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18 Year Vetran Farmers Insurance Agent Shares His Story

Jim Writes: "18 years and out. I too was an agent that did what the company wanted. Sold enough life insurance to satisfy the D.M. However when the auto premiums began to be 25-50% higher than other companies and after losing 500 customers in one year, it was time to leave. I have been an Independent Agent (Michigan) for 3 plus years now. Have been on company paid trips. Received bonuses for all 3 years as an Independent Agent. I wish I would have left FIG long ago. The biggest error I made was staying too long with Farmers Insurance Group "

Moderator Comment: Reinforces our point that Farmers Insurance Agents are at the mercy of the company in many ways.

  • Company Premium Increases have to be offset by the agent who has no choice but to try and sell the product at a higher cost. Independent Agents can choose to just start writing in a different carrier.
  • Retention can become a full time job - Fighting with increasing premiums an unreasonable amount of time is spent just trying to keep the book of business you have as opposed to growing it. Would you rather waste time trying to hold back a car thats trying to roll backwards while youre pushing it up a steep hill?
  • Farmers Agent Bonuses are difficult to obtain. You have to write lots of Life insurance and be growing the agency by X amount each year, in addition to something you dont have much control over.. Client Loss Ratio. This point is arguable but in the end what control do you have over a pipe that bursts in a clients wall and floods the house? Things happen, the Insurance Company you work for shouldnt make you want to dissuade clients from making a claim nor should they make fear filing any claim.

As always, when you leave Farmers as an Agent you only get a fraction of what you deserve for your client base. Contract Value is an absolute JOKE compared to book value of an Independent Agency or even if you compare it to Allstate or State Farm. Both of those Captive Insurance Companies allow you to actually own and sell your agency when you decide to quit.

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