How I started my Insurance Agency | How we grew to 4 Million in Less than 4 Years!
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- เผยแพร่เมื่อ 28 พ.ค. 2024
- How I got started in the insurance industry with zero experience in management, business ownership, and insurance and have managed to grow my book of business to the past 4 Million in written premium in less than 4 years. #Insuranceagents #Propertycasualtyinsurance #InsuranceSales #insuranceagency #insuranceagent
Whether you are an insurance agent, insurance agency owner, or interested in getting started in this industry, I hope this video adds value to you and your journey!
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Disclaimers: All opinions expressed by me are my own and for entertainment purposes ONLY. My statements and opinions are subject to change without notice. Nothing I share is financial advice. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with.
Prior to insurance, I was a banker for 7 years and a student that took 7.5 years to get my bachelor's degree in business management. During those years, I failed in multiple businesses and investing. After I got my degree, I knew I was being called to start a business, but just didn't know what. I was led to opening my own Allstate Insurance Agency with what remained of my 401k after draining it after quitting my career in banking.
I learned the game of business ownership quickly. I wore multiple hats, in the beginning, being the #1 salesperson, CEO, janitor, operations manager, agency marketing, in the beginning, you do everything! We really took off once I started specializing and separating tasks between a sales and a service team. This is when we really scaled in the business of selling insurance.
After 2.5 years I managed to open a second insurance agency and had to hire twice the employees and a ton of reinvesting. With growth came a few challenges but we managed to move forward to recently where we have officially earned more than 4 million dollars in property/casualty/life and commercial insurance.
My 3 Major Keys in growing an insurance agency from scratch are these.
1. Agency Culture - Must have a fun, positive, competitive, and accountable work environment. Staff must enjoy coming to work but must also have clear expectations of them.
2. Coaching/Caring Staff - Coach employees and Train them daily. Care about them personally and know what it is they are striving for and what goals they are trying to achieve. Knowing their goals and holding them accountable to THEIR goals are a major key to influencing and leading them.
3. Treat it like a Business - I've seen a lot of business owners earn profits and start buying stupid things. They didn't reinvest profits over and over again. If you're going to start a business, be sure to treat it like a business and not as a glorified job. Reinvest into your business and employees and watch the returns tenfold.
Disclaimers: All opinions expressed by me are my own and for entertainment purposes ONLY. My statements and opinions are subject to change without notice. Nothing I share is financial advice. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with.
Just stumbled across your video. Its crazy how similar our stories are. Was in corporate finance and burnt out. Lived on 401 trying to decide what to do next. Had a buddy that owned an Allstate and he told me how to get started. Bought a book from retiring Allstate Agent. Couldn't be happier. Look forward to watching more of your videos. (Milledgeville GA)
That’s awesome man! Congrats to you. I drop tons of videos on insurance, be sure to subscribe and check them out. Hopefully it can help you in your journey
Loved the video Chris. You’re going to hit it BIG!
Big Props!!! I'll hit you up when im in vegas!
Nice work, I can see you being well organized and willing to learn from your experiences is definitely paying off
Thanks for watching! I love your videos man! 🙏🏼
GREAT VIDEO!! Thank you for sharing your story and giving us some insights.
Glad you enjoyed it!
Great video! 🔥 Can’t wait to see more 🙌
Thank you! 🙏🏼
Thanks so much for sharing! I needed to hear this today. 😊
Happy to help!
amazing content!!
Powerful video, very encouraging and inspirational.
Thank you so much for that.
You are so welcome, thanks for watching!
Okay Nick. Video gets better and better each time.
Thank you Zee!
Great content. Could you make a video about how do you start from having no experience with Insurance to having your own agency? What are the requirements to have an Allstate Agency, and what are the requirements to have an agency that has multiple carriers? What kind of research you do before you started?
congratulations. very helpful
Thank you!
leadership at its finest
Thanks for watching!
My man!! To everyone watching this video and reading my comment, you guys better put this fella on your watchlist.
Thank you my brother! 😄
what a beast I love it
Thoughts on buying a book of business from a independent agent OR buying a agency like State Farm or Allstate or similar?
I've had this idea of starting my own brokerage for home/auto, life and LTC and DA. I have two friends on the fence with experience and I have none, and you just gave me the push to do it myself with or without help. Thank you.
Make it happen 👊🏼
If you could go back to year 3 or before you open the second office, what would you do different if anything?
This is my goal, just need the steps. I CAN DO THIS🤸
Let me know if I can help, you got this!!!
@@nicksakha yes, I'd really like your help, thanks
Love the content! Keep it coming! Would love to connect.
Thank you brother! Let's connect for sure
FIRE!!!!
Thanks for watching Brian!!!
I’m actually in banking but transitioning to the insurance world. I’m trying to become a producer.
You’ll love it 👊🏼
hey nic, thanx for the video, it was very helpful, I also want to start my own insurance company. Do/will you mentor?
Yeahhh buddy!! #youragent
Yes sir! 👊🏼
Hi I HV a question and you seem just the right person to me. I just passed my property and casualty license exam. But I have no experience in doing this business. Do I HV to join someone before opening my own agency or are there any live trainings out there? Pls help me with that.
Hey there, you can start your own agency if you have the capital. If you don’t, it might be wise to get experience working for an agency prior to opening your own.
Great video. I commend you for reinvesting in your business and pushing through. How much premium does your office write each month now with all your systems, marketing, and staff in place?
Hey! Right now we are averaging about 115k a month and are going to scale it to 150k
@@nicksakha Nice! That is awesome man. We just started 1/1 w/Allstate and finished at 62k. We're hoping to get up there soon! Keep the videos coming! Great info.
Just accepted a position with Allstate today, will be testing 7/26 for my P&C license
Congratulations! And goodluck on your test. I made a few videos on preparing for the test, hopefully they can help you.
@@nicksakha yes I have seen some. Don't start studying with them til the 19th but definitely getting a head start on my notes until then.
I heard P&C is a lot more difficult than L&H
I was told the opposite and thought p&c was actually quite easy. And I have very bad test anxiety. I no longer work for Allstate, took a higher paying job, but definitely enjoyed the experience.
@@charliefoxtrotradioproduct2637 Gotcha, I just passed my L&H on the first try but want my P&C to cross-sell as well.
Are you still in insurance or did you move to an entirely new niche? I’m just approaching this gig as a second job while my primary job is B2B SaaS sales. Figured it’d fill the experience criteria to get my CFP certification.
Do you have 401k to lend so I can start it too? As I only have around $250
Great video. And I have a question if you don’t mind. I am a self-employed attorney who has been interested in the insurance business for quite a while and would like to create an independent brokerage. Do you think forming a brokerage and getting appointments from the start is a realistic possibility, or would I have to work for another brokerage first. Aside from experience, the latter option seems circular because any brokerage I work for is unlikely to allow an arrangement where I own the book and can take clients to a new brokerage I start.
Thank you Ray, I didn’t have any experience before starting, just a lot of grit and being resourceful. If I were you, I’d go straight into opening your own brokerage.
@@nicksakha thanks. Yes that’s what I would like to do so long as I can get carrier appointments. Thanks!!
I’m subscribing just because we are twins.
8 years in banking. Tried to start my own business. Investments…yea LOL
😂😂 Twinning!
You mentioned one key was specializing. What Sector of insurance do you specialize in?
Property and Casualty
Views are up!!
Slowly but surely bro!
I am deeply interested to start an Insurance Company.
Make it happen!
I’m sure you already do this or hope you do but also invest into your employees. I’m sure they are paid well but bonuses also help. From what I have learned personally that owners are tight with their money so I really hope that your not.
The only way to grow in the long run is to take care of your people. Non negotiable
Did you sell your book of business for banking?
Hello Nocholas & everyone...great Info here...BUT! a few ???'s So how do i AQUIRE leads and make money for myself...when the salespeople are making the commissions...where does the money for your company and yourself come from? and for you to be able to open another office...This is very interesting. PLEASE HELP.
There is plenty to go around. My comp plan for my staff pays them well and allows me to continually reinvest into my businesss
What are your thoughts on independent broker ?
I can’t speak from experience because i’m captive, but I hear amazing things and know many people that have gone that route and love it
Im currently working at an allstate as a LSP, my goal is to own my own agency in 3 years, 2 month in the insurance game so far. How do you generate your leads? Online service? Thanks
Hey Anthony, combination of internet leads, personal referrals, social media, and building referral partnerships with mortgage and loan officers.
@@nicksakha good stuff man thank you happy 4th
Great video! You did 4 million in 4 years?
Thank you 🙏🏼! Yes, This video is a bit older but we did 5 million in earned premium in less than 5 years
I looked into this and with All State the capital requirement is 100k. Definitely not something just anyone can dive into. I am looking into this industry but may have to look at other options as opposed to a name brand like All State
Things have certainly changed since when I started 5 years ago. Back then it was 25k. I will say that if you can get the capital, it’s worth it and pays off.
@@nicksakha I bet but not just anyone has 100k laying around now. I don't think I would look into this if I had that capital to be honest. But I do know other brokers are successful using other insurance companies. Your videos are great and very inspiring nonethelss. Just bummed out at that insane capital needed.
@@HoracioValdezHero I also believe you can do seller financing. There are several options. Independent is a great route too, much less capital required
@@nicksakha how does that work?
@@HoracioValdezHero that's what I want to know
You work with Farmers agents in Las Vegas at all?
I know a few Farmers agents!
What are your thoughts on a completely virtual agency?
Too much competition. The one advantage you have as a small agency is that you build a good relationship with your local clients.
I know people that have gone this route and are crushing it!
Hey I’m in vegas too, anyway we could talk and you give me any tips or anyone to go to I’ll appreciate it I’m serious
Why did you pick All state over other insurance agency?
I had a good friend that was doing very well, I knew I’d get solid mentorship and it’s a very reputable company with a great comp plan.
@@nicksakha thank you for your reply. do you need capital to start? If you don't mind, can I phone you sometimes?
What are the requirements prior to opening up an agency?
Usually the requirements are a proof of capital (usually 25-100k), property casualty license, life/health license, and the passing of certain personality tests.
@@nicksakha any advice on how to get the capital?
With Allstate?!?! What State?
🙌🏼💙
How did you partner with all state
I had a friend that was an agent and I got more info through him.
I want to be a agency woner. So what is is 1st step.
I would do research on which company would be a good fit for you.
I HAVE MY OWN INSURANCE BUSINESS BUT SALES ARE VERY SLOW CAN YOU HELP
Happy to help, I’ve made plenty of videos on this, check them out!
do people at your office get annoyed about talking over eachother? if so how do you manage this? please take this respectfully.
We don't have that problem, buy the headsets that have noise cancellation. Hope that helps!
Allstate lets you start an agency with 0 experience? Thats crazy
Hi I'm Neo I'm from South Africa 🇿🇦 I would like to talk to u about starting an insurance company
Good message here!! I’m listening and takin notes 📝 👂🏼👂🏼🤔 💡 and great video intro and quality btw 😎😎 @Nicholas_Sakha @nicksclusive 💯💪🏼
Thanks brother!
Did you open up as a scratch?
Yes I did
@@nicksakha 😮😮😮
It takes 25000$
It used to, it’s 100k now
When you say you grew to 4 million in 2.5 years are speaking about premium?
It took me 4 years to grow to 4 million in premium.
@@nicksakha very impressive 👍🏼
@@anthonyh2540 thank you! Staying hungry
@@nicksakha my man 👍🏼
Your mail id sir?
Get to the point