How to Become a Trucking Insurance Agent
Introduction
hey guys I’m Hunter Nelson insurance I’m going to walk over on how to become a trucking insurance agent I’m going to run over education finding leads finding markets and how to benefit at the end of the video both you and the client the most out this whole deal trucking insurance is one of the toughest uh Insurance lines to get into because there’s so many regulations and so much to know but everybody wants to get into it because every policy is way bigger than every single other one the average sharking counts anywhere from 20 to $40,000 it is not hard at all to find multi-million dollar accounts couple hundred, accounts takes a lot of person L home and auto to sell um to get up to something like that so I’m going to walk in and start walking you guys through the process on how to get started in this
Getting to Know the Trucking Industry
all right so the first deal with trucking insurance is getting to know the trucking industry and there’s filings and there’s all sorts of stuff that is involved in this that is different than just your simple home and auto where you just know the appetites and you just know the certain coverages here so there’s there’s a little more that goes into it now the first thing that I would do to go learn this type of stuff is g to be the trip if you guys are in the commercial space of insurance already you’re going to know the National Alliance you’re going to know hery hery has got uh industry specific uh certificates that you can go look at and then National Alliance is more of a maybe a line specific specific um type of deal but you can go in here you can do $150 per course and you got five courses it’s really not that bad I got through it pretty quick here uh but you’re going to want to go in there and educate yourself the other big thing is just going to be talking to your under writers so I didn’t know about the trip before I started getting into trucking insurance I knew about Trucking from my father um my family’s my family’s been in trucking but um just talking to Underwriters hey I get this typee of risk how do I get in this stuff learning markets is pretty brutal but understand the basics of what what is a Ms or what’s a MCS 150 what’s a MCS 90 what are federal filings what’s a form e what is all that type of stuff um so start getting into that I will make another video on trucking terms so you guys if you guys don’t know that stuff start looking it up and I can I can make a video on it well that’s some stuff you guys I want to um um study up on
Finding Leads
next thing’s going to be leads how the heck do you bring in trucking leads Trucking leads honestly I think are some of the easiest leads to be bringing in uh you can go cold call hey you’re coming up for renewal when you call them you be talking to the owner just about every time because you got a lot of these guys running a onz 2z um uh truck show so I would just recommend get hooked up with car software you can buy leads per state you can buy them Nationwide however the heck you want but you go in here buy do leads you can buy them per state it be about like 45 bucks a state um you’ll be getting leads when they’re coming up for their exate you’ll be getting guys that just applied for the authority so you can be the first one to come say Hey you any insurance gets your Authority you got 10 days until it’s due let’s go Ahad and start getting some CT rolling and really these guys got all sorts of different stuff you can get the underwriting report snapshot market analysis I’ve used this you can kind of figure out what companies are doing filing so you know who’s popular um the other big thing well this right at the bat is going to be bringing you guys um a lot of the lot of the newer guys a lot of the smaller guys but if you guys are getting comfortable there you can so go start getting fleets um after a little bit or you can probably get a lot of the onesie twosies here too but join the your State Association for Trucking um that’s just about every agent I’ve talked to him myself that’s where the policies are coming from that’s where the big trucking companies are at uh because you’re building that personal connection and going from there but Trucking Association buying leads 45 bucks a month for a state dir cheap go do this start calling on them uh just for example you can get 10,000 leads in a state no problem 45 bucks a month so this is how we get started in that sense
Finding Markets
next thing you guys going want to do is find the markets obviously if you get the leads coming in where the heck you can to insure them at so there’s so many markets out there I can’t go through everybody but you got some of the big guys like sentury Great West am trust Lancer you guys are not getting them if you’re just starting out not a chance centy wants you to uh give your firstborn child Great West wants five million in premium before they even look at you uh lancec is extremely hard to get all those type of guys are tough so I’ll start with some of the easier guys kind of explain the market share how they’re looking and and you can go get a point with them pretty easily obviously Progressive everybody knows Progressive they run the trucking Market they are the largest trucking insurance uh company out there by a long shot got something like 46% of the market and they’re going to take all your new Ventures and onesie twozies I don’t even know how what percentage of the smaller guys with them but it’s uh it is just about all of them um birkshire is a extremely easy appointment just like progressing uh you’re going to write way way less with them um but they got a very broad appetite so it’s nice to have once a while I do have a couple large accounts with them um but they come to play every once I was just definitely not g to be as much very easy appointment there cover will hand an appointment out like candy at the beginning I believe now you may have to five have a $5 million book uh if that is the case then you might just weigh a little bit you can go get cover Badger through Co or I’m sorry cover whale through cover Badger cover Badger an MGA you go quote them through the MGA system and you’re just going to get a 2% haircut the commission um cover whale isn’t is an MGA itself actually so you get an an MGA through an MGA they’re using companies like trira KN specialty ever span accredited um canopius on and on um so a lot of not admit a markets they definitely can be competitive on stuff that’s a little bit hairy or new Ventures um but the MGA itself is very easy appointment in is probably going to be the hardest appointment on this list that I’m giving here uh sometimes sometimes people have them just for the commercial sense so if your agents already got them that’s kind of why I threw them in here uh very competitive on any business that I believe is under 600 miles I personally do not have aity myself but I run into him quite a bit uh very good product very good company um very competitive on any any Trucking Company under 600 miles and I believe they do have a pretty broad appetite um besides the fact of the mile radius so acity would be another good one um and then you got brokerages here too so I’ll bring up a couple brokerages on how to smiss some business there
Submitting Quotes to Brokers
once you got your client on the phone you’re going to want to run through some questions with them so this is my website here run through your quote I have a quote application on my website I complete it and then I go send it to my Brokers some of the Brokers I won’t pull them all up here just because I showed you the insurance companies Brokers going to be am RT specialty CRC RPS pretty much any broker is going to have some Trucking markets here for you so go find your preferred broker and you’re going to want to send him a submission that look something something like this now this is a new Venture submission so as of here I have got I’m not going to show you this because this is this is somebody’s information but as of in here I have got a whole quote packet of everybody’s information for the trucking insurance um I can get into that here too but then you’re going to want to give a description of what their situation is and provide as much detail for the for the insurance company or for the insurance broker so I’ve got the submission name effective date the state it’s a submission Insurance cooling with Progressive loss runs are be on their way MVR is be on their way if needed the insured is with Progressive right now and has been for eight months ensuring the truck not actually hauling so he’s just been ensuring his truck with very low limits now he’s want to get started up um a lot of them a lot of these brokerages don’t allow you to shop midterm but if it’s with Progressive they usually make an exception for it as I’m assuming he’s got very low limits he’s Contracting with um Amazon giving some detail on the company here now here’s where we’re competing against 19,000 once he bumped his coverage they’re going to give me a quote here very soon this is what first light program managers so that was an example of what uh a submission looks like for a new Venture if you’ve got something that’s been in business for a little bit you got a fleet things going be a little tougher so they’re going to want a completed trucker application these guys do not take a cord forms I don’t know why the truck industry hates cord forms but they hate them so I showed you guys have my own application if you can build your own application through J form or your website great you can do that otherwise am some of these other guys will send you their own um current year or current plus two year loss R information um I don’t know why they said two usually You’re Gonna Want to send three years five years that they’re a fleet or they’ve just been in business for five years you’re always going to send in Lost runs no matter what I personally use Lost Run probe you go order the Lost runs find the uh old policy number on the safer business search website and then go over to the Lost runes to get them mvrs anybody or anybody and everybody supposed to have their mvrs no matter what to stay compliant with the do come s to they don’t have it order form and charge them um this is not really true they could definitely take if you have to less of experience but you’re going want to send in how many years of experience uh for CDL all drivers do have you’re going to want ifas they’ve been in business these are the um taxable miles so last four quarters or last year BTO miles usually truckers get you that pretty easily my anals that’s pretty rare that’s if it’s a large Fleet that’s if you got something crazy going on but send it to your broker find a broker cred ship with them and get the job done
Managing Filings and COIs
lastly here let’s say so now you’ve done that you got in there you sold the deal you’re going you’re going to be keeping an eye out for cois and the filings make sure filings are done in time this is the MCS 90 this is proof of Auto liability insurance that is sent to the FMCSA or the government to make sure that these guys are covered on the road um so filings are not done in a timely manner or they’re not done correctly these guys will lose their Authority and start back with square one and you are going to be very hated here pretty quick
Helping Your Clients
then the next thing the last thing here you got a home base how do you help your um how do you help your clients the best two things know the market better than they do or the the industry better than they do so I get guys ask me all the time how to start their Trucking Company how to lower their insurance rates when do I get insurance how do I find loads what do I do there know the market I can’t really teach you guys all that stuff there’s a million things there for the trucking industry go watch YouTube videos on it know the trucking insurance or the trucking market and then set up a couple referral Partners if I get a new Venture I can go hey I get you set up with factoring I get set up with a fuel card and get you a discount at all hey I got I got that go work with that for a Load Board go start getting loads here today um I’ve got a broker list in here so they can go find Brokers right away I got risk management companies for my big guys making sure that they’re covered Dash camps lending bonds mvrs get a ecosystem set up for your truckers and do good work for them that’s about it get got questions anything let me know shoot me a comment below reach out to my email um I got no problem talking with agents and help them out Trucking my specialty and I love doing it please like And subscribe I am trying to um try to help everybody out that I can I just want here to educate so the more um you guys support me the more I can support you guys thanks for watching e