P & C Business?
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I’m just curious how many of you have a Property and Casualty license and if so how much and what kind of business are you doing in this arena. I never considered it at all but have a friend who went to an insurance based BD and says he’s had a lot of luck getting P&C business to turn to referrals elsewhere, plus everyone is a potential prospect. I am concerned primarily about damaging the brand I’m attempting to establish by dealing in P&C although I’m up for any recommendations from those who’ve done it succesfully.
Everytime I hear about someone trying to do both, they really just end up being a P&C agent who does a little bit of life on the side.If I was going to do this, I would do it the same way that I do my health insurance business. I would get properly licensed and then do absolutely no work. I make the introduction. I let "my expert" do all of the work and then I split the commission.
Interesting approach anonymous. In my state at least (perhaps all?) there is no additional continuing education beyond what one needs for life & health. You can do X number of hours in one, the other, or a combination. For this reason, I don’t see a compelling reason not to get the license at least. At least it’s an option.
I just wanted to bump this topic up since I just received the P&C license. As I mentioned, in my state, there’s no additional continuing ed for holding this in addition to Life & Health; you can do the requisite number of hours in either or a combination. Even if I don’t make use of it, I got it out of the way and will have it if for no other reason than referral to those actively involved in P&C for split commissions. I’d like to hear any additional comments from anyone here who’s done their own P&C business within the context of their work as a Financial Advisor or those who refer to others. Any other comments for a new licensee coming from the investment advisor side are welcome.
Just wanted to post a quick follow up. I passed the P&C at the beginning of the year. The department of insurance took 25 days (!) to finally post my license to their site. Just after this, I made a commission sharing agreement with a mom and pop insurance shop. We’re splitting biz 50/50 including any trailed based on referral only. I’ve already referred a few leads early in the week that are in the process of closing. I’m ultimately pleased not only to have done the P&C license but also chosen not to write the actual business myself.