NLIC.org

Valerie Said:

Any tips for a 26 year old thinking of starting a State Farm Insurance agency?

We Answered:

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.

Evelyn Said:

Is it possible to acquire two different insurance agencies then merge them together as one?

We Answered:

short answer is yes, if are the two largest, may run in to govt issues with monopolies, and have to get govt approval, but for just 2 general insurance companies, unless there is a strange state law out there, should be ok

Sonia Said:

What makes a great insurance agency?

We Answered:

If your agency produces $8 Million in annual revenue, I would say you're already beating 99% of the other agencies out there.

Marie Said:

how can i transfer my life insurance agency license from one company to another company?

We Answered:

Yes. You have to send resignation letter to present company. Get acknowledgement. The you can approach new company.