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Chad Said:

New Property and Casualty Insurance Agent, any advice?

We Answered:

Hello fellow "green-horn",
I am also new to the biz, and quite enjoy it. However I am in the exact same boat as you! I just posted a Q on some advice on inter-net leads and such. My quest is to get as many referrals as I possibly can and hopefully have that as my best resource. My best advice is to read up as much as you can on how to do this, as I did (so far so good) and advertise and market as much as possible! Even if it is one of those magnetic signs on your car/truck. It works! I've had it for 3 months and have gotten 16 calls and 4 sales off that alone. Find your niche, and stick with it! Find a way for people to remember your name! my last name sounds like Mouse- so I use that to my advantage. They remember me, and that is huge.
As far as the local businesses, I would find someone-anyone who knows(of) the owner/manager and ask them to "refer" you. Get their name, then when you call and ask for them you can say "Hello Mr. Johnson, I was speaking with Bob Smith yesterday and he said you may be interested in..." so on. That worked for me a few times.
Hope this was helpful to you and good luck in you endeavors!

Amy

Warren Said:

What complications are there when an insurance company attempts to begin originating mortgages?

We Answered:

In order for the mortgage to be transferrable (sellable), the originator (also called a mortgage broker) must be licensed, carry e&o, mortgage impairment, and general liability.

If they do the paperwork ON BEHALF OF the bank, then the bank's mortgage impairment, e&o, and gl must be modified to include "subcontracted work". Good luck on that, I don't see it happening.

Clifton Said:

What could a property & casualty insurance agent expect to make a year?

We Answered:

Most major carriers will not allow you to represent anyone else but them. I would recommend starting off attached to one major carrier and use this to help develop experience and build a book of business. If you really put yourself into it, you can make 6 figures the first year, but that is extremely rare. Most first year agents only make about 50-60. This number will grow quickly as you figure in your renewal business and grow your referral base.