursue in a few months. Someday, I will go back and get my P & C License, but right now I want to focus on Life, Accident & Health.
I just printed off my license today from the state website and am starting the process of getting appointments with Insurance Companies, Purchasing E & O insurance, starting a website and looking into leads along with a thousand other things. I hope to be up and running with my own agency within the next 30-45 days.
Posted: Tue Mar 03, 2009 12:50 am Post Subject:
Oh no no no - no interest in Primerica. I just thought it was interesting that there were that many! I haven't decided where to land as of yet. Right now I'm just concentrating on getting licensed.
I do have a Farmer's office who has been pursuing me, but to be honest I was leaning toward independent. After taking the class I'm 95% sure that's the way I want to go. I, too, want to focus on LTC, Life, Health, accident, annuties - possibly. I also am planning on getting my P/C a bit farther down the road.
Congratulations on the pass by the way!
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