How to Start an Insurance Agency In 2023
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- Опубликовано: 22 авг 2024
- **DISCLAIMER: THIS IS NOT LEGAL ADVICE. USE AT YOUR OWN RISK AND DISCRETION. THIS VIDEO INCLUDES CALIFORNIA INFORMATION ONLY.
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Just passed my P&C exam last night... My goal is to be independent and run my own agency. This is the video I was looking for, thank you!
Congrats passing on you're P&C EXAM. Which study material have you used. Thanks in advance!
Can you tell me where to start in studying to even test? I don't even know where to begin!
Congratulations
How's it going
@@k.i.m.withkim9512Good morning, Kaplan offers self-study for different areas of interest. I'm about to jump on it. (Hope this helps)
I watched this video a year ago worked at an agency was the top salesman now full circle moment just got my agency license
That’s amazing. I love hearing stuff like this. Thank you for sharing
How is your company doing now? :)
Getting carrier appointments right now. Your channel has been an awesome source of info.
So happy to help out Sean! Good luck man
@@christheinsuranceguy dude how can I contact you what’s your email address or discord
@@t-point7569 chris@adelfiainsurance.com. We’re currently in the process of developing a discord community
@@christheinsuranceguy have you created the discord channel?
@@JohnleviMaldonado-dd8gp I have not executed on this. Would you be interested if I make it?
I need this b/c looking for an agency makes me want to not even be in this industry. There’s So much B/S it’s intoxicating
This actually helped more than what I thought a RUclips video would. I figured I'd walk away with like, 2 or 3 points lol
Let’s go!!
Hello Chris! You could be a professor in this and many other fields! You are so genuine and authentic with your contents. Thank you for this great information. I just subscribed to your channel.
My question now is I have 0 experience in insurance, I like how you mention that at least 2 years of insurance sale or some kind of customer service experience is necessary to get started. I have a small car rental business in Minnesota for over two years now, how do I go about starting my own Commercial Auto Insurance Company to sell to my own business and even sell my policy to those who rent my cars and even beyond? Thank you!
I'm 20 been a health insurance agent for a year and looking to open up my own agency one day going to start researching now
You want to hire me LOL 😂 ?
How much money do you think I need to start? I’ve been an insurance agent for the past three years for working with big companies like Geico and State Farm and I’m tired of working for someone else and I want to become my own boss I don’t have any capital saved up how much do you recommend I need to start or should I just take out loan?
Ideally you don’t take a loan. I would recommend starting capital to be around $10-15k to invest. Also have enough money to support yourself for about 6 months with no income
Awesome video! I wonder how many contracts/renewals a small agency needs per year to make a decent annual income?
Question: Starting an Agency and was curious to know, do you have to register your business in each state you plan to do business in? For example, my DRLP is licensed in NC, SC, and FL. Does my company need to be registered individually in each of those states through the NIPR?
As far as I know, you do not need to register the business in other states, just your home state. Appointments do need to be extended through NIPR for both individual and business licenses though
Thank you! Also I saw ur cross. I also love Jesus
Thank you for the video. Im currently a life producer for a brokerage. Im contracted to make 100% for all my policies with small differences depending on the carrier. Im studying for my P&C license and would like to open my own brokerage in the future. The question that I have not been able to find an answer to is, what type of commission percentages should I expect as a broker?? Especially for home insurance policies.
Home and Auto suck for commission bro highest I've seen on any p&c is 35%. But they're much more common policies because they're legally required whereas life is a luxury technically
Can you be both a p&c and life insurance agent?
@chris the insurance Guy Are you an IMO or FMO? What is the process to start your own?
I’m not sure what you mean by those 🤔 I have an ebook on how I started
Hi, Chris how are you? Nice video, could please make a video to people like myself trying pass the exam? What you recommend study and which company for study you recommend.
Thanks
Hey Lucas! Thanks for supporting the channel, I really appreciate it. We have a playlist on this channel called "Insurance License Exam" where we have a couple videos that might bring some value to you. Let me know if I can help, good luck!
It took me 4 times for p&c and 3 for life & health, keep studying and don't give up you will pass... Lets go..
Insurance has insurance a doctor has a doctor🤷🏿♂️👍🏾
Hey Chris, wondering where to seek carriers as a new insurance agency?
Chris, Love your information and just subscribed. I’d you supplement with life insurance who holds your insurance license?
We do all of our life sales through Back 9 insurance. Here’s a link if you want to check it out! app.back9ins.com/join/S2gxrmj
Thanks for the Video! I'm recently licensed and looking for P&C cluster. Any company to recommend? I'm not planning stay too long.
Most of them want somewhat of a long term commitment. Check out bolt access - they could be good for a short term solution
Chris,
I’m starting as a producer for an agent in MN. Older guy looking to retire in the next couple years and plans to sell business to me. What would you focus on over the next couple years?
Also, he has little to no online presence (old school, wants face to face meeting for every customer) what suggestions would you have to integrate some technology?
Trent! I’m in the same boat man! And also in MN! Looking to bring the Agency online, and NEEDING a AMS to drop off hours and hours of filing! But I feel you ya brother!
Good morning, How do u speak directly with you? I found my self in a similar situation like what you described. Love to network.
Hey Trent, sorry for late reply. Are you currently working in the agency? If so, I’d say start building / nurturing the existing relationships so there is a deeper level of retention once it’s fully yours. A lot of customers might feel the need to shop if they don’t trust or know you well.
As for the technology, I’d highly recommend building out some automation (birthday cards, welcome cards, testimonial emails, Google review emails, prospecting email campaigns for potential customers etc.)
I’d also highly recommend becoming active on Facebook, Instagram, LinkedIn, and tik tok possibly. Start making short videos about who you are, the story of the agency, and also bring customers some value. That’s a good place to start
@@ctj2534 just responded to Trent’s question. Hope that helps!
Great content in this video, thank you so much for sharing it with us!
Hello Chris! I passed my CA P&C Exam my goal is to start my independent Insurance Agency thank you so much for your videos they have been very helpful. What would be the best way to get in touch with SIIA?
That is awesome!! Send me an email and I can get you in touch with the right rep depending on where in CA you are. My email is Chris@adelfiainsurance.com
Any recommendations on obtaining carriers, I just received my license and am working with a friend/mentor at his company, i created an LLC but was wondering how tough the process is applying for an insurance carrier appointment
How can I get leads? That’s kind of my only dilemma is finding a good source for leads.
That’s what we’re good at. I highly recommend Crm.tuttosolutions.com
Thank You
What do you think about farmers protege program
Hi, love ur videos. Which Aggregators do you use? Any recommendations for North East Market, NY, NJ, CT & PA? Thx
i reached out Smart choice they dont do NY for personal line. Only Commercial line. Siaa has not get back to me yet
Great video. Thanks for the advice!
Thanks Clint, glad you found it helpful!
I don’t have any idea but I’m interested to open . I’m able to bring more clients but I don’t have any idea .
What CRM would you suggest? Marketing strategy ?
Ezlynx is what we use. We also use Tutto for outbound lead generation
I’m freaking out here with the state bond mine is 10,000 dlls you said is not actually 10K can you explain pleaseeee 🙏
What is good software to guide the customer through plan selection?
Doing a screen recording through Loom or a good phone system where you go through the quote. I’ve seen agents do this with a lot of success
Question: how much does a typical independent agency make? I’m curious because I see there are franchise opportunities but it’s not super appealing with their model…
Is it true that if you’re contracted to an agency, the rates are based on their produced volume?
Any insights would help. Thanks!
I’ve been a claims adjuster for 15 years. In personal and commercial lines. I thought about starting an agency. Does anyone know if this is a lucrative business?
Great Info thank you Sir !!!
What would you need for cyber security insurance? I have 8 years of experience in the cyber field and realized I could potentially start an insurance agency for enterprises.
You need a p&c license. Cyber is definitely a niche that a lot of agents don’t tap into. Could be a good idea if you believe you have the customers
Hi Chris I’m new to your channel! I have my P&C License and about 9 years experience selling Auto my comfort zone! So scared to start my own agency! About how much money am I looking at to start. I’m in Florida! Also I have little experience on Home and Some in Commercial. Any advice?
I’d be happy to help!! Give me a quick call sometime or shoot me an email
Is it same steps when it comes to running a independent life insurance agency and a independent P&C agency
Pretty much but it’s a very different product so the team / sales structure would be different
Thanks for the info,
I have a question? Can a freight broker persuade my insured to change insurance agent?
Hmm they can offer suggestions but usually should offer 3 references
Hi Chris how do I find an agency to support me so I can establish my own Life Insurance Company?
Just passed my P&C and got my first job offer at big red for $11 a hour plus commission. Is this a normal offer or am I being low balled? I’ve never been paid that much in my life.
Depends which state. In CA $11/hour isn’t even legal minimum wage. Also depends on the commission structure. What % are they offering?
How much money do you need to start an agency?
I’ve made a few videos on this. Depends but I recommend having at least $15k operating costs to get things rolling
Hello Chris, looking to start a renters insurance company, does the same license still applies ?
Are you starting a company or an agency?
@@christheinsuranceguy just a company
@@cadmusfunding7029 starting a company would require different business licensing and set up
Well said! 🙌
Hi, I have been in insurance for the last 15 years. I have experience in Claims but I have been in sales (captive) for three years. I have P&C Agent and Adjuster. I am looking to open my own agency. Does your ebook cover starting in any state? I am in Texas and wanted to know if it would be beneficial. Thanks a ton!
Hey Tiffany, it’s pretty similar in each state. The ebook would definitely help. Email me and I’ll send it for free
@@christheinsuranceguy Thank you so much!
@@christheinsuranceguy Can you please send me the free ebook as well?
@@k.i.m.withkim9512 email me! Chris@adelfiainsurance.com
@@k.i.m.withkim9512 email me!
Hey Chris, do you know anyone who can help me setup agency zoom for my agency? I have the templates, but not the time or expertise
Hmm I don’t know off the top of my head. I’d look on fiverr or upwork for freelance experts that you hire per job on this
What form do you have to fill out
What do you mean?? For what
Do insurance agencies need insurance for themselves ?
Yes we do insurance for insurance!
How can you obtain a office with no funds ?
You need to have some startup capital
Hey Chris i have 7 years of experience as a sales representative in Fl ...i need to won my own agency now
Do it! It’s difficult at first but so worth it
Which country is this for ?
United States
Hey Chris. Do you guys have the fca to deal with in the states like we do in the uk?
Hmm not familiar with an fca. What do you mean exactly?
Hello Chris new to your channel great info! is there a possibility i may transfer this to auto coverage. Id like to see if i could schedule a call or email thank you for your time.
Good info
I’m in Texas. Is it a bubble?
What do you mean by bubble?
Is it wise to operate as an insurance agent in Texas(Houston)? It seems like it’s over saturated
@@jaymChrist4ever good question. I think there is an abundance of insurance opportunity in Houston and let alone the whole state of Texas. I say do it!
@@christheinsuranceguy thank you!
Can i open from srilanka...
I honestly don’t know
Just trying to figure out how the industry works, lol😛
I’m still learning everyday. It’s a massive industry