Thinking about becoming an insurance broker

[geckojohn]

Right now i'm currently an insurance agent.. but i've been considering becoming an independent broker. I'd rather be able to offer my clients a variety of insurance companies and try to find them the best price/service for their individual needs.

I'm just wondering if anyone knows of anyone recently becoming an insurance broker. How difficult is it to get into the market? Is it very difficult getting appointed with various carriers? What do you think about insurance agents compared to brokers? I appreciate your help... thanks in advance.

 

[geckojohn]

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[geckojohn]

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[jemcam]

I just wonder if that is going to be a career worth being in since online searches and rate quotes are commonplace. People can do a lot more research than they ever have been.

That being said, a lot of wealthy people don't have the time nor the desire to spend time to save themselves a couple of bucks. Bargain shoppers aren't the people you'll make much money from.

 

[geckojohn]

Originally posted by: jemcam
I just wonder if that is going to be a career worth being in since online searches and rate quotes are commonplace. People can do a lot more research than they ever have been.

That being said, a lot of wealthy people don't have the time nor the desire to spend time to save themselves a couple of bucks. Bargain shoppers aren't the people you'll make much money from.

So, are you thinking staying as an agent is good? or moving towards becoming a broker? Or neither??

 

[gutharius]

I would say broker with a website that does the agent stuff for you.

 

[thereds]

Well if you want to be a broker, there's only one company for you. MARSH.

edit - the rest are crap.

 

[Wooglin]

Depends on what insurance coverage you will be offering your clients. I work with brokers daily as an underwriter for one of the largest insurance carriers in the world.

Brokers in our industry, that are good, make in excess of 500k annually.

Breaking into the market can be tough, you need a client or two to get started, and then have savings to help curb your loss of income before you are self-sufficient. If you have any relationships with a brokerage now, see if you can just be a producer with them. You can get leads and already have an established name that way.

Getting appointed is easy normally, as long as you are licensed in that state you sold the coverage.

I am speaking from the group side of insurance, not individual. You would be selling to HR admins and Executive officers.

 

[jemcam]

Originally posted by: geckojohn

Originally posted by: jemcam
I just wonder if that is going to be a career worth being in since online searches and rate quotes are commonplace. People can do a lot more research than they ever have been.

That being said, a lot of wealthy people don't have the time nor the desire to spend time to save themselves a couple of bucks. Bargain shoppers aren't the people you'll make much money from.

So, are you thinking staying as an agent is good? or moving towards becoming a broker? Or neither??

I'm saying I don't think being a broker is going to be a lucrative career, but I'm no expert, I'm just offering my observations. You know a hell of a lot more than I do about your business.