Commercial Insurance vs Software Sales

Which industry would you choose as a young professional? 

Commercial Insurance vs Software Sales

Attached poll
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🧠 Advice
🛡 Insurance
☁️ Software Tech
18
Incognito
WR Officer
9
Master of Disaster
HI IM LIKE THE ONLY ONE WHO SELLS COMMERCIAL INSURANCE HERE SO EVERYONE IS GONNA SAY SAAS.

First question: what kind of insurance? 

Second question: what market size?


Third question: Where are you located?

The deets from my perspective (I work mid market at one of the top brokerages in the country): You can make fuckloads of money doing this, but only in specific circumstances. 

Pros: People are required by law to purchase your product

The government is currently dumping TRILLIONS into construction rn. TRILLIONS. Construction insurance is very expensive, and there are a lot of firms who are gonna need policies to do these jobs. It’s a reliable target demographic because it’s never going anywhere - schools, roads, hospitals will always need improvements. You also don’t have to deal with anyone but one owner most of the time; sometimes a controller or CFO but that’s rare. Just normal people. 

Transportation is also huge for possible revenue. I wouldn’t get into this if you’re based in the tristate area, though. 

Life sciences (pharma) and manufacturing are also decent. 

You also collect commission far beyond the initial sale, as they renew every year. 

Cons: You gotta know A LOT. Laws are constantly changing, markets are appearing and disappearing- it’s much more complicated than “this is my product, let me do a demo”. I am constantly reviewing financial statements and government/private contracts for any holes. You are a part of their business. 

There are also 38586969 lying assholes constantly trying to steal everything you have, both internally and externally. 

Super long sales cycle (if you’re in the mid to large market space)

If you start in small commercial, it’s gonna suck and you’re not gonna get paid a whole lot. Smaller deal sizes, larger volume. Don’t go the State Farm route - try a wholesaler first or smaller independent brokerage if you can’t get into one of the big ones. 

Pro tip: try the big ones and push your soft skills like a mofo. They’ll hire anyone and you’ll learn if you grind. Only stay until you know what you’re doing then bounce for the best place to retain your clients 
Sunbunny31
Politicker
3
Sr Sales Executive 🐰
Love the details you've provided.  
Incognito
WR Officer
7
Master of Disaster
tbh I gotta limit myself because no one cares haha
funcoupons
WR Officer
4
👑
#NobodyCaresAboutInsurance
CuriousFox
WR Officer
3
🦊
Yes we do too care 🥰
Incognito
WR Officer
4
Master of Disaster
ILY foxy but you lie 😂
Sunbunny31
Politicker
2
Sr Sales Executive 🐰
A  friend of mine left his own successful business a couple of years ago in order to get into commercial insurance - so you're not the only one I know of.   Outside of not wanting the headache of managing multiple stores and the overhead he needed to deal with while running his own business, I'm not sure why he made the leap, and why commercial insurance appealed to him, but he's still doing it, so there's that.
Incognito
WR Officer
4
Master of Disaster
That’s also kinda my story tbh. 
CuriousFox
WR Officer
4
🦊
No BBK I believe in transparency and honesty 💯
Incognito
WR Officer
4
Master of Disaster
🐈
Robot
Politicker
3
AE (Account Executive)
agreed with FunC 🤣 #NobodyCaresAboutInsurance
suhdude
Opinionated
0
Sales Rep
Appreciate the details, I'm in personal lines (life/annuity) and have considered transitioning to commercial. What're your thoughts on cyber insurance? Looks like it's growing as a market incredibly quickly over the next 5-10 years.
Anoncloser
Valued Contributor
1
BDR Intern
Hello Incognito,
Thank you for the detailed reply. I’m interested in selling property and casualty insurance specifically directors and officers coverage but open to all things P&C. I’m not sure on the market size but I would hope to work with tech and or maritime / logistics companies. I’m located in California at the moment. I would like to work at Marsh, Aon, Hubb or Gallagher if I were to enter insurance after graduating college. I have internship experience at one of top firms and I enjoyed the experience. What attracts me to insurance is the cons you are describing, I enjoy the intricacies of the industry and the consultant like nature of the job. Thank you!
Incognito
WR Officer
5
Master of Disaster
Oooof the alphabet soup hell. 

Go with Gallagher or Hub (mostly Hub). Fuck Aon or Marsh (but starting at those is better than not starting at all). If you can make it into Alliant, they have the best business model of the big players but I don’t know if they hire freshies. 

D&O is tricky, and to make coin you gotta go big. Non-profits are probably a good start. Tech has NO money in it - but cyber is kinda growing. The only money in cyber is with billion dollar firms . I have lots of broker friends trying to do it and they’re quickly realizing that the premiums are shit and most are owned by bigger firms who have master policies. In CA, real estate is a safe starter bet. 

Or go hard on logistics. It’s where the future is 

DO NOT DO ONE OF THEIR INTERNSHIP/MENTORSHIP BULLSHIT PROGRAMS. GO BIG OR  FUCK OFF ENTIRELY. COME IN LIKE A BOSS, ACT LIKE A BOSS AND GIVE NO FUCKS OR THEY WILL EAT YOU. 

“consultant” my ass. Ask @funcoupons about that one 😂
suhdude
Opinionated
0
Sales Rep
Logistics insurance? What's that...?
RZA
Good Citizen
6
Strategic Account Director
Jesus take the wheel and put this chap/chapette in SaaS
beachNsales
Politicker
0
Sales Manager
yaassssssss
funcoupons
WR Officer
6
👑
SaaS by a mile
Incognito
WR Officer
3
Master of Disaster
Well fuck the only other person in insurance says SaaS
poweredbycaffeine
WR Lieutenant
4
☕️
I've been in the Cyber/Cargo business before, and I'd still tell new BDRs to choose Software...or if you want to truly join an insurance company then choose one that is an MGA built around a technology platform.
poweredbycaffeine
WR Lieutenant
3
☕️
Also, paging @funcoupons and @Incognito 
funcoupons
WR Officer
3
👑
Hi
Incognito
WR Officer
3
Master of Disaster
Also Hi
braintank
Politicker
1
Enterprise Account Executive
Software without a moment's hesitation.
JustGonnaSendIt
Politicker
1
Burn Towns, Get Money
Good lord RUN from insurance sales. Software all the way.
Incognito
WR Officer
2
Master of Disaster
Why
nemix
Politicker
1
SDR
Honestly hard to say, SAAS is a lot more easy but it's also fucking annoying dealing with the amount of tom foolery that management makes you deal with lol.  Insurance at times was a lot more enjoyable as I was my own boss.
SaaSyBee
Politicker
0
Founder
I'm highly confused about how this is a question. SaaS for life.
Beans
Big Shot
0
Enterprise Account Executive
Software baby.
Tres
Politicker
0
Account Executive
Software!
Upper_Class_SaaS
Politicker
0
Account Executive
who let them in here lol
Incognito
WR Officer
2
Master of Disaster
Bitch we BEEN here 
QueenSoopers
Opinionated
0
Account Executive
hi - SaaS and sell into insurance. specifically commercial or life. i’m here and there is an obscene amount of money to be made. bonus points if your solution is newer and highly configurable. as Incognito said, sales cycles are long. brutally long. for literally no reason other than to keep bringing asshats into the equation.
i can’t disclose where i work (it’s a mid sized company but i’m one of only 3 sellers who sell our product (our company has 3 products)) but there are a good amount of companies who sell into insurance so just do your research!
QueenSoopers
Opinionated
0
Account Executive
Anoncloser
Valued Contributor
0
BDR Intern
I’m curious on why Alliant?
QueenSoopers
Opinionated
0
Account Executive
they’re a powerhouse and have a lot of innovation for the space in the works. i also like who i’ve worked with so far with them (within deals) so that biases me slightly.
Upper_Class_SaaS
Politicker
0
Account Executive
Who let the Commercial insurance sales ppl in here lol?! This is SaaS country 
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