Arthur in room in a licensed insurance agent

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Complete Video Transcript

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which
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hi my name is Arthur in room in a licensed insurance agent
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today we’ll be discussing how to open an auto insurance business
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for looking to open in auto insurance business
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the first step is Steve
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become licensed to sell insurance
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your needle young leading churns license
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on your property and casualty and
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down typically most people who carry their license will also
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pick up in insurance license for
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life and health insurance as well because their products that
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on customers and clientele art
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regularly looking to kind of do at one spot and don’t always like to come and
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go somewhere else for the life insurance
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and so in maybe have your advantage in the future to hold that life in health
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insurance license in addition to the required property and casualty insurance
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license
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me asking how do I get when I these insurance licenses
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miss a great website that’s WWW dot
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NAIC .org and from there you can select the state in which you live in
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and you can find information about licensee in
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and how to become an auto insurance agents this
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ties have great resources there encourage you to look at it
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just kinda all reviews some other things to think about is
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you can’t in order to sell auto insurance you have to have
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a contract with the company he actually are basically
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acting as a middleman between the company
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and the client I and say you’re kinda representing the company but if you
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don’t have a company to represent
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then you have nothing that you can sell so
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you need to obtain in it contracting you can do that
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one of a couple ways why you can become what is known as a captive agent
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and captive agents represent one insurance
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company the focus on that company no typically have
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I’m companies are captive companies typically do more advertising
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the spend more money in the area and I can be an asset to you
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if you choose to go down that road the on
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the downside to that is you only have one company to sell
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and whenever you’re limiting your options down
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you know that can be frustrating sometimes because
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insurance companies to look at risks they do look at drivers differently
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and one company’s rate may be different from the next
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and so when you represent one company you may not always have the best rate
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for everyone who comes in the door
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and that brings me to the next alternative which is known as an
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independent agent
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in the way independent agents work scum like a brokerage
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they are kinda have contracts with not just one company
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multiple companies so when a client comes in the door
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the get their information and they’ll collect quotes from all the companies
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that they have contracts with
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and because like I said these companies look at the risk differently and will
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assign a rate differently
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for the same driver with the same in the RC credit score
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their rates going to be different from company to company and sometimes
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substantially different and so what this independent aged
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I will do is he’ll look at all the quotes that he’s compiled
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and he’ll contact the client back with what he believes to be the best package
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for their client
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and so you those who you two options so
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first you gonna want to get licensed to sell insurance
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and then you know one approach companies to obtain a contracting kinda decide
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whether you’d like to go the independent route
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or the captive agency route again my name is Arthur Ingram
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I’m a licensed insurance agent and today we discussed how to start an auto
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insurance business