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| *Loan,banking and credit>>>state insurance |
What do State Farm and Allstate, Country, Hartford, USAA, etc. Insurance offer new agents? |
Hi, I'm an Independent Agent but a couple of agent friends of mine that work for a captive company and I were in a discussion about this and we were curious without having to go apply at each company of what other Captive carriers offer new agents. All pre-requisites aside, what would a starting agent with either company start out with agency wise? Key Points that I think are important: - Higher initial commission pay while client base is low. - Allocations of money for office and staff that do NOT have to be paid back? - Do they start you with an existing client base or book of business? - Do you actually get ownership of the book of business? - What kind of quotas would a new Agent have to meet? I've already looked over Farmers Insurance and found way too many very unhappy agents see: http://www.farmers-online.com so thats the last company I would want to be an agent with. My first 4 mo. with Allstate, I received 55% commission. After that, it slowly drops every 6 mo. or so until my 3rd year, when it settled at 10%. You own your book. You can sell it to Allstate or another agent anytime you like. You do not start with any book, unless you have purchased it. You receive money for start up costs/ advertising, it varies from area to area, mine was $15,000. You do have a 7 mo. quota, but it's easy. I hit mine in 3 mo, with no prior experience. Upon which, I received a nice bonus. All office paper, business cards, brochures, etc. are free. Most advertising expenses can get reimbursed up to 50%. If you have the capital to start an agency and are self-motivated, I'd recommend it. Well, if an agent wants to own their small business, these guys (Although I'm not sure about USAA, I don't think they work that way) are GREAT for giving you support, and how-to lessons on how to start an agency. Obviously, they appoint a TON of new agents, and 95% of them will fail . . . but by appointing a ton, then the 5% that succeeds, does a good job. IME, the people that succeed are the ones with prior insurance sales experience; the ones that get their license just to start the business tend to not do so well. Might be because they don't hire the necessary support staff . . . Personally, I'm an "independent agent" kinda gal. I don't like having my options limited by the direct writer contract, and I'm not interested in owning my own agency. I *like* working a standard 50 hour week and coming home to my family. agent, 21+ years Western &Southern Life |
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