Sales Rep Start Up Paper
The secret to success in this business is being in front of people. The primary role of my first hire (Agency Representative) will be to make sure I am in front of the right people to sell my product. An Agency Representative will be hired within the first 2-4 months of acquiring my agency whose duties will include the following:
• Answer all calls in a timely matter
• Greet clients
• Update insured’s information
• Agency mailings
• Prepare, maintain and print daily calendars and secure client folders for all appointments
• Schedule 3 review appointments daily, 2 P&C and 1 Life
• Schedule 3 new business ...view middle of the document...
This full-time hire will occur within the first four months of my agency. The Sales Representative’s job description is as follows:
• Meet with and present quotations to the insured
• Review and advise insured on policy coverage needs for existing business as well as additional coverage needs
• Solicit new business/seek referrals
• Schedule 3 new business appointments or obtain x-date information from marketing sources, 2 P&C and 1 Life
Start-up costs for my agency are estimated at $55,000. The majority of start-up costs will be paid for by the securing a conventional loan for $35,000, representing 64% of start-up costs. The loan will be repaid at 6% interest over five years. The owner will contribute $20,000 which represents the remaining 36% of start-up costs, from personal savings including the Internship Completion Bonus to complete the funding requirements. The financial plan is explained in greater detail in my business plan.
The first year or two of my agency is sure to be stressful. Meeting and hopefully exceeding the production requirements will be most challenging. I am single with no children which will provide ample time to reach these expectations. However, there will be a tremendous sacrifice with family and friends during these first two years. These sacrifices have been given careful and thorough review. It is my decision that the risks and stress associated with this venture are worth the return provided by a successful agency with State Farm.
Role of the Agent
It is important to ensure that you have the insurance policies, health and medical plans, long-term disability insurance, auto and homeowner insurance to protect you and your family throughout the rest of your life. The agent’s role is as follows:
• Evaluate the needs of the individual or family
• Explain the details of different insurance plans
• Make specific recommendations and tailor plans to suit needs as well as budgets
• Review the plans periodically to update coverage and maintain affordability