50 Things Independent Agents Like LEAST
The exclusive 2008 Insurance Journal Survey of Young Agents asked independent agents under 40 years old what they like least about being an independent agent. Here’s what some of the 360 agents who took the survey had to say:
- Lack of family time.
- We’re too often considered by the general public as being one step up from used car salesmen, rather than licensed professionals who are safeguarding individuals’ and companies’ financial livelihood. That’s just sad.
- Soft market.
- Being a middle man and going through other middle men. I like to maintain control and as an independent agent, you are at other peoples’ mercy the majority of the time. I like to count on myself and not others.
- Very difficult to get things done quickly. Underwriting process moves very slowly when considering risks which makes it difficult to take care of the customers’ requests.
- Lack of opportunity to advance in smaller agencies.
- The pay starting out is slow.
- Paperwork!!!
- Inability to grow in the industry. Being held back because of politics. My hands are tied when I am unable to get voluntary coverages.
- The poor agents out there that bring a bad name to our industry.
- Future.
- I hate the idea of E&O. I dislike the clients who are not willing to listen to what I have to say. … The solution is obviously documentation, documentation, documentation but the idea of having an E&O claim brought against me for some reason is what makes my stomach turn.
- I hate the pay structure.
- Agent of Record Letters — an unfair, out-of-date practice.
- Irate customers.
- Old boy network!
- Managing day-to-day agency operations.
- Employee/HR issues and regulatory issues affecting our business.
- Selling insurance.
- Florida market situation.
- Constant insurance changes.
- Lack of ownership and control of future.
- The stress.
- Direct and online sales which threaten the independent agency existence.
- Lack of the big corporate structure.
- That the big guys (Aon/Marsh) go after your little account that finally grows to a big account and take it away.
- Working for a family business of older people resistant to change.
- Lack of technology.
- It’s funny because what I like least is also one of the things I like best. At the end of the day I have no one else to rely on or blame but myself.
- The level/quality of true marketing support from our carriers.
- Perception of insurance being a total commodity product.
- Cold calling.
- Companies starting to take away the service aspect for agencies.
- The hiring of new CEOs/CFOs who come in with own relationships.
- Being rejected or losing accounts.
- People that don’t know me feel that I look too young to know what I’m talking about.
- Not being able to always offer the most affordable coverage for someone who is in a lower income bracket.
- Limited diversity in the career field.
- I also at times get tired of all the entertaining — going out to eat or drink several times a week takes a toll on your body!
- In order to move up, you have to hop from agency to agency.
- Not being able to control the price.
- We are the companies’ underwriters and we do all of the work while they push a button to issue a policy or decline the policy.
- Even though it is nice to have many options, it can be difficult to keep all your carriers happy.
- Lazy agency owners that live off of their past successes and act like they are a big deal.
- Clients trying to cut corners with premiums — or lying — and companies always trying to avoid paying claims.
- At this point, not owning my book of business.
- Companies have found a way to push more work on the agency for the same commissions as year’s past. Everyone wants us out of the loop, but not sure how to do it.
- There is a constant struggle between the generations. Almost every day, I am reminded by someone of my age and told that my feelings will change as I get older. It can be very discouraging. I fear that the Baby Boomers do not have faith in the younger generation and so they are not willing to pass down responsibilities to us.
- No name brand recognition.
- It does not seem like a young person’s industry.