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| *Loan,banking and credit>>>state insurance |
Any tips for a 26 year old thinking of starting a State Farm Insurance agency? |
I have 1 year of experience in insurance working as a claims adjuster for one of the biggest p&c insurance companies and I am interested in trying to start my own agency. I know that I want to own my own business some day and I am just looking for the best oppurtunity to be successful. I am just worried about all the responsibility that comes with owning your own business (paying rent, managing employees, keeping your customers happy, etc.) I want the financial rewards that come from owning your own business but just am not sure I'm ready to take that leap. Any suggestions to tell if I could make it? Any suggestions to predict my success? State Farm, like most 'captive' companies or 'direct writers' (agents sell for one company exclusively) , has a very good training program for new agents. The agent training program (in most states) is 6 months or longer in duration. It involves classroom training and field (agency) training. You have to be successful in selling bank and life insurance products(along with home and auto) before you get assigned an agency. They will start most new agents out with a salary or draw and pay some of the office expenses as they start their business. Your best chance of success is getting a a small customer base or 'book' to start with. If you start up without any customers it's called a 'scratch' agency. At State Farm they told us that 25% of scratch agencies succeed. Other companies have similiar programs for new agents. I think you should have a lot of options in your area. Source(s): Insurance agent (former State Farm agent) 10+ years I think you're better off getting a job WORKING for a State FArm agent, or independent agent, to see how well you can sell. Claims adjusting and sales are two COMPLETELY different horses - I'd take baby steps on this one. You could PROBABLY keep your day job, get your producer's license, and get someone to take you in on a commission split part time - evenings & weekends, until you know if it's going to work for you. That's what I'd do if i were you. agent, 21+ years You couldnt think of another insurance agency? State Farm is not a name screaming with trust now a days due to their wrong doing with Katrina victims.. A good thing you have working for you is your age. I admire your determination and eagerness but chances of success for a first time business is hard to predict. I wish you the best of luck |
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