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In Reply to: Insurance Companies posted by Karren on February 25, 2003 at 23:33:41:
Karren:
It depends on which company do be captive or an independent agent for. Some insurers, State Farm or Farmers comes to mind as wanting the best of both worlds for the carrier, have the agents captive, but classifying them as indepdent contractors to make the agents bear all the expenses. A sweet set up for the insurer.
Are you a leader, and innovator, a risk taker?
Then you may want to be independent and sink or swim on your own merits.
Or are you a great finisher, a marathon athelete after being pointed in the right direction?
Also an independent producer has some any competitive products available to him, it can be very confusing. A captive agent might have less competitive or a flagship product, but they are more focused and usually know their product lines alot better.
That said, if the company you are a captive agent does a nasty and has alot of bad press, pass the kethchup, because you are going to be eating some pudding also.
So i think it depends more on your personality and level of experiance. Since you are new, it might do you alot of good to get hired by a Nnew York Life or a Prudential.
It's tough to go out there and take alot of risk as a new agent, without really knowing your products or the market. That's where captives can take you under their wing and lead the way.
And if you are going to sign an agreement with a captive carrier, study the terms of the contract. Is there a no compete clause? Can you contact your clients? Is the agreement enforced?
What type of exit arrangement do they have? You don't want to give your new employer you soul, the moon and stars, just to gain some experiance.
Hope this helps,
Agent
: I am a newly licensed insurance agent.
: I need information on the best companies to work with. I also need to know If I should work as an Independent or captive agent?
: Karren L.